Emergency Student Loan Consolidation Act of 1997 - Amends the Higher Education Act of 1965 (HEA) to allow until October 1, 1998, the consolidation, under the Federal Family Education Loan Program (FFELP), of all of a student's loans under both the FFELP and the Direct Loan Program. Requires an application for such a consolidation loan to be received by an eligible lender between the date of enactment of this Act and October 1, 1998. (Authorizes such consolidation of loans under both programs into single FFELP consolidation loans, which may be administered by entities other than the Department of Education, for an emergency period until October 1, 1998, to provide time to reduce a backlog in processing consolidation of both types of loans into Direct Lending Consolidation loans administered by the Department of Education.)
Prohibits an eligible lender from discriminating against any borrower seeking such a consolidation loan: (1) based on the number or type of eligible student loans the borrower seeks to consolidate; (2) based on the type or category of institution of higher education that the borrower attended; (3) based on the interest rate authorized to be collected with respect to the consolidation loan; or (4) with respect to the types of repayment schedules offered to such borrower.
Sets forth required interest rates for such consolidation loans.
Makes such consolidation loans available notwithstanding any pending application by a student for a direct consolidation loan, upon the student's withdrawal of such application.
Reduces the amount of certain funds available for administrative expenses under HEA student assistance provisions.
Revises HEA need analysis requirements to exclude from the calculation of available family income, and so reduce the family contribution for dependent or independent students by, the amount of the Hope Tax Credit taken by the student, the student's parents, or the student's spouse (thus providing that students will not receive reduced financial aid as a result of qualifying for and receiving the new Hope Tax Credits under the Internal Revenue Code).
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1836-1837)
Referred to the House Committee on Education and the Workforce.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 0.
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 105-322.
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 105-322.
Placed on the Union Calendar, Calendar No. 186.
Mr. McKeon moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H8845-8850)
DEBATE - The House proceeded with forty minutes of debate.
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Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read twice and referred to the Committee on Labor and Human Resources.