[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5567 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5567

 To amend the Higher Education Act of 1965 to require that all Federal 
Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and 
       Federal Direct PLUS Loans have the same rates of interest.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 22, 2016

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Higher Education Act of 1965 to require that all Federal 
Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and 
       Federal Direct PLUS Loans have the same rates of interest.

    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 ``Student Loan Interest Rate Parity 
Act''.

SEC. 2. INTEREST RATES.

    Section 455(b)(8) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(b)(8)) is amended--
            (1) in subparagraph (B), by inserting ``and before July 1, 
        2016,'' after ``2013,'';
            (2) in subparagraph (C), by inserting ``and before July 1, 
        2016,'' after ``2013,'';
            (3) by redesignating subparagraphs (E) and (F) as 
        subparagraphs (G) and (H), respectively; and
            (4) by inserting after subparagraph (D) the following:
                    ``(E) Revised rates for graduate and professional 
                fdsl.--Notwithstanding the preceding paragraphs of this 
                subsection, for Federal Direct Unsubsidized Stafford 
                Loans issued to graduate or professional students, for 
                which the first disbursement is made on or after July 
                1, 2016, the applicable rate of interest shall be 
                determined under subparagraph (B)--
                            ``(i) by substituting `2.05' for `3.6'; and
                            ``(ii) by substituting `8.25' for `9.5'.
                    ``(F) Revised rates for federal direct plus 
                loans.--Notwithstanding the preceding paragraphs of 
                this subsection, for Federal Direct PLUS Loans, for 
                which the first disbursement is made on or after July 
                1, 2016, the applicable rate of interest shall be 
                determined under subparagraph (C)--
                            ``(i) by substituting `2.05' for `4.6'; and
                            ``(ii) by substituting `8.25' for 
                        `10.5'.''.
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