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S. 1845: If It’s Good Enough For the Banks, It’s Good Enough For Students Act

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About the bill

Should federal student loans’ interest rates be halved to match those of banks receiving government loans?


Federal student loan interest rates are currently 4.53% for undergraduates and 6.08% for graduate students. And many borrowers with private loans are paying even higher rates than that.

However, big banks receiving government loans from the Federal Reserve’s Discount Window pay only a 3% interest rate.

What the bill does

The If It’s Good Enough for the Banks, It’s Good Enough for Students Actwould allow those with federal student loans to refinance at the same 3% rate that banks can receive from the Federal Reserve.

The rate would be fixed, and all other terms and conditions related to the original loan would remain the same.

It was ...

Sponsor and status

Jeff Merkley

Sponsor. Junior Senator for Oregon. Democrat.

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Last Updated: Jun 13, 2019
Length: 5 pages
Jun 13, 2019
116th Congress (2019–2021)

Introduced on Jun 13, 2019

This bill is in the first stage of the legislative process. It was introduced into Congress on June 13, 2019. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

3% chance of being enacted according to Skopos Labs (details)


Jun 13, 2019

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
Passed Committee

Passed Senate

Passed House

Signed by the President

S. 1845 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 1845. This is the one from the 116th Congress.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“S. 1845 — 116th Congress: If It’s Good Enough For the Banks, It’s Good Enough For Students Act.” 2019. October 20, 2020 <>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from, the official portal of the United States Congress. is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.