US Congress Senate Bill 1241 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 13-2-1)
Status: Introduced on June 27 2013 - 25% progression, died in chamber
Action: 2013-06-27 - Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.
Text: Latest bill text (Introduced) [PDF]

Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans. Fixes the interest rate on such loans for the period of the loan. Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%. Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013. Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of their departure from school, with information regarding: (1) their options for loan consolidation; (2) the income-based repayment plan, including information about capped monthly payments and loan forgiveness under the plan; and (3) Direct Consolidation Loans.

Bipartisan Student Loan Certainty Act

Sen. Joe Manchin [D-WV]	Sen. Lamar Alexander [R-TN]	Sen. Kelly Ayotte [R-NH]	Sen. Roy Blunt [R-MO]
Sen. Richard Burr [R-NC]	Sen. Thomas Carper [D-DE]	Sen. Tom Coburn [R-OK]	Sen. Thad Cochran [R-MS]
Sen. Susan Collins [R-ME]	Sen. Michael Enzi [R-WY]	Sen. Dean Heller [R-NV]	Sen. John Hoeven [R-ND]
Sen. Johnny Isakson [R-GA]	Sen. Angus King [I-ME]	Sen. Lisa Murkowski [R-AK]	Sen. Rob Portman [R-OH]

Date	Chamber	Action
2013-06-27	Senate	Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1241/all-info
Text	https://www.congress.gov/113/bills/s1241/BILLS-113s1241pcs.pdf