[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1911 Reported in House (RH)]
Union Calendar No. 57
113th CONGRESS
1st Session
H. R. 1911
[Report No. 113-82, Part I]
To amend the Higher Education Act of 1965 to establish interest rates
for new loans made on or after July 1, 2013.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 9, 2013
Mr. Kline (for himself and Ms. Foxx) introduced the following bill;
which was referred to the Committee on Education and the Workforce, and
in addition to the Committee on the Budget, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
May 20, 2013
Additional sponsors: Mr. Roe of Tennessee, Mr. Griffin of Arkansas, Mr.
Messer, and Mr. Thompson of Pennsylvania
May 20, 2013
Reported from the Committee on Education and the Workforce with an
amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
May 20, 2013
The Committee on the Budget discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed
[For text of introduced bill, see copy of bill as introduced on May 9,
2013 ]
_______________________________________________________________________
A BILL
To amend the Higher Education Act of 1965 to establish interest rates
for new loans made on or after July 1, 2013.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Smarter Solutions for Students
Act''.
SEC. 2. STUDENT LOAN INTEREST RATES.
Section 455(b) of the Higher Education Act of 1965 (20 U.S.C.
1087e(b)) is amended--
(1) in paragraph (7)--
(A) in the paragraph heading, by inserting ``, and
before july 1, 2013'' after ``2006'';
(B) in subparagraph (A), by inserting ``and before
July 1, 2013,'' after ``2006,'';
(C) in subparagraph (B), by inserting ``and before
July 1, 2013,'' after ``2006,''; and
(D) in subparagraph (C), by inserting ``and before
July 1, 2013,'' after ``2006,'';
(2) by redesignating paragraphs (8) and (9) as paragraphs
(9) and (10), respectively; and
(3) by inserting after paragraph (7), the following:
``(8) Interest rate provision for new loans on or after
july 1, 2013.--
``(A) Rates for fdsl and fdusl.--Notwithstanding
the preceding paragraphs of this subsection, for
Federal Direct Stafford Loans and Federal Direct
Unsubsidized Stafford Loans for which the first
disbursement is made on or after July 1, 2013, the
applicable rate of interest shall, during any 12-month
period beginning on July 1 and ending on June 30, be
determined on the preceding June 1 and be equal to--
``(i) the high-yield 10-year Treasury notes
auctioned at the final auction held prior to
such June 1; plus
``(ii) 2.5 percent,
except that such rate shall not exceed 8.5 percent.
``(B) PLUS loans.--Notwithstanding the preceding
paragraphs of this subsection, for any Federal Direct
PLUS Loan for which the first disbursement is made on
or after July 1, 2013, the applicable rate of interest
shall, during any 12-month period beginning on July 1
and ending on June 30, be determined on the preceding
June 1 and be equal to--
``(i) the high-yield 10-year Treasury notes
auctioned at the final auction held prior to
such June 1; plus
``(ii) 4.5 percent,
except that such rate shall not exceed 10.5 percent.
``(C) Consolidation loans.--Notwithstanding the
preceding paragraphs of this subsection, any Federal
Direct Consolidation Loan for which the application is
received on or after July 1, 2013, shall bear interest
at an annual rate on the unpaid principal balance of
the loan that is equal to the weighted average of the
interest rates on the loans consolidated, rounded to
the nearest higher one-eighth of one percent.''.
SEC. 3. BUDGETARY EFFECTS.
(a) Paygo Scorecard.--The budgetary effects of this Act shall not
be entered on either PAYGO scorecard maintained pursuant to section
4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b) Senate Paygo Scorecard.--The budgetary effects of this Act
shall not be entered on any PAYGO scorecard maintained for purposes of
section 201 of S. Con. Res. 21 (110th Congress).
Union Calendar No. 57
113th CONGRESS
1st Session
H. R. 1911
[Report No. 113-82, Part I]
_______________________________________________________________________
A BILL
To amend the Higher Education Act of 1965 to establish interest rates
for new loans made on or after July 1, 2013.
_______________________________________________________________________
May 20, 2013
Reported from the Committee on Education and the Workforce with an
amendment
May 20, 2013
The Committee on the Budget discharged; committed to the Committee of
the Whole House on the State of the Union and ordered to be printed