S.1241 - Bipartisan Student Loan Certainty Act
A bill to establish the interest rate for certain Federal student loans, and for other purposes.
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Mr. MANCHIN (for himself, Mr. KING, Mr. ALEXANDER, Mr. COBURN, Mr. BURR, Mr. CARPER, Ms. AYOTTE, and Mr. ISAKSON) introduced the following bill; which was read twice and ordered placed on the calendarCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. INTEREST RATES.
‘(I) IN GENERAL- Notwithstanding the preceding paragraphs of this subsection or subparagraph (A) or (B), for Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct PLUS Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to--CommentsClose CommentsPermalink
‘(II) CONSULTATION- The Secretary shall determine the applicable rates of interest under this clause after consultation with the Secretary of the Treasury and shall publish such rate in the Federal Register on or before June 5 preceding the award year for which the rate is determined.CommentsClose CommentsPermalink
‘(III) RATE- The applicable rate of interest determined under subclause (I) for a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct PLUS Loan shall be fixed for the period of the Loan.CommentsClose CommentsPermalink
‘(ii) CONSOLIDATION LOANS- Any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the lesser of--CommentsClose CommentsPermalink
‘(V) information about Federal Direct Consolidation Loans, which for applications received on or after July 1, 2013, have a maximum interest rate of 8.25 percent, as described under section 455(b)(7)(E)(ii)’.CommentsClose CommentsPermalink
SEC. 3. RULE OF CONSTRUCTION.
Nothing in this Act shall be construed to provide the Secretary of Education with the authority to require, or promulgate regulations requiring, new counseling not otherwise required by section 2, and the amendments made by such section, or the Higher Education Act of 1965 (
SEC. 4. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled ‘Budgetary Effects of PAYGO Legislation’ for this Act, submitted for printing in the Congressional Record by the Chairman of the Senate Budget Committee, provided that such statement has been submitted prior to the vote on passage.CommentsClose CommentsPermalink