S.768 - Bank on Students Emergency Loan Refinancing Act116th Congress (2019-2020)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 03/13/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/13/2019 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.768 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/13/2019)
Bank on Students Emergency Loan Refinancing Act
This bill revises requirements concerning student loan debt.
Specifically, the bill establishes a program that allows eligible individuals with federal or private student loans to refinance them down to the lower rates offered to new federal borrowers in the 2016-2017 school year under certain circumstances.
In addition, the bill requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (commonly known as the tentative fair share tax).