Student Loan Simplification and Opportunity Act of 2011
Latest action · May 25, 2011 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 25, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Student Loan Simplification and Opportunity Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to repeal the Secretary of Education's authority, under the Direct Loan (DL) program, to purchase or enter into forward commitments to purchase: (1) Federal Family Education Loans (FFELs) from lenders, upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans; and (2) rehabilitated loans that eligible lenders purchased under the FFEL default reduction program. (Currently, the Secretary's authority to purchase or enter into forward commitments to purchase such loans is set to expire in July 2010, as is the FFEL program.)
Authorizes the Secretary to offer borrowers FFEL Debt Conversion Loans, until October 2012, that cover FFELs that have not been purchased under the program this Act repeals, provided such borrowers: (1) are not in default or delinquent for 270 days or more on such loans, and (2) have an outstanding DL or an outstanding FFEL that was purchased pursuant to the program this Act repeals. (FFEL Debt Conversion Loans pay the holder of the FFEL the outstanding principal and interest on the loan, which the borrower is then obligated to repay to the Secretary under the terms of the converted FFEL.)
Authorizes the Secretary to offer benefits to borrowers of FFEL Debt Conversion Loans in an amount up to 2% of the amount advanced on the FFEL Debt Conversion Loan.
Requires federal proceeds from this Act's temporary authorization of FFEL Debt Conversion Loans to be used for the Pell grant program.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 25, 2011.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | May 25, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Health, Education, Labor, and Pensions Committee | Referred May 25, 2011 |
Actions 3
Everything that happened, newest first.
- May 25, 2011Introduced in Senate
- May 25, 2011Sponsor introductory remarks on measure. (CR S3345)
- May 25, 2011Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S3345 | Sherrod Brown D-OH | May 25, 2011 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 112-214 | MISCELLANEOUS NATIONAL PARKS BILLS84 pages | Energy and Natural Resources Committee | Jul 28, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2732 | Student Loan Simplification and Opportunity Act of 2011 | Identical bill | Sep 8, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Higher Education Act of 1965 to provide for temporary student loan debt conversion authority.
- Short Titles as Introduced
- Student Loan Simplification and Opportunity Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- May 25, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
