S.1241 - Bipartisan Student Loan Certainty Act

A bill to establish the interest rate for certain Federal student loans, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to establish the interest rate for certain Federal student loans, and for other purposes. as introduced.
  • Short: Bipartisan Student Loan Certainty Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
06/27/13
 
 
 
 
 
 
 

Sponsor

Senator

Joe Manchin

D-WV

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Official 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 Lo

Official 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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