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S.2292: Bank on Students Emergency Loan Refinancing Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about education
You can read the bill
Sponsor Elizabeth Warren, D-Mass.
Total Cosponsors 35 (34 Democrats, 1 Independent)
Introduced May 6, 2014
Latest Major Action June 4, 2014
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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

Bank on Students Emergency Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed or (in the case of Direct Consolidation Loans) applied for before July 1, 2013, and (2) the Federal Family Education Loans (FFEL) of qualified borrowers as DLs. (FFELs were not disbursed after June 30, 2010.)

Refinances the FFELs as Federal Direct Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loans depending on the categorization of the FFEL as a Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loan.

Sets the interest rate on the refinanced loans, other than the Federal Direct Consolidation Loans, at the rate for the 12 months beginning on July 1, 2013, applicable to the DL's categorizati...

(Source: Congressional Research Service)

Bill Actions

Date Description
June 4, 2014 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. With printed Hearing: S.Hrg. 113-445.
May 6, 2014 Read twice and referred to the Committee on Finance.