IB
Union Calendar No. 57
113th CONGRESS
1st Session
H. R. 1911
[Report No. 113–82, Part I]
IN THE HOUSE OF REPRESENTATIVES
May 9, 2013
Mr. Kline (for himself and Ms. Foxx) introduced the following bill; which was referred to the Committee on Education and the Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
May 20, 2013
Additional sponsors: Mr. Roe of Tennessee, Mr. Griffin of Arkansas, Mr. Messer, and Mr. Thompson of Pennsylvania
May 20, 2013
Reported from the Committee on Education and the Workforce with an amendment
Strike out all after the enacting clause and insert the part printed in italic
May 20, 2013
The Committee on the Budget discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed
For text of introduced bill, see copy of bill as introduced on May 9, 2013
A BILL
To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.
Short title
This Act may be cited as the
Smarter Solutions for Students
Act
.
Student loan interest rates
Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended—
in paragraph (7)—
in the paragraph heading,
by inserting
, and before
July 1, 2013
after
2006
;
in subparagraph (A), by
inserting and before July 1, 2013,
after
2006,
;
in subparagraph (B), by inserting
and before July 1, 2013,
after 2006,
; and
in subparagraph (C), by inserting
and before July 1, 2013,
after 2006,
;
by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and
by inserting after paragraph (7), the following:
Interest rate provision for new loans on or after July 1, 2013
Rates for fdsl and fdusl
Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to—
the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus
2.5 percent,
PLUS Loans
Notwithstanding the preceding paragraphs of this subsection, for any Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to—
the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus
4.5 percent,
Consolidation Loans
Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent.
.
Budgetary effects
Paygo scorecard
The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
Senate paygo scorecard
The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).
May 20, 2013
Reported from the Committee on Education and the Workforce with an amendment
May 20, 2013
The Committee on the Budget discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed
