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S. 603 (117th): Coronavirus Emergency Student Loan Refinancing Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 12, 2021.

Coronavirus Emergency Student Loan Refinancing Act

This bill establishes a refinancing program for federal student loans.

Specifically, the Department of Education (ED) must, within 30 days, establish a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. The refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.

In addition, the bill requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. ED must also coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.