[Congressional Record Volume 163, Number 127 (Thursday, July 27, 2017)]
[Senate]
[Pages S4559-S4560]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 593. Ms. DUCKWORTH (for herself, Mr. Durbin, Mr. Blumenthal, Mr. 
Whitehouse, and Mrs. Murray) submitted an amendment intended to be 
proposed by her to the bill H.R. 2810, to authorize appropriations for 
fiscal year 2018 for military activities of the Department of Defense, 
for military construction, and for defense activities of the Department 
of Energy, to prescribe military personnel strengths for such fiscal 
year, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of subtitle D of title VI, add the following:

     SEC. ___. 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

[[Page S4560]]

     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 ``effective as of 
     date of order to active duty'' and inserting ``effective 
     date''; 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 
     section 140(a) of the Truth in Lending Act (15 U.S.C. 
     1650(a)).''.
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