Student Loan Refinancing and Recalculation Act

Summary

Student Loan Refinancing and Recalculation Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs). A refinanced loan has a fixed interest rate equal to the 10-year Treasury note rate plus 1 percentage point. Additionally, the bill modifies the formula to calculate interest rates on new Direct Subsidized, Unsubsidized, and PLUS Loans disbursed on or after July 1, 2017. Finally, it eliminates the origination fee on Direct Subsidized, Unsubsidized, and PLUS Loans disbursed (and on Consolidation Loans applied for) after enactment of this bill.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 May 2016

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.