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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Private Student Loan Debt Swap Act of 2009

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend title IV of the Higher Education Act of 1965 to authorize private education loan refinancing under the Federal student loan program.


Actions Overview (1)

Date
07/30/2009Introduced in Senate

All Actions (1)

Date
07/30/2009Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Action By: Senate

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Health, Education, Labor, and Pensions07/30/2009 Referred to

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Subjects (7)


Latest Summary (1)

There is one summary for S.1541. View summaries

Shown Here:
Introduced in Senate (07/30/2009)

Private Student Loan Debt Swap Act of 2009 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to implement a Private Education Loan Debt Swap program.

Requires the Secretary, under such program, to refinance the private education loans of certain borrowers who: (1) after July 1, 1994, were eligible for unsubsidized Stafford Loans under the Federal Family Education Loan (FFEL) program, or, after July 1, 2006, were eligible for FFEL PLUS Loans for graduate or professional education; (2) are not in default on a loan made, insured, or guaranteed under title IV; and (3) have made at least two consecutive payments on the private education loan to be refinanced and are not more than 90 days delinquent on such loan.

Makes the program applicable only to private education loans incurred after July 1, 1994, and before July 1, 2010, which were used for the cost of enrolling at institutions of higher education eligible to participate in title IV programs.

Sets the interest rate on such refinanced loans at the rate applicable to: (1) unsubsidized Stafford loans, for borrowers who were eligible for such loans; and (2) Federal Direct PLUS loans, for borrowers who were eligible for those loans.

Gives refinanced loans the same repayment terms, conditions, and benefits as Consolidation Loans under the Direct Loan program.

Directs the Secretary carry out a national awareness campaign on the availability and benefits of refinancing private education loans under this program.