To amend the Higher Education Act of 1965 to provide for the refinancing of certain Federal student loans, and for other purposes.
Student Loan Refinancing Act
This bill establishes a refinancing program for federal student loans.
Specifically, the Department of Education (ED) must, within 30 days, establish a program that allows borrowers to refinance their federal student loans down to lower interest rates. The refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.
In addition, the bill requires ED to coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
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