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Comprehensive Student Loan Protection Act

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5/21/2013--Introduced. Comprehensive Student Loan Protection Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the interest rate on Direct Loans, for any 12-month period beginning on July 1 and ending on June 30, a...[more]

Sponsor

  • Sen. Tom Coburn [R, OK]

Cosponsors (5)

  • Sen. Lamar Alexander [R, TN]
  • Sen. Richard Burr [R, NC]
  • Sen. Dean Heller [R, NV]
  • Sen. Johnny Isakson [R, GA]
  • Sen. Mark Kirk [R, IL]

Sponsor: Sen Tom Coburn (R-OK)

Summary:

  • Would set the interest rate on Direct Loans, for any 12-month period beginning on July 1 and ending on June 30, at the bond equivalent rate of 10-year Treasury bills auctioned at the final auction held prior to such June 1, plus 3%.
  • Would make: (1) that formula applicable to Direct Loans first disbursed on or after July 1, 2013, and (2) the rate set on such loans applicable for the life of the loans.
 

Status:

5/21/13 – Introduced. 

6/6/13 – Cloture on the motion to proceed failed, 40-57.