A bill to enable borrowers of Federal student loans to refinance those loans at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System.
If It's Good Enough For the Banks, It's Good Enough For Students Act
This bill establishes a program that allows qualified borrowers to refinance their Federal Direct Loans down to the lower interest rates offered to banks by the Federal Reserve System (i.e., through the discount window). The refinanced interest rate is fixed for the period of the loan.
The bill also directs the Department of Education and the Consumer Financial Protection Bureau to carry out a campaign to notify qualified borrowers who are not in default on their loans that they are eligible to apply for refinancing under the program within a two-year period.
Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Read twice and referred to the Committee on Finance.
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Placed on the Union Calendar, Calendar No. 583.
Referred to the House Committee on Education and Labor.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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