Senate Bill 1845
116th Congress(2019-2020)
If It's Good Enough For the Banks, It's Good Enough For Students Act
Introduced
Introduced in Senate on Jun 13, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1845
Congress
116
Policy Area
Education
Education
Primary focus of measure is elementary, secondary, or higher education including special education and matters of academic performance, school administration, teaching, educational costs, and student aid.
No Senate votes have been held for this bill.
Summary
If It's Good Enough For the Banks, It's Good Enough For Students Act
This bill establishes a program that allows qualified borrowers to refinance their Federal Direct Loans down to the lower interest rates offered to banks by the Federal Reserve System (i.e., through the discount window). The refinanced interest rate is fixed for the period of the loan.
The bill also directs the Department of Education and the Consumer Financial Protection Bureau to carry out a campaign to notify qualified borrowers who are not in default on their loans that they are eligible to apply for refinancing under the program within a two-year period.
June 13, 2019
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06/13/2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
06/13/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 1:51:06 PM