H.R.2410 - College Debt Swap Act of 2011

To establish a temporary private education loan debt consolidation program to assist eligible borrowers in refinancing all or a portion of their private education debt as Federal Direct Consolidation Loans. view all titles (2)

All Bill Titles

  • Official: To establish a temporary private education loan debt consolidation program to assist eligible borrowers in refinancing all or a portion of their private education debt as Federal Direct Consolidation Loans. as introduced.
  • Short: College Debt Swap Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/06/11
 
 
 
 
 
 
 

Official Summary

College Debt Swap Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow certain borrowers to consolidate their private education loans as Direct Consolidation Loans. Limits such borrowers to those who: (1) are not in default on a loan made, insured,

Official Summary

College Debt Swap Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow certain borrowers to consolidate their private education loans as Direct Consolidation Loans. Limits such borrowers to those who:
(1) are not in default on a loan made, insured, or guaranteed under title IV, except in certain instances of economic hardship;
(2) were enrolled, between July 1, 1994, and July 1, 2010, as students eligible for unsubsidized Stafford loans or PLUS loans under the Federal Family Education Loan or Direct Loan programs;
(3) borrowed at least one private education loan during such enrollment period;
(4) are repaying their private education loan or are in a grace period preceding such repayment;
(5) do not have an adverse credit history with respect to Direct Plus loans; and
(6) have not previously obtained a Direct Consolidated Loan under title IV. Makes the program applicable only to private education loans disbursed to borrowers between July 1, 1994, and July 1, 2010. Directs the Secretary of Education to inform and educate students and their families about this loan consolidation program. Terminates the authority to make Consolidation loans under such program on June 30, 2012.

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