To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.
Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.
Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.
Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 142.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 139.
Measure laid before Senate by unanimous consent. (consideration: CR S5863-5894)
Passed/agreed to in Senate: Passed Senate, under the order of 7/23/2013, having achieved 60 votes in the affirmative, with an amendment by Yea-Nay Vote. 81 - 18. Record Vote Number: 185.(text: CR S5894)
Roll Call #185 (Senate)Passed Senate, under the order of 7/23/2013, having achieved 60 votes in the affirmative, with an amendment by Yea-Nay Vote. 81 - 18. Record Vote Number: 185. (text: CR S5894)
Roll Call #185 (Senate)Message on Senate action sent to the House.
Mr. Kline moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H5214-5221)
DEBATE - The House proceeded with forty minutes of debate on the motion to agree in the Senate amendment to H.R. 1911.
Enacted as Public Law 113-28
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H5240-5241)
Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 392 - 31 (Roll no. 426).(text as House agreed to Senate amendment: CR H5214-5215)
Roll Call #426 (House)On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 392 - 31 (Roll no. 426). (text as House agreed to Senate amendment: CR H5214-5215)
Roll Call #426 (House)Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 113-28.
Became Public Law No: 113-28.