S. 603
Referred to CommitteeCoronavirus Emergency Student Loan Refinancing Act
Latest Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
3/4/2021 • Senate
Summary
Coronavirus Emergency Student Loan Refinancing Act
This bill establishes a refinancing program for federal student loans.
Specifically, the Department of Education (ED) must, within 30 days, establish a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. The refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.
In addition, the bill requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. ED must also coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.
Introduced in Senate • 3/4/2021
Topics & Subjects
Congressional Votes (0)
No recorded votes yet
Roll call votes will appear here as the bill moves through Congress
Related Federal Spending
Sponsor & Cosponsors (1)
Sponsor
No cosponsors yet
Cosponsors may be added as the bill moves through Congress
Bill Journey
Originated in the Senate
Introduced
March 4, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law