H.R.1911 - Bipartisan Student Loan Certainty Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Kline, John [R-MN-2] (Introduced 05/09/2013)|
|Committees:||House - Education and the Workforce; Budget|
|Committee Reports:||H. Rept. 113-82|
|Latest Action:||08/09/2013 Became Public Law No: 113-28. (TXT | PDF)|
|Major Recorded Votes:||07/31/2013 : Resolving Differences; 07/24/2013 : Passed Senate; 05/23/2013 : Passed House|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.1911 — 113th Congress (2013-2014)All Bill Information (Except Text)
Public Law No: 113-28 (08/09/2013)
Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.
Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.