Coronavirus Emergency Student Loan Refinancing Act
- Last Action
- 3/4/2021
Actions
- 2021-03-04Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 2021-03-04Introduced in Senate
CRS Summary
As of 2021-03-04 (00)
Coronavirus Emergency 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 qualified 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 establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. ED must also coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.
Subjects
- Education programs funding
- Government information and archives
- Government lending and loan guarantees
- Higher education
- Interest, dividends, interest rates
- Student aid and college costs
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.