3751 -- Federal Student Loan Refinancing Act | Poliscope

Federal Student Loan Refinancing Act

3751

114th Congress

Education

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

October 9, 2015

Latest Action

March 23, 2016

Primary Sponsor

Scott H. PetersDemocratic(CA)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

89pct

166d open

vs 6,526 other HR bills in the 114th — cohort avg 56d

Summary

Federal Student Loan Refinancing Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans. It directs the Department of Education (ED) to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this bill's enactment. It gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to ED if they wish to consolidate their loans. The bill sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation. It adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated. It reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender. The bill prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.

Lobbying filings that explicitly cite this bill (1)

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Filing registrants (1)

NATIONAL EDUCATION ASSOCIATION (1)

NATIONAL EDUCATION ASSOCIATIONclient→NATIONAL EDUCATION ASSOCIATION

2016 · second_quarter · Education

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Cited source text, amounts, lobbyists, and targets

background checks charter schools charter schools, ESSA Child Nutrition Child nutrition education child nutrition reauthorization college admissions college affordability Congressional reception celebrating Nebraska higher education DC private school vouchers bill dc private school vouchers in the Financial Services and General Gov FY17 approps DC Vouchers dual enrollment education Education Diversity education legislation Education legislation generally Einstein fellows ESP issues ESSA ESSA Accountability Regulations ESSA Implementation ESSA implementation hearing ESSA Negotiated rulemaking Feedback on their educator bill Flint lead issue general education gun safety gun violence Gun violence - background checks amendment Gun Violence background checks H. Res. 704, Teacher Appreciation week H.R. 2578 H.R. 2902 - Safe Schools Improvement Act of 2015 H.R. 3535, the Alice Cogswell and Anne Sullivan Macy Act H.R. 3751 - Federal Student Loan Refinancing Act H.R. 3817 H.R. 4481 H.R. 4901, SOAR Act H.R. 5002 H.R. 5003 H.R. 5055 H.R. 5191 - HELP for Students and Parents Act H.R. 5274 - Student Loan Refinancing and Recalculation Act H.R. 5293 H.R. 5357 H.R. 5485 H.R. 5587 H.R. 5702 H.R. 5738 H.Res. 704, Teacher Appreciation Week higher education Higher education act Homeless Students Homelessness and Housing ICE raids immigration and education In the Red Indian Education invitation ISTA ISTA meeting K-12 education leave of absence Native American Education NDAA NEA representative assembly Negotiated Rulemaking Pell pell grants Perkins Career and Tech Perkins CTE Perkins CTE reauthorization private school vouchers representative assembly invitation Rural teacher residency legislation S. 1061 - Year-Round Pell Grant Restoration Act S. 1177 S. 2711 S. 2859 S. 3067 S. 3093 - Equity in Career and Technical Education Act of 2016 S. 6136 S. Res. 448, Teacher Appreciation Week Scheduling request Secure Rural Schools Speaking with VEA Stronger together diversity legislation Student Debt supplement not supplant supplement not supplant issue Teacher Appreciation Week teacher diversity summit teacher licensing teacher preparation Teacher quality Teacher Week Resolution Teachers and Parents at the Table Act Teachers at the Table Act teachers at the table bill VEA speaking Vouchers