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S.1241: Bipartisan Student Loan Certainty Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about education
You can read the bill
Sponsor Joe Manchin III, D-W.Va.
Total Cosponsors 15 (1 Democrat, 1 Independent, 13 Republicans)
Introduced June 27, 2013
Latest Major Action June 27, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans.

Fixes the interest rate on such loans for the period of the loan.

Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%.

Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013.

Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of...

(Source: Congressional Research Service)

Bill Actions

Date Description
June 27, 2013 Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.