S.1003 - Comprehensive Student Loan Protection Act113th Congress (2013-2014)
|Sponsor:||Sen. Coburn, Tom [R-OK] (Introduced 05/21/2013)|
|Latest Action:||06/06/2013 Cloture on the motion to proceed to measure not invoked in Senate by Yea-Nay Vote. 40 - 57. Record Vote Number: 142.|
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Summary: S.1003 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (05/21/2013)
Comprehensive Student Loan Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the interest rate on Direct Loans, for any 12-month period beginning on July 1 and ending on June 30, at the bond equivalent rate of 10-year Treasury bills auctioned at the final auction held prior to such June 1, plus 3%.
Makes: (1) that formula applicable to Direct Loans first disbursed on or after July 1, 2013, and (2) the rate set on such loans applicable for the life of the loans.
Requires any savings to the federal government that result from this Act's amendment to be used for deficit reduction.