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Smarter Solutions for Students Act

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8/9/2013--Public Law. Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford lo...[more]

Sponsor

  • Rep. John Kline [R, MN-2]

Cosponsors (5)

  • Rep. Virginia Foxx [R, NC-5]
  • Rep. Tim Griffin [R, AR-2]
  • Rep. Luke Messer [R, IN-6]
  • Rep. David P. Roe [R, TN-1]
  • Rep. Glenn Thompson [R, PA-5]

Sponsor: Rep. John Kline (R-MN)

Summary:

  • Set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.
  • Set the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.
  • Set the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
  • Fixed the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.
  • Set the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.

Status:

8/9/13- Became Bipartisan Student Loan Certainty Act of 2013

Public Law 113-28