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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Federal Student Loan Refinancing Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to allow certain student loan borrowers to refinance Federal student loans.

Actions Overview (1)

Date Actions Overview
05/23/2013Introduced in Senate

All Actions (1)

Date All Actions
05/23/2013Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Action By: Senate

Cosponsors (10)

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 Related Documents
Senate Health, Education, Labor, and Pensions05/23/2013 Referred to

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Subjects (6)

Latest Summary (1)

There is one summary for S.1066. View summaries

Shown Here:
Introduced in Senate (05/23/2013)

Federal Student Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans.

Directs the Secretary of Education to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this Act's enactment. Gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to the Secretary if they wish to consolidate their loans.

Sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation.

Adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated.

Reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender.

Prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.