Bank on Students Emergency Loan Refinancing Act
Sponsored By: Representative Courtney, Joe [D-CT-2]
Unknown
Summary
Bank on Students Emergency Loan Refinancing Act Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed or, in the case of Direct Consolidation Loans, applied for, before July 1, 2015; and (2) the Federal Family Education Loans (FFELs) of qualified borrowers as DLs. (FFELs were not disbursed after June 30, 2010.) Refinances the FFELs as Federal Direct Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loans depending on the categorization of the FFEL as a Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loan. Sets the interest rate on the refinanced loans, other than the Federal Direct Consolidation Loans, at the rate for the 12 months beginning on July 1, 2013, based on: (1) the DL's categorization; and (2) in the case of Stafford Loans, whether the loan was issued to an undergraduate or graduate student. Determines a refinanced Consolidation Loan's interest rate by: (1) weighing the proportion of the unpaid balance of the Consolidation Loan that each component loan represents, (2) setting the interest rate on each component loan at the lesser of the rate on the component loan for the 12 months beginning on July 1, 2013, or its original rate, and (3) applying the weighted average of the interest rates on those loans as the interest rate on the Consolidation Loan. Fixes the interest rate on the refinanced loans for the period of such loans. Directs the Secretary to establish eligibility requirements that are based on a borrower's income or debt-to-income ratio and that take into consideration providing access to refinancing for borrowers who have the greatest financial need. Requires the Secretary to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on private education loans as Federal Direct Refinanced Private Loans if the private education loans were first disbursed to qualified borrowers before July 1, 2015, and were for their postsecondary educational expenses. Sets the interest rate on Federal Direct Refinanced Private Loans at the rate applicable for the 12 months beginning on July 1, 2013, to: (1) Direct Stafford and Unsubsidized Stafford Loans issued to undergraduates if the private education loan was issued for undergraduate expenses, (2) Direct Unsubsidized Stafford Loans issued to graduate or professional students if the private education loan was issued for graduate or professional studies, or (3) Direct PLUS Loans if the private education loan was issued for undergraduate and graduate or professional studies. Fixes the interest rate on such loans for the period of such loans. Directs the Secretary to establish eligibility requirements that: (1) are based on a borrower's income or debt-to-income ratio and take into consideration providing access to refinancing for borrowers who have the greatest financial need, (2) ensure eligibility only for borrowers in good standing, (3) minimize inequities between Federal Direct Refinanced Private Loans and other federal student loans, and (4) preclude windfall profits for private educational lenders. Requires qualified borrowers of such loans to undergo loan counseling before their private education loan is refinanced. Requires private educational lenders to report specified loan information to the Secretary, Congress, the Secretary of the Treasury, and the Director of the Consumer Financial Protection Bureau in order to allow for an assessment of the private education loan market. Directs the Secretary to undertake a campaign to alert borrowers that they may be eligible for refinancing under this Act. Amends the Internal Revenue Code to require 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 (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016. Requires the Secretary to terminate this Act's refinancing programs on the earlier of the date: (1) when the net cost of carrying out the programs is equal to the Secretary's estimate of the amount of additional revenue generated during the 10-year period beginning on the date of this Act's enactment due to the fair share tax, or (2) that is two years after this Act's enactment.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Courtney, Joe [D-CT-2]
CT • D
Cosponsors
Rep. Scott, Robert C. "Bobby" [D-VA-3]
VA • D
Sponsored 3/18/2015
RUBEN HINOJOSA
TX • D
Sponsored 3/18/2015
Rep. Ellison, Keith [D-MN-5]
MN • D
Sponsored 3/18/2015
Sen. Van Hollen, Chris [D-MD]
MD • D
Sponsored 3/18/2015
Rep. Pocan, Mark [D-WI-2]
WI • D
Sponsored 3/18/2015
Rep. Takano, Mark [D-CA-39]
CA • D
Sponsored 3/18/2015
Rep. Swalwell, Eric [D-CA-14]
CA • D
Sponsored 3/18/2015
TIM RYAN
OH • D
Sponsored 3/18/2015
Rep. Lee, Barbara [D-CA-12]
CA • D
Sponsored 3/18/2015
Rep. Perlmutter, Ed [D-CO-7]
CO • D
Sponsored 3/18/2015
Rep. Huffman, Jared [D-CA-2]
CA • D
Sponsored 3/18/2015
Rep. Lynch, Stephen F. [D-MA-8]
MA • D
Sponsored 3/18/2015
Rep. Smith, Adam [D-WA-9]
WA • D
Sponsored 3/18/2015
Rep. Sánchez, Linda T. [D-CA-38]
CA • D
Sponsored 3/18/2015
Rep. Neal, Richard E. [D-MA-1]
MA • D
Sponsored 3/18/2015
CHAKA FATTAH
PA • D
Sponsored 3/18/2015
Rep. Lujan Grisham, Michelle [D-NM-1]
NM • D
Sponsored 3/18/2015
Rep. Kennedy, Joseph P., III [D-MA-4]
MA • D
Sponsored 3/18/2015
JAMES LANGEVIN
RI • D
Sponsored 3/18/2015
Rep. Clyburn, James E. [D-SC-6]
SC • D
Sponsored 3/18/2015
Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4]
GA • D
Sponsored 3/18/2015
Rep. Eshoo, Anna G. [D-CA-16]
CA • D
Sponsored 3/18/2015
Rep. Kildee, Daniel T. [D-MI-8]
MI • D
Sponsored 3/18/2015
Del. Sablan, Gregorio Kilili Camacho [D-MP-At Large]
MP • D
Sponsored 3/18/2015
Rep. Blumenauer, Earl [D-OR-3]
OR • D
Sponsored 3/18/2015
Rep. Loebsack, David [D-IA-2]
IA • D
Sponsored 3/18/2015
Rep. Cleaver, Emanuel [D-MO-5]
MO • D
Sponsored 3/18/2015
Rep. Walz, Timothy J. [D-MN-1]
MN • D
Sponsored 3/18/2015
Rep. DeLauro, Rosa L. [D-CT-3]
CT • D
Sponsored 3/18/2015
EDDIE JOHNSON
TX • D
Sponsored 3/18/2015
Rep. Pallone, Frank [D-NJ-6]
NJ • D
Sponsored 3/18/2015
Rep. Bonamici, Suzanne [D-OR-1]
OR • D
Sponsored 3/18/2015
Rep. Keating, William R. [D-MA-9]
MA • D
Sponsored 3/18/2015
Rep. Schakowsky, Janice D. [D-IL-9]
IL • D
Sponsored 3/18/2015
Rep. Grayson, Alan [D-FL-9]
FL • D
Sponsored 3/19/2015
NITA LOWEY
NY • D
Sponsored 3/19/2015
Rep. Cohen, Steve [D-TN-9]
TN • D
Sponsored 3/19/2015
Rep. Moore, Gwen [D-WI-4]
WI • D
Sponsored 3/19/2015
Rep. Bishop, Sanford D., Jr. [D-GA-2]
GA • D
Sponsored 3/19/2015
CHARLES RANGEL
NY • D
Sponsored 3/19/2015
Rep. Thompson, Mike [D-CA-4]
CA • D
Sponsored 3/19/2015
Rep. Garamendi, John [D-CA-8]
CA • D
Sponsored 3/19/2015
Rep. Jackson Lee, Sheila [D-TX-18]
TX • D
Sponsored 3/19/2015
Rep. Vargas, Juan [D-CA-52]
CA • D
Sponsored 3/19/2015
Pelosi
CA • D
Sponsored 3/23/2015
LOUISE SLAUGHTER
NY • D
Sponsored 3/23/2015
Rep. Clark, Katherine M. [D-MA-5]
MA • D
Sponsored 3/18/2015
STEVE ISRAEL
NY • D
Sponsored 3/18/2015
Rep. DeGette, Diana [D-CO-1]
CO • D
Sponsored 3/18/2015
Rep. Dingell, Debbie [D-MI-6]
MI • D
Sponsored 3/18/2015
JOSEPH CROWLEY
NY • D
Sponsored 3/18/2015
Rep. Bass, Karen [D-CA-37]
CA • D
Sponsored 3/18/2015
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 3/18/2015
Rep. Kaptur, Marcy [D-OH-9]
OH • D
Sponsored 3/18/2015
Rep. Wilson, Frederica S. [D-FL-24]
FL • D
Sponsored 3/18/2015
PETER DEFAZIO
OR • D
Sponsored 3/18/2015
Rep. Pingree, Chellie [D-ME-1]
ME • D
Sponsored 3/18/2015
Rep. Boyle, Brendan F. [D-PA-2]
PA • D
Sponsored 3/18/2015
ELIJAH CUMMINGS
MD • D
Sponsored 3/18/2015
Rep. Esty, Elizabeth H. [D-CT-5]
CT • D
Sponsored 3/18/2015
Rep. Yarmuth, John A. [D-KY-3]
KY • D
Sponsored 3/18/2015
Rep. Larson, John B. [D-CT-1]
CT • D
Sponsored 3/18/2015
Rep. Larsen, Rick [D-WA-2]
WA • D
Sponsored 3/18/2015
Rep. Kuster, Ann M. [D-NH-2]
NH • D
Sponsored 3/18/2015
MICHAEL CAPUANO
MA • D
Sponsored 3/18/2015
XAVIER BECERRA
CA • D
Sponsored 3/18/2015
Sen. Luján, Ben Ray [D-NM]
NM • D
Sponsored 3/18/2015
Rep. McGovern, James P. [D-MA-2]
MA • D
Sponsored 3/18/2015
Rep. Velázquez, Nydia M. [D-NY-7]
NY • D
Sponsored 3/18/2015
Rep. Sarbanes, John P. [D-MD-3]
MD • D
Sponsored 3/18/2015
Rep. Cicilline, David N. [D-RI-1]
RI • D
Sponsored 3/18/2015
Rep. Chu, Judy [D-CA-28]
CA • D
Sponsored 3/18/2015
Rep. Castro, Joaquin [D-TX-20]
TX • D
Sponsored 3/18/2015
Rep. Bustos, Cheri [D-IL-17]
IL • D
Sponsored 3/18/2015
Rep. Edwards, Donna F. [D-MD-4]
MD • D
Sponsored 3/18/2015
Rep. Clarke, Yvette D. [D-NY-9]
NY • D
Sponsored 3/18/2015
MIKE DOYLE
PA • D
Sponsored 3/18/2015
Rep. Hahn, Janice [D-CA-44]
CA • D
Sponsored 3/18/2015
Rep. Jeffries, Hakeem S. [D-NY-8]
NY • D
Sponsored 3/18/2015
Rep. Grijalva, Raúl M. [D-AZ-7]
AZ • D
Sponsored 3/18/2015
Rep. Tsongas, Niki [D-MA-3]
MA • D
Sponsored 3/18/2015
Rep. Adams, Alma S. [D-NC-12]
NC • D
Sponsored 3/18/2015
Rep. Fudge, Marcia L. [D-OH-11]
OH • D
Sponsored 3/18/2015
Rep. DeSaulnier, Mark [D-CA-10]
CA • D
Sponsored 3/18/2015
Rep. Wasserman Schultz, Debbie [D-FL-25]
FL • D
Sponsored 3/18/2015
Rep. Sires, Albio [D-NJ-8]
NJ • D
Sponsored 3/18/2015
Rep. Lieu, Ted [D-CA-36]
CA • D
Sponsored 3/18/2015
Rep. Moulton, Seth [D-MA-6]
MA • D
Sponsored 3/18/2015
SUSAN DAVIS
CA • D
Sponsored 3/18/2015
CORRINE BROWN
FL • D
Sponsored 3/18/2015
Rep. Nadler, Jerrold [D-NY-12]
NY • D
Sponsored 3/18/2015
Rep. Pascrell, Bill, Jr. [D-NJ-9]
NJ • D
Sponsored 6/10/2015
Rep. Waters, Maxine [D-CA-43]
CA • D
Sponsored 6/18/2015
LORETTA SANCHEZ
CA • D
Sponsored 6/24/2015
BOBBY RUSH
IL • D
Sponsored 6/25/2015
Rep. Sewell, Terri A. [D-AL-7]
AL • D
Sponsored 7/7/2015
Rep. Payne, Donald M., Jr. [D-NJ-10]
NJ • D
Sponsored 7/9/2015
Rep. Ruppersberger, C. A. Dutch [D-MD-2]
MD • D
Sponsored 7/9/2015
LUCILLE ROYBAL-ALLARD
CA • D
Sponsored 7/21/2015
Rep. Green, Al [D-TX-9]
TX • D
Sponsored 7/21/2015
PETER VISCLOSKY
IN • D
Sponsored 7/23/2015
GENE GREEN
TX • D
Sponsored 7/23/2015
Rep. Veasey, Marc A. [D-TX-33]
TX • D
Sponsored 7/23/2015
Rep. Watson Coleman, Bonnie [D-NJ-12]
NJ • D
Sponsored 7/23/2015
Hoyer
MD • D
Sponsored 7/23/2015
Rep. Vela, Filemon [D-TX-34]
TX • D
Sponsored 7/23/2015
Rep. Kirkpatrick, Ann [D-AZ-1]
AZ • D
Sponsored 7/27/2015
Rep. Sherman, Brad [D-CA-32]
CA • D
Sponsored 7/28/2015
Rep. Richmond, Cedric L. [D-LA-2]
LA • D
Sponsored 7/29/2015
Rep. Frankel, Lois [D-FL-22]
FL • D
Sponsored 7/29/2015
Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large]
PR • D
Sponsored 9/8/2015
Rep. Kilmer, Derek [D-WA-6]
WA • D
Sponsored 3/23/2015
Rep. Maloney, Sean Patrick [D-NY-18]
NY • D
Sponsored 3/23/2015
Sen. Schiff, Adam B. [D-CA]
CA • D
Sponsored 3/23/2015
Rep. Heck, Denny [D-WA-10]
WA • D
Sponsored 3/24/2015
Rep. Rice, Kathleen M. [D-NY-4]
NY • D
Sponsored 3/24/2015
Rep. Beatty, Joyce [D-OH-3]
OH • D
Sponsored 4/13/2015
LOIS CAPPS
CA • D
Sponsored 4/13/2015
Rep. DelBene, Suzan K. [D-WA-1]
WA • D
Sponsored 4/13/2015
Rep. Deutch, Theodore E. [D-FL-22]
FL • D
Sponsored 4/13/2015
Rep. Lowenthal, Alan S. [D-CA-47]
CA • D
Sponsored 4/13/2015
ALCEE HASTINGS
FL • D
Sponsored 4/13/2015
Rep. Torres, Norma J. [D-CA-35]
CA • D
Sponsored 4/14/2015
Peter Welch
VT • D
Sponsored 4/16/2015
RICHARD NOLAN
MN • D
Sponsored 4/16/2015
JOHN CONYERS
MI • D
Sponsored 4/16/2015
SANDER LEVIN
MI • D
Sponsored 4/16/2015
Sen. Duckworth, Tammy [D-IL]
IL • D
Sponsored 4/16/2015
Rep. Kelly, Robin L. [D-IL-2]
IL • D
Sponsored 4/16/2015
Rep. Brownley, Julia [D-CA-26]
CA • D
Sponsored 4/16/2015
ROBERT BRADY
PA • D
Sponsored 4/16/2015
Rep. Tonko, Paul [D-NY-20]
NY • D
Sponsored 4/16/2015
Rep. Meeks, Gregory W. [D-NY-5]
NY • D
Sponsored 4/16/2015
JOHN LEWIS
GA • D
Sponsored 4/16/2015
Rep. McCollum, Betty [D-MN-4]
MN • D
Sponsored 4/16/2015
Rep. Butterfield, G. K. [D-NC-1]
NC • D
Sponsored 4/16/2015
Rep. Speier, Jackie [D-CA-14]
CA • D
Sponsored 4/16/2015
Rep. Castor, Kathy [D-FL-14]
FL • D
Sponsored 4/16/2015
Rep. Quigley, Mike [D-IL-5]
IL • D
Sponsored 4/16/2015
JOSE SERRANO
NY • D
Sponsored 4/16/2015
Rep. Davis, Danny K. [D-IL-7]
IL • D
Sponsored 4/16/2015
Rep. Matsui, Doris O. [D-CA-7]
CA • D
Sponsored 4/16/2015
Rep. Doggett, Lloyd [D-TX-37]
TX • D
Sponsored 4/16/2015
Rep. Napolitano, Grace F. [D-CA-31]
CA • D
Sponsored 4/16/2015
LUIS GUTIERREZ
IL • D
Sponsored 4/23/2015
Rep. Cárdenas, Tony [D-CA-29]
CA • D
Sponsored 5/12/2015
Rep. Gabbard, Tulsi [D-HI-2]
HI • D
Sponsored 5/12/2015
Rep. Beyer, Donald S. [D-VA-8]
VA • D
Sponsored 5/12/2015
Rep. Lofgren, Zoe [D-CA-18]
CA • D
Sponsored 5/14/2015
Rep. Aguilar, Pete [D-CA-33]
CA • D
Sponsored 5/21/2015
Rep. Ashford, Brad [D-NE-2]
NE • D
Sponsored 5/21/2015
Del. Bordallo, Madeleine Z. [D-GU-At Large]
GU • D
Sponsored 5/21/2015
Rep. Carney, John C., Jr. [D-DE-At Large]
DE • D
Sponsored 5/21/2015
Rep. Carson, Andre [D-IN-7]
IN • D
Sponsored 5/21/2015
Rep. Cartwright, Matt [D-PA-8]
PA • D
Sponsored 5/21/2015
WM. CLAY
MO • D
Sponsored 5/21/2015
Rep. Connolly, Gerald E. [D-VA-11]
VA • D
Sponsored 5/21/2015
Rep. Cuellar, Henry [D-TX-28]
TX • D
Sponsored 5/21/2015
Rep. Delaney, John K. [D-MD-6]
MD • D
Sponsored 5/21/2015
ELIOT ENGEL
NY • D
Sponsored 5/21/2015
SAM FARR
CA • D
Sponsored 5/21/2015
JIM MCDERMOTT
WA • D
Sponsored 5/21/2015
Rep. Scott, David [D-GA-13]
GA • D
Sponsored 5/21/2015
Rep. Titus, Dina [D-NV-1]
NV • D
Sponsored 5/21/2015
Rep. Higgins, Brian [D-NY-26]
NY • D
Sponsored 6/2/2015
MICHAEL HONDA
CA • D
Sponsored 6/2/2015
Rep. Lawrence, Brenda L. [D-MI-14]
MI • D
Sponsored 6/2/2015
COLLIN PETERSON
MN • D
Sponsored 6/2/2015
Rep. Ruiz, Raul [D-CA-25]
CA • D
Sponsored 6/2/2015
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 6/2/2015
Rep. O'Rourke, Beto [D-TX-16]
TX • D
Sponsored 6/2/2015
Rep. Norcross, Donald [D-NJ-1]
NJ • D
Sponsored 6/2/2015
Rep. McNerney, Jerry [D-CA-9]
CA • D
Sponsored 6/2/2015
Rep. Takai, Mark [D-HI-1]
HI • D
Sponsored 6/2/2015
Del. Plaskett, Stacey E. [D-VI-At Large]
VI • D
Sponsored 6/2/2015
RON KIND
WI • D
Sponsored 6/4/2015
Rep. Schrader, Kurt [D-OR-5]
OR • D
Sponsored 6/4/2015
Rep. Meng, Grace [D-NY-6]
NY • D
Sponsored 6/4/2015
Rep. Foster, Bill [D-IL-11]
IL • D
Sponsored 6/4/2015
CAROLYN MALONEY
NY • D
Sponsored 6/10/2015
DAVID PRICE
NC • D
Sponsored 6/10/2015
Roll Call Votes
No roll call votes available for this bill.
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