[Congressional Record Volume 161, Number 93 (Thursday, June 11, 2015)]
[Senate]
[Pages S4107-S4108]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DURBIN (for himself, Mr. Blumenthal, Mr. Brown, Mr. 
        Markey, Mrs. Murray, Mr. Tester, and Mr. Whitehouse):
  S. 1557. A bill to amend the Servicemembers Civil Relief Act to 
extend the interest rate limitation on debt entered into during 
military service to debt incurred during military service to 
consolidate or refinance student loans incurred before military 
service, and for other purposes; to the Committee on Veterans' Affairs.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1557

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

[[Page S4108]]

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Servicemember Student Loan 
     Affordability Act of 2015''.

     SEC. 2. INTEREST RATE LIMITATION ON DEBT ENTERED INTO DURING 
                   MILITARY SERVICE TO CONSOLIDATE OR REFINANCE 
                   STUDENT LOANS INCURRED BEFORE MILITARY SERVICE.

       (a) In General.--Subsection (a) of section 207 of the 
     Servicemembers Civil Relief Act (50 U.S.C. App. 527) is 
     amended--
       (1) in paragraph (1), by inserting ``on debt incurred 
     before service'' after ``Limitation to 6 percent'';
       (2) by redesignating paragraphs (2) and (3) as paragraphs 
     (3) and (4), respectively;
       (3) by inserting after paragraph (1) the following new 
     paragraph (2):
       ``(2) Limitation to 6 percent on debt incurred during 
     service to consolidate or refinance student loans incurred 
     before service.--An obligation or liability bearing interest 
     at a rate in excess of 6 percent per year that is incurred by 
     a servicemember, or the servicemember and the servicemember's 
     spouse jointly, during military service to consolidate or 
     refinance one or more student loans incurred by the 
     servicemember before such military service shall not bear an 
     interest at a rate in excess of 6 percent during the period 
     of military service.'';
       (4) in paragraph (3), as redesignated by paragraph (2) of 
     this subsection, by inserting ``or (2)'' after ``paragraph 
     (1)''; and
       (5) in paragraph (4), as so redesignated, by striking 
     ``paragraph (2)'' and inserting ``paragraph (3)''.
       (b) Implementation of Limitation.--Subsection (b) of such 
     section is amended--
       (1) in paragraph (1), by striking ``the interest rate 
     limitation in subsection (a)'' and inserting ``an interest 
     rate limitation in paragraph (1) or (2) of subsection (a)''; 
     and
       (2) in paragraph (2)--
       (A) in the paragraph heading, by striking ``as of date of 
     order to active duty''; and
       (B) by inserting before the period at the end the 
     following: ``in the case of an obligation or liability 
     covered by subsection (a)(1), or as of the date the 
     servicemember (or servicemember and spouse jointly) incurs 
     the obligation or liability concerned under subsection 
     (a)(2)''.
       (c) Student Loan Defined.--Subsection (d) of such section 
     is amended by adding at the end the following new paragraph:
       ``(3) Student loan.--The term `student loan' means the 
     following:
       ``(A) A Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.).
       ``(B) A private student loan as that term is defined in 
     section 140(a) of the Truth in Lending Act (15 U.S.C. 
     1650(a)).''.
                                 ______