Bipartisan Student Loan Certainty Act

Summary

Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans. Fixes the interest rate on such loans for the period of the loan. Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%. Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013. Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of their departure from school, with information regarding: (1) their options for loan consolidation; (2) the income-based repayment plan, including information about capped monthly payments and loan forgiveness under the plan; and (3) Direct Consolidation Loans.

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Timeline

1. 27 June 2013

   Introduced

   Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.

   Source: Calendars

2. 27 June 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 27 June 2013 · Official file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 27 June 2013

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 27 June 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 June 2013

  Open at official source

Sponsors

• Sen. Manchin, Joe, III [I-WV] · D · Sponsor
• Angus King · I · Sponsor
• Sen. Alexander, Lamar [R-TN] · R · Sponsor
• Sen. Coburn, Tom [R-OK] · R · Sponsor
• Sen. Burr, Richard [R-NC] · R · Sponsor
• Rep. Carper, Thomas R. [D-DE-At Large] · D · Sponsor
• Sen. Ayotte, Kelly [R-NH] · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Sen. Portman, Rob [R-OH] · R · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Lisa Murkowski · R · Cosponsor
• John Hoeven · R · Cosponsor
• Susan Collins · R · Cosponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Sen. Heller, Dean [R-NV] · R · Cosponsor
• Sen. Enzi, Michael B. [R-WY] · R · Cosponsor

Related records

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