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Roll Calls
Bank on Students Emergency Loan Refinancing Act
Policy Area: Education
Sponsor: Sen. Warren, Elizabeth [D-MA] (D-MA)
Latest Action (2014-09-18): Motion to proceed to consideration of measure made in Senate. (consideration: CR S5725-5726)
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, 2013; 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 o
Subjects: Budget deficits and national debt, Government lending and loan guarantees, Higher education, Income tax deductions, Income tax rates, Inflation and prices, Interest, dividends, interest rates, Social work, volunteer service, charitable organizations
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How members voted on S2432. 0 total positions across all roll calls for this bill.
No vote data available for S2432.