Bank on Students Emergency Loan Refinancing Act
Latest action · May 17, 2017 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
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 17, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Bank on Students Emergency Loan Refinancing Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a program that allows eligible students with loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2016-2017 school year under certain circumstances.
In addition, the bill allows student borrowers to refinance their private loans into the Federal Direct Loan program.
This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
Cosponsors 39
Members who signed on, in the order they did. Signatures ran from May 17, 2017 to Jan 23, 2018, with 36 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | May 17, 2017 |
| D-MN | Amy Klobuchar | Original | May 17, 2017 |
| D-MD | Benjamin L. Cardin | Original | May 17, 2017 |
| I-VT | Bernard Sanders | Original | May 17, 2017 |
| D-NV | Catherine Cortez Masto | Original | May 17, 2017 |
| D-NY | Charles E. Schumer | Original | May 17, 2017 |
| D-MD | Chris Van Hollen | Original | May 17, 2017 |
| D-CT | Christopher Murphy | Original | May 17, 2017 |
| D-MO | Claire McCaskill | Original | May 17, 2017 |
| D-NJ | Cory A. Booker | Original | May 17, 2017 |
| D-MI | Debbie Stabenow | Original | May 17, 2017 |
| D-MA | Edward J. Markey | Original | May 17, 2017 |
| D-MI | Gary C. Peters | Original | May 17, 2017 |
| D-ND | Heidi Heitkamp | Original | May 17, 2017 |
| D-RI | Jack Reed | Original | May 17, 2017 |
Actions 2
Everything that happened, newest first.
- May 17, 2017Introduced in Senate
- May 17, 2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
Related bills 7
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 955 | Paying a Fair Share Act of 2017 | Related bill | Apr 27, 2017 |
| S 1521 | Student Loan Relief Act of 2017 | Related bill | Jul 10, 2017 |
| HR 2159 | Paying a Fair Share Act of 2017 | Related bill | Apr 26, 2017 |
| HR 2477 | Bank on Students Emergency Loan Refinancing Act | Related bill | May 17, 2017 |
| HR 3390 | Student Loan Relief Act of 2017 | Related bill | Jul 25, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Budget deficits and national debt
- Education
- Government lending and loan guarantees
- Higher education
- Income tax deductions
- Income tax rates
- Inflation and prices
- Interest, dividends, interest rates
- Social work, volunteer service, charitable organizations
- Student aid and college costs
- User charges and fees
Text 1
Each version as it was printed, newest first.
- May 17, 2017Introduced 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.