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Bipartisan Student Loan Certainty Act of 2013

3/14/2024, 12:48 PM

Congressional Summary of HR 1911

Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.

Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.

Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.

Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.

Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.

Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.

(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.

(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.

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Current Status of Bill HR 1911

Bill HR 1911 is currently in the status of Bill Introduced since May 9, 2013. Bill HR 1911 was introduced during Congress 113 and was introduced to the House on May 9, 2013.  Bill HR 1911's most recent activity was Became Public Law No: 113-28. as of August 9, 2013

Bipartisan Support of Bill HR 1911

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
5
Democrat Cosponsors
0
Republican Cosponsors
5
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1911

Primary Policy Focus

Education

Potential Impact Areas

- Academic performance and assessments
- Advisory bodies
- Budget deficits and national debt
- Congressional oversight
- Consumer affairs
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Higher education
- Interest, dividends, interest rates
- Right of privacy
- Student aid and college costs
- Wages and earnings

Alternate Title(s) of Bill HR 1911

Bipartisan Student Loan Certainty Act of 2013
Smarter Solutions for Students Act
Bipartisan Student Loan Certainty Act of 2013
Bipartisan Student Loan Certainty Act of 2013
Improving Postsecondary Education Data for Students Act
Smarter Solutions for Students Act
To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.
Smarter Solutions for Students Act
To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013, to direct the Secretary of Education to convene the Advisory Committee on Improving Postsecondary Education Data to conduct a study on improvements to postsecondary education transparency at the Federal level, and for other purposes.

Comments

Sponsors and Cosponsors of HR 1911

Glenn Thompson
Glenn Thompson
PennsylvaniaRepublican
David P. Roe
David P. Roe
TennesseeRepublican
Luke Messer
Luke Messer
IndianaRepublican
Tim Griffin
Tim Griffin
ArkansasRepublican
Virginia Foxx
Virginia Foxx
North CarolinaRepublican

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