Student Loan Refinancing and Recalculation Act
- Last Action
- 3/16/2021
Actions
- 2021-03-16Referred to the House Committee on Education and Labor.
- 2021-03-16Sponsor introductory remarks on measure. (CR E257)
- 2021-03-16Introduced in House
- 2021-03-16Introduced in House
CRS Summary
As of 2021-03-16 (00)
Student Loan Refinancing and Recalculation Act
This bill provides for the refinancing or deferral of certain federal student loans.
Specifically, the bill directs the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point. Further, the bill eliminates origination fees on the loans.
In addition, the bill allows borrowers in medical, veterinary, or dental internship or residency programs to defer student loan payments until the completion of their programs.
Cosponsors (20)
- Brian Fitzpatrick (R-PA)
- Brendan Boyle (D-PA)
- Cheri Bustos (D-IL)
- Salud Carbajal (D-CA)
- Steve Cohen (D-TN)
- Grace Meng (D-NY)
- Kathleen Rice (D-NY)
- Michael San Nicolas (D-GU)
- Albio Sires (D-NJ)
- Paul Tonko (D-NY)
- Josh Harder (D-CA)
- Angie Craig (D-MN)
- John Katko (R-NY)
- Raja Krishnamoorthi (D-IL)
- Vicente Gonzalez (D-TX)
- Chellie Pingree (D-ME)
- Filemon Vela (D-TX)
- SHEILA JACKSON LEE (D-TX)
- Bill Posey (R-FL)
- Darren Soto (D-FL)
Subjects
- Government lending and loan guarantees
- Higher education
- Interest, dividends, interest rates
- Medical education
- Student aid and college costs
- User charges and fees
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.