Congress 107 - S 1762 - A bill to amend the Higher Education Act of 1965 to establish fixed interest rates for student and parent borrowers, to extend current law with respect to special allowances for lenders, and for other purposes.

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Topics

Economics and Public Finance Education Federal aid to higher education Federally-guaranteed loans Finance and Financial Sector Higher education Interest rates Student loan funds

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Summary

Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set fixed interest rates for new loans made on or after July 1, 2006, under: (1) the Federal Family Education Loan program (FFEL) for student loans (6.8 percent), parent (PLUS) loans, and consolidation loans (8.25 percent or a lesser amount based on a weighted average of interest rates of the loans consolidated); and (2) the William D. Ford Federal Direct Loan program for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans (both 6.8 percent), Federal Direct PLUS loans (7.9 percent), and Federal Direct Consolidation loans (8.25 percent or lesser weighted average). Extends current interest rate provisions for: (1) student or parent loans with a first disbursement before July 1, 2006; and (2) consolidation loans with an application received by the lender before July 1, 2006.

Extends provisions for special allowances for lenders. Prohibits payment of such special allowances in the case of PLUS loans made on or after July 1, 2006, unless a certain percentage is reached according to a formula based in part on the average of certain bond equivalent rates published by the Federal Reserve System's Board of Governors for the last calendar week before such date.

Actions

Feb 8, 2002

Became Public Law No: 107-139.
Feb 8, 2002

Signed by President.
Jan 30, 2002

Presented to President.
Jan 24, 2002

Motion to reconsider laid on the table Agreed to without objection.
Jan 24, 2002

On passage Passed by the Yeas and Nays: 372 - 3 (Roll no. 4). (text: CR H43)
Jan 24, 2002

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 372 - 3 (Roll no. 4).(text: CR H43)
Jan 24, 2002

The previous question was ordered pursuant to the rule.
Jan 24, 2002

DEBATE - The House proceeded with one hour of debate on S. 1762.
Jan 24, 2002

Rule provides for consideration of S. 1762 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions. Measure will be considered read. Bill is closed to amendments. One motion to commit is in order, if offered.
Jan 24, 2002

Considered under the provisions of rule H. Res. 334. (consideration: CR H43-48)
Jan 24, 2002

Rule H. Res. 334 passed House.
Jan 23, 2002

Rules Committee Resolution H. Res. 334 Reported to House. Rule provides for consideration of S. 1762 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions. Measure will be considered read. Bill is closed to amendments. One motion to commit is in order, if offered.
Dec 20, 2001

On motion to suspend the rules and pass the bill Failed by recorded vote (2/3 required): 257 - 148 (Roll no. 512). (text: CR 12/19/2001 H10887-10888)
Dec 20, 2001

Failed of passage/not agreed to in House: On motion to suspend the rules and pass the bill Failed by recorded vote (2/3 required): 257 - 148 (Roll no. 512).(text: CR 12/19/2001 H10887-10888)
Dec 20, 2001

Considered as unfinished business. (consideration: CR H10937-10938)
Dec 20, 2001

At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Miller, George objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
Dec 20, 2001

DEBATE - The House proceeded with forty minutes of debate on S. 1762.
Dec 20, 2001

Considered under suspension of the rules. (consideration: CR 12/19/2001 H10887-10891)
Dec 20, 2001

Mr. Boehner moved to suspend the rules and pass the bill.
Dec 20, 2001

Motion to reconsider laid on the table Agreed to without objection.
Dec 17, 2001

Held at the desk.
Dec 17, 2001

Received in the House.
Dec 17, 2001

Message on Senate action sent to the House.
Dec 14, 2001

Passed Senate without amendment by Unanimous Consent. (consideration: CR S13310-13311; text as passed Senate: CR S13310-13311)
Dec 14, 2001

Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S13310-13311; text as passed Senate: CR S13310-13311)
Dec 12, 2001

Placed on Senate Legislative Calendar under General Orders. Calendar No. 277.
Dec 12, 2001

Committee on Health, Education, Labor, and Pensions. Reported by Senator Kennedy without amendment. Without written report.
Dec 4, 2001

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Dec 4, 2001

Introduced in Senate

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