S.682: Comprehensive Student Loan Protection Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about education
You can read the bill
Sponsor Tom Coburn, R-Okla.
Total Cosponsors 5 (All Republicans)
Introduced April 9, 2013
Latest Major Action April 9, 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

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, at the bond equivalent rate of 10-year Treasury bills auctioned at the final auction held prior to such June 1, plus 3%.

Makes: (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.

Requires any savings to the federal government that result from this Act's amendment to be used for deficit reduction.

(Source: Congressional Research Service)

Bill Actions

Date Description
April 9, 2013 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.