What is the official ID of this bill?
The official print number for this legislation is HR 1918.
New Rules for Federal Student Loan Refinancing and Interest Rates
This act introduces a program for refinancing federal student loans, potentially lowering monthly payments through new, reduced interest rates. It also simplifies loan repayment for lower-income individuals and eliminates origination fees for new loans, meaning fewer costs for future students. These changes aim to ease the financial burden of education.
Key points
Ability to refinance existing federal student loans (Direct and FFEL) into new loans with lower interest rates, potentially reducing monthly payments.
New student loans (starting July 1, 2021) will have lower, fixed interest rates tied to Treasury notes, with set caps.
Elimination of origination fees for new federal student loans, meaning students will receive the full loan amount without deductions.
Improvements to income-driven repayment plans and the Public Service Loan Forgiveness program, including counting prior payments for refinanced loans.
Option for deferment during studies or residency for students with low expected family contributions (up to $10,000) without interest accrual.
Status:
Expired
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