H.R. 2477

Referred to Committee

Bank on Students Emergency Loan Refinancing Act

Introduced 5/17/2017•115th Congress•House

Latest Action

Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

5/17/2017 • House

Summary

Bank on Students Emergency Loan Refinancing Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a program that allows eligible students with loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2016-2017 school year under certain circumstances.

In addition, the bill allows student borrowers to refinance their private loans into the Federal Direct Loan program.

This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).

Introduced in House • 5/17/2017

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Topics & Subjects

Policy Area: Education

Budget deficits and national debtGovernment lending and loan guaranteesHigher educationIncome tax deductionsIncome tax ratesInflation and pricesInterest, dividends, interest ratesSocial work, volunteer service, charitable organizationsStudent aid and college costsUser charges and fees