Summary: H.R.6397 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.6397. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/26/2020)

Coronavirus Emergency Student Loan Refinancing Act

This bill establishes refinancing programs for federal and private student loans.

Specifically, the bill establishes a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. Such refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.

In addition, the bill creates the Federal Direct Refinanced Private Loan as a new type of loan. Such loans allow qualified borrowers to refinance their private education loans.