GovTrack’s Bill Summary
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The bill’s title was written by its sponsor. H.R. stands for House of Representatives bill.
This bill was introduced in a previous session of Congress and was passed by the House on April 27, 2012 but was never passed by the Senate.
Last updated May 08, 2012.
|Referred to Committee|
To extend student loan interest rates for undergraduate Federal Direct Stafford Loans.
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No summaries available.
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H.R. 4628--112th Congress: Interest Rate Reduction Act. (2012). In www.GovTrack.us. Retrieved March 7, 2014, from http://www.govtrack.us/congress/bills/112/hr4628
“H.R. 4628--112th Congress: Interest Rate Reduction Act.” www.GovTrack.us. 2012. March 7, 2014 <http://www.govtrack.us/congress/bills/112/hr4628>
|title=H.R. 4628 (112th)
|accessdate=March 7, 2014
|author=112th Congress (2012)
|date=April 25, 2012
|quote=Interest Rate Reduction Act
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/112/2/hr4628.
In 2007, the College Cost Reduction and Access Act was signed into law. In 2006, as part of their “6 for ‘06” campaign agenda, Democrats promised to cut student loan interest rates in half.
However, once gaining control of Congress in 2007, Democrats realized it was too costly to cut all student loan interest rates in half. Instead, Education & Labor Committee Chairman George Miller (D-CA) and then-Speaker of the House Nancy Pelosi (D-CA) proposed temporarily reducing interest rates for undergraduate students receiving subsidized Stafford loans.
The College Cost Reduction and Access Act incrementally phased down interest rates for subsidized Stafford Loans made to undergraduate students over four academic years from 6.8 percent to 3.4 percent. Per the law, interest rates are scheduled to return to 6.8 percent on July 1, 2012.
As the expiration date crept closer, Democrats did nothing to address the impending interest rate increase during the 111th Congress, despite taking action to terminate the private sector federal loan program to help pay for the president’s government takeover of healthcare law.
In 2011, the House approved H.R. 1217 with bipartisan support to repeal the Prevention and Public Health Fund – a slush fund used by the Secretary to fund her health care priorities.
H.R. 4628 would prevent interest rates on new federally subsidized Stafford Loans made to undergraduate students from increasing from 3.4 percent to 6.8 percent on July 1, 2012. The bill would extend the 3.4 percent rate until July 1, 2013.
The cost of a one-year extension of the lower rate is $5.985 billion, and in order to pay for this cost, the bill would repeal the unobligated balance of the “Prevention and Public Health Fund,” a slush fund in the president’s government takeover of health care law.
The remaining savings generated from repealing the $11.9 billion slush fund will be put toward deficit reduction.
The cost for a one-year extension is $5.985 billion. This is paid for by repealing the “Prevention and Public Health Fund,” a slush fund in the president’s takeover of healthcare law.
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.