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114-hr-5274114th Congress

Student Loan Refinancing and Recalculation Act

Sponsored By: Representative Garamendi, John [D-CA-8]

Unknown

Summary

Student Loan Refinancing and Recalculation Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs). A refinanced loan has a fixed interest rate equal to the 10-year Treasury note rate plus 1 percentage point. Additionally, the bill modifies the formula to calculate interest rates on new Direct Subsidized, Unsubsidized, and PLUS Loans disbursed on or after July 1, 2017. Finally, it eliminates the origination fee on Direct Subsidized, Unsubsidized, and PLUS Loans disbursed (and on Consolidation Loans applied for) after enactment of this bill.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Garamendi, John [D-CA-8]

CA • D

Cosponsors

  • LOUISE SLAUGHTER

    NY • D

    Sponsored 5/18/2016

  • Rep. Tonko, Paul [D-NY-20]

    NY • D

    Sponsored 5/18/2016

  • Rep. DeLauro, Rosa L. [D-CT-3]

    CT • D

    Sponsored 5/18/2016

  • Rep. Bass, Karen [D-CA-37]

    CA • D

    Sponsored 5/18/2016

  • Rep. Kuster, Ann M. [D-NH-2]

    NH • D

    Sponsored 5/18/2016

  • Rep. Connolly, Gerald E. [D-VA-11]

    VA • D

    Sponsored 5/18/2016

  • JOHN CONYERS

    MI • D

    Sponsored 5/18/2016

  • Rep. Kirkpatrick, Ann [D-AZ-1]

    AZ • D

    Sponsored 5/18/2016

  • Rep. Thompson, Mike [D-CA-4]

    CA • D

    Sponsored 5/18/2016

  • MICHAEL HONDA

    CA • D

    Sponsored 5/18/2016

  • Rep. Matsui, Doris O. [D-CA-7]

    CA • D

    Sponsored 5/18/2016

  • Rep. Cicilline, David N. [D-RI-1]

    RI • D

    Sponsored 5/18/2016

  • STEVE ISRAEL

    NY • D

    Sponsored 5/18/2016

  • Rep. McNerney, Jerry [D-CA-9]

    CA • D

    Sponsored 5/18/2016

  • Rep. Doggett, Lloyd [D-TX-37]

    TX • D

    Sponsored 5/18/2016

  • Rep. Huffman, Jared [D-CA-2]

    CA • D

    Sponsored 5/18/2016

  • Rep. Hahn, Janice [D-CA-44]

    CA • D

    Sponsored 5/18/2016

  • Rep. Costa, Jim [D-CA-21]

    CA • D

    Sponsored 5/18/2016

  • Rep. Boyle, Brendan F. [D-PA-2]

    PA • D

    Sponsored 5/18/2016

  • RICHARD NOLAN

    MN • D

    Sponsored 5/18/2016

  • Rep. Chu, Judy [D-CA-28]

    CA • D

    Sponsored 5/18/2016

  • Del. Bordallo, Madeleine Z. [D-GU-At Large]

    GU • D

    Sponsored 5/18/2016

  • Rep. Bustos, Cheri [D-IL-17]

    IL • D

    Sponsored 5/18/2016

  • Rep. Roybal-Allard, Lucille [D-CA-40]

    CA • D

    Sponsored 5/18/2016

  • Rep. Lowenthal, Alan S. [D-CA-47]

    CA • D

    Sponsored 5/18/2016

  • Rep. DeSaulnier, Mark [D-CA-10]

    CA • D

    Sponsored 5/18/2016

  • JIM MCDERMOTT

    WA • D

    Sponsored 5/18/2016

  • Rep. Lee, Barbara [D-CA-12]

    CA • D

    Sponsored 5/18/2016

  • Rep. Meeks, Gregory W. [D-NY-5]

    NY • D

    Sponsored 5/18/2016

  • Rep. Reed, Tom [R-NY-23]

    NY • R

    Sponsored 12/5/2016

Roll Call Votes

No roll call votes available for this bill.

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