[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3047 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3047

   To authorize borrowers of loans under the William D. Ford Federal 
  Direct Loan Program to modify the interest rate of such loans to be 
 equal to the interest rate for such loans at the time of modification.


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                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2013

  Mr. Pocan introduced the following bill; which was referred to the 
                Committee on Education and the Workforce

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                                 A BILL


 
   To authorize borrowers of loans under the William D. Ford Federal 
  Direct Loan Program to modify the interest rate of such loans to be 
 equal to the interest rate for such loans at the time of modification.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. BORROWER MODIFICATION OF INTEREST RATES UNDER THE WILLIAM D. 
              FORD FEDERAL DIRECT LOAN PROGRAM.

    Section 455(b) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(b)) is amended by adding at the end the following new paragraph:
            ``(10) Borrower modification of interest rate.--
                    ``(A) Modification.--Notwithstanding the preceding 
                paragraphs of this subsection, the borrower of a 
                Federal Direct Stafford Loan, a Federal Direct 
                Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, 
                or a Federal Direct Consolidation Loan may elect to 
                modify the interest rate of the loan to be equal to the 
                interest rate that would be applicable to such loan if 
                such loan were first disbursed (or in the case of a 
                Federal Direct Consolidation Loan, first applied for) 
                on the date on which such borrower elects to modify the 
                interest rate of such loan.
                    ``(B) Fixed rate.--Except as provided in 
                subparagraph (C), an interest rate elected under 
                subparagraph (A) for a loan shall be fixed for the life 
                of the loan.
                    ``(C) Continuing authority to modify.--A borrower 
                may elect to modify the interest rate of a loan in 
                accordance with subparagraph (A) at any time during the 
                life of the loan.''.
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