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House Bill 1614
115th Congress(2017-2018)
Student Loan Refinancing Act
Introduced
Introduced
Introduced in House on Mar 17, 2017
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Introduced in House 
Mar 17, 2017
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Introduced in House(Mar 17, 2017)
Mar 17, 2017
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 1614 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 1614


To authorize borrowers of loans under the William D. Ford Federal Direct Loan Program to modify the interest rate of such loans to be equal to the interest rate for such loans at the time of modification.

IN THE HOUSE OF REPRESENTATIVES

March 17, 2017

Mr. Pocan (for himself, Mr. Conyers, Mr. Meeks, Mr. Ellison, Mr. Brendan F. Boyle of Pennsylvania, Mr. Rush, Ms. Brownley of California, Mr. Higgins of New York, Mr. Cartwright, Mr. Beyer, Ms. Moore, Mr. Ted Lieu of California, Mr. Lowenthal, Mr. Loebsack, Mr. Welch, Mr. Nolan, Mr. Schrader, Mr. Thompson of Mississippi, Ms. Slaughter, Ms. Wilson of Florida, Ms. Clarke of New York, Mrs. Napolitano, Mr. Kind, Ms. McCollum, Mr. Kilmer, Mr. Payne, Ms. Castor of Florida, Mr. Swalwell of California, Mr. McGovern, Mr. Grothman, Ms. Judy Chu of California, and Mr. Perlmutter) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To authorize borrowers of loans under the William D. Ford Federal Direct Loan Program to modify the interest rate of such loans to be equal to the interest rate for such loans at the time of modification.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Student Loan Refinancing Act”.

SEC. 2. Borrower modification of interest rates under the William D. Ford Federal Direct Loan Program.

Section 455(b) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)) is amended by adding at the end the following new paragraph:

“(11) BORROWER MODIFICATION OF INTEREST RATE.—

“(A) MODIFICATION.—Notwithstanding the preceding paragraphs of this subsection, the borrower of a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan may elect to modify the interest rate of the loan to be equal to the interest rate that would be applicable to such loan if such loan were first disbursed (or in the case of a Federal Direct Consolidation Loan, first applied for) on the date on which such borrower elects to modify the interest rate of such loan.

“(B) FIXED RATE.—Except as provided in subparagraph (C), an interest rate elected under subparagraph (A) for a loan shall be fixed for the life of the loan.

“(C) CONTINUING AUTHORITY TO MODIFY.—A borrower may elect to modify the interest rate of a loan in accordance with subparagraph (A) at any time during the life of the loan.”.