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Student Loan Refinancing Act: Lower Rates and New Rules

This bill proposes a new program allowing individuals with federal student loans (both Direct Loans and older FFEL loans) to refinance them. The goal is to enable borrowers to get a lower, current interest rate, potentially reducing monthly payments. The bill also ensures that when refinancing, past payments can count towards loan forgiveness or income-driven repayment plans.
Key points
Opportunity to refinance federal student loans (Direct and FFEL) to potentially get a lower interest rate.
New interest rate will be based on current rates for new loans of the same type and will be fixed.
Payments made before refinancing can count towards loan forgiveness programs (like Public Service) or income-driven repayment plans.
A campaign will inform borrowers about the refinancing option.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_5084
Sponsor: Rep. Turner, Michael R. [R-OH-10]
Process start date: 2021-08-23
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Refinancing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5084.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-08-23.

What are the main provisions?

Key points include:

  • Opportunity to refinance federal student loans (Direct and FFEL) to potentially get a lower interest rate.
  • New interest rate will be based on current rates for new loans of the same type and will be fixed.
  • Payments made before refinancing can count towards loan forgiveness programs (like Public Service) or income-driven repayment plans.
  • A campaign will inform borrowers about the refinancing option.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Turner, Michael R. [R-OH-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and Labor.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Education