US Congress House Bill 4622 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 43-0)
Status: Introduced on May 9 2014 - 25% progression, died in committee
Action: 2014-06-13 - Referred to the Subcommittee on Higher Education and Workforce Training.
Pending: House Subcommittee on Higher Education and Workforce Training Committee
Text: Latest bill text (Introduced) [PDF]

Federal Student Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans. Directs the Secretary of Education to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this Act's enactment. Gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to the Secretary if they wish to consolidate their loans. Sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation. Adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated. Reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender. Prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.

Federal Student Loan Refinancing Act

Rep. Mark Pocan [D-WI]	Rep. Karen Bass [D-CA]	Rep. Joyce Beatty [D-OH]	Rep. Julia Brownley [D-CA]
Rep. Cheri Bustos [D-IL]	Rep. G. Butterfield [D-NC]	Rep. Tony Cardenas [D-CA]	Rep. Judy Chu [D-CA]
Rep. Yvette Clarke [D-NY]	Rep. Steve Cohen [D-TN]	Rep. John Conyers [D-MI]	Rep. Joseph Crowley [D-NY]
Rep. Keith Ellison [D-MN]	Rep. William Enyart [D-IL]	Rep. Marcia Fudge [D-OH]	Rep. Raul Grijalva [D-AZ]
Rep. Janice Hahn [D-CA]	Rep. Brian Higgins [D-NY]	Rep. Ruben Hinojosa [D-TX]	Rep. Rush Holt [D-NJ]
Rep. Jared Huffman [D-CA]	Rep. David Loebsack [D-IA]	Rep. Zoe Lofgren [D-CA]	Rep. Alan Lowenthal [D-CA]
Rep. Sean Maloney [D-NY]	Rep. James McGovern [D-MA]	Rep. Gwen Moore [D-WI]	Rep. Jerrold Nadler [D-NY]
Rep. Gloria Negrete McLeod [D-CA]	Rep. Ed Perlmutter [D-CO]	Rep. Scott Peters [D-CA]	Rep. Charles Rangel [D-NY]
Rep. Raul Ruiz [D-CA]	Rep. Bobby Rush [D-IL]	Rep. Loretta Sanchez [D-CA]	Rep. John Sarbanes [D-MD]
Rep. Janice Schakowsky [D-IL]	Rep. Adam Schiff [D-CA]	Rep. Kurt Schrader [D-OR]	Rep. Albio Sires [D-NJ]
Rep. Eric Swalwell [D-CA]	Rep. Juan Vargas [D-CA]	Rep. Henry Waxman [D-CA]

Date	Chamber	Action
2014-06-13	House	Referred to the Subcommittee on Higher Education and Workforce Training.
2014-05-09	House	Referred to the House Committee on Education and the Workforce.

SB1066 (Same As) 2013-05-23 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/4622/all-info
Text	https://www.congress.gov/113/bills/hr4622/BILLS-113hr4622ih.pdf