Responsible Student Loan Solutions Act
Latest action · Jul 8, 2013 Referred to the Subcommittee on Higher Education and Workforce Training.
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 9, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Responsible Student Loan Solutions Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to limit the unpaid amount of Direct Stafford loans that students may amass before completing their undergraduate education. Varies that limit on the basis of whether a student is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan.
Limits the amount of Direct Stafford loans that students may borrow in any academic year before the completion of their undergraduate studies. Varies that limit on the basis of whether a student: (1) is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan; and (2) has or has not successfully completed the first year or first and second years of their undergraduate studies.
Sets the annual interest rate on Direct loans at the bond equivalent rate on 91-day Treasury bills plus a percentage that: (1) represents the total cost of administering the Direct Loan program and borrower benefits, and (2) results in the program being revenue neutral for the applicable 12-month period. Allows the Secretary of Education to use different percentages under that formula for the Direct Stafford Loan, Unsubsidized Stafford Loan, PLUS Loan, and Consolidation Loan programs.
Caps the annual interest rate for Direct Stafford loans at 6.8%, and for Direct Unsubsidized Stafford loans and Direct PLUS and Consolidation loans at 8.25%
Directs the Secretary to charge the borrower of a Direct PLUS loan an origination fee of up to 3% of the loan principal.
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
Authorizes the Secretary to refinance federal PLUS and Stafford loans to permit borrowers to obtain an interest rate determined pursuant to this Act's provisions.
Allows the Secretary to charge borrowers an administrative fee for refinancing such loans that does not exceed 0.5% of the loan principal.
Cosponsors 14
Members who signed on, in the order they did. Signatures ran from May 9, 2013 to Jan 9, 2014; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | George Miller | Original | May 9, 2013 |
| D-CT | Joe Courtney | Original | May 9, 2013 |
| D-FL | Frederica S. Wilson | May 14, 2013 | |
| D-MP | Gregorio Kilili Camacho Sablan | May 14, 2013 | |
| D-VA | Robert C. "Bobby" Scott | May 14, 2013 | |
| D-NJ | Robert E. Andrews | May 14, 2013 | |
| D-NJ | Rush Holt | May 14, 2013 | |
| D-CA | Susan A. Davis | May 14, 2013 | |
| D-NY | Timothy H. Bishop | May 14, 2013 | |
| D-MA | Joseph P. Kennedy III | May 16, 2013 | |
| D-RI | David N. Cicilline | May 17, 2013 | |
| D-CA | John Garamendi | May 22, 2013 | |
| D-CO | Diana DeGette | Jun 3, 2013 | |
| D-WI | Mark Pocan | Jan 9, 2014 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred May 9, 2013 |
| Higher Education and Workforce Development Subcommittee | Referred Jul 8, 2013 |
Actions 3
Everything that happened, newest first.
- Jul 8, 2013Referred to the Subcommittee on Higher Education and Workforce Training.
- May 9, 2013Introduced in House
- May 9, 2013Referred to the House Committee on Education and the Workforce.
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 |
|---|---|---|---|
| House | Debate and remarks H2929, H2934 | David N. Cicilline D-RI, Robert E. Andrews D-NJ | May 23, 2013 |
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.
Constitutional authority
The sponsor’s statement, as printed in the page H2570.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 909 | Responsible Student Loan Solutions Act | Identical bill | May 8, 2013 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Direct Loan Program under the Higher Education Act of 1965 to provide for student loan affordability, and for other purposes.
- Short Titles as Introduced
- Responsible Student Loan Solutions Act
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- May 9, 2013Introduced in House
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.
