Private Education Loan Modification Act of 2015

Private Education Loan Modification Act of 2015

This bill temporarily authorizes the Department of the Treasury to establish credit facilities, at no net cost to the federal government, to refinance private student loans to ensure lower interest rates for borrowers. Treasury must first determine that existing borrowers are unable to secure adequate credit accommodations to refinance private student loans.

The bill directs Treasury to conduct a national awareness campaign to alert private student loan borrowers who may benefit.

It expresses the sense of the Congress that federal financial institutions and federally chartered private entities should assist borrowers in refinancing existing private student loans.