Student Loan Refinancing Act: Refinancing to Current Fixed Rates
This Act establishes a program allowing borrowers to refinance existing federal student loans (Direct Loans and FFEL) into new Direct Loans with a fixed interest rate determined by the rate applicable to new loans on the date of refinancing. The Secretary of Education is required to conduct a campaign to notify eligible borrowers. Refinancing is limited to twice within a 10-year period.
Key points
Allows refinancing of FFEL and Direct Loans into new Direct Loans with fixed interest rates equal to the rates for new loans issued on the refinancing date.
Borrowers retain their original repayment terms; the repayment period is not automatically extended.
For Public Service Loan Forgiveness (PSLF), past payments on original Direct Loans count, while past payments on original FFEL loans do not count towards the required monthly payments.
Status:
Expired
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