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S.2432: 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 44 (43 Democrats, 1 Independent)
Introduced June 4, 2014
Latest Major Action Sept. 18, 2014
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When this bill was on the Most Viewed List on Congress.gov

Rank Week Ending
9th Sept. 21, 2014
8th Sept. 14, 2014

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 (FFELs) 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, based on: (1) the DL's categoriza...

(Source: Congressional Research Service)

Bill Actions

Date Description
Sept. 18, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S5725-5726)
Sept. 16, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S5595-5597)
Sept. 15, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S5573-5574)
Sept. 11, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S5531, S5539, S5541, S5541-5543)
July 31, 2014 Committee on Banking, Housing, and Urban Affairs. Hearings held.
June 11, 2014 Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Record Vote No. 185) entered in Senate. (consideration: CR S3557)
June 11, 2014

Cloture on the motion to proceed to the measure not invoked in Senate by Yea-Nay Vote. 56 - 38. Record Vote Number: 185. (consideration: CR S3557)

June 11, 2014 Motion to proceed to measure considered in Senate. (consideration: CR S3553-3557, S3557-3564)
June 10, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S3511)
June 9, 2014 Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR S3491-3492; text: CR S3491)
June 9, 2014 Motion to proceed to consideration of measure made in Senate. (consideration: CR S3481-3482)
June 5, 2014 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 409.
June 4, 2014 Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.