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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.
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Additional Information
Print number: 118_HR_4139
Sponsor: Rep. Turner, Michael R. [R-OH-10]
Process start date: 2023-06-14
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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 118_HR_4139.

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 2023-06-14.

What are the main provisions?

Key points include:

  • 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.
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 the Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Education Economy