S.682 - Comprehensive Student Loan Protection Act

A bill to amend the Higher Education Act of 1965 to reset interest rates for new student loans. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Higher Education Act of 1965 to reset interest rates for new student loans. as introduced.
  • Short: Comprehensive Student Loan Protection Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
04/09/13
 
 
 
 
 
 
 

Official Summary

Comprehensive Student Loan Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the interest rate on Direct Loans, for any 12-month period beginning on July 1 and ending on June 30, at the bond equivalent rate of 10-year Treasury bills auctioned a

Official Summary

Comprehensive Student Loan Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the interest rate on Direct Loans, for any 12-month period beginning on July 1 and ending on June 30, at the bond equivalent rate of 10-year Treasury bills auctioned at the final auction held prior to such June 1, plus 3%. Makes:
(1) that formula applicable to Direct Loans first disbursed on or after July 1, 2013, and
(2) the rate set on such loans applicable for the life of the loans. Requires any savings to the federal government that result from this Act's amendment to be used for deficit reduction.

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