S 1162 · 115th Congress 2017–2019, ended

Bank on Students Emergency Loan Refinancing Act

Introduced May 17, 2017 Originated Senate Sponsor Elizabeth Warren D-MA

Fact sheet Spreadsheet

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.

  1. IntroducedMay 17, 2017
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. 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; 36 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-MNAl FrankenOriginalMay 17, 2017
D-MNAmy KlobucharOriginalMay 17, 2017
D-MDBenjamin L. CardinOriginalMay 17, 2017
I-VTBernard SandersOriginalMay 17, 2017
D-NVCatherine Cortez MastoOriginalMay 17, 2017
D-NYCharles E. SchumerOriginalMay 17, 2017
D-MDChris Van HollenOriginalMay 17, 2017
D-CTChristopher MurphyOriginalMay 17, 2017
D-MOClaire McCaskillOriginalMay 17, 2017
D-NJCory A. BookerOriginalMay 17, 2017
D-MIDebbie StabenowOriginalMay 17, 2017
D-MAEdward J. MarkeyOriginalMay 17, 2017
D-MIGary C. PetersOriginalMay 17, 2017
D-NDHeidi HeitkampOriginalMay 17, 2017
D-RIJack ReedOriginalMay 17, 2017
D-NHJeanne ShaheenOriginalMay 17, 2017
D-ORJeff MerkleyOriginalMay 17, 2017
D-WVJoe Manchin IIIOriginalMay 17, 2017
D-CAKamala D. HarrisOriginalMay 17, 2017
D-NYKirsten E. GillibrandOriginalMay 17, 2017
D-NHMargaret Wood HassanOriginalMay 17, 2017
D-NMMartin HeinrichOriginalMay 17, 2017
D-HIMazie K. HironoOriginalMay 17, 2017
D-COMichael F. BennetOriginalMay 17, 2017
D-VTPatrick J. LeahyOriginalMay 17, 2017
D-WAPatty MurrayOriginalMay 17, 2017
D-CTRichard BlumenthalOriginalMay 17, 2017
D-ILRichard J. DurbinOriginalMay 17, 2017
D-NJRobert MenendezOriginalMay 17, 2017
D-PARobert P. Casey Jr.OriginalMay 17, 2017
D-ORRon WydenOriginalMay 17, 2017
D-RISheldon WhitehouseOriginalMay 17, 2017
D-OHSherrod BrownOriginalMay 17, 2017
D-WITammy BaldwinOriginalMay 17, 2017
D-ILTammy DuckworthOriginalMay 17, 2017
D-NMTom UdallOriginalMay 17, 2017
D-WAMaria CantwellJun 29, 2017
D-CADianne FeinsteinOct 2, 2017
D-MNTina SmithJan 23, 2018

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred May 17, 2017

Actions 2

Everything that happened, newest first.

  1. May 17, 2017Introduced in Senate
  2. May 17, 2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)

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.

WhereIn the RecordMembersDate
SenateDebate and remarks S3015Elizabeth Warren D-MAMay 17, 2017

Related bills 9

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 768Bank on Students Emergency Loan Refinancing ActReintroduced BillMar 13, 2019
S 793Bank on Students Emergency Loan Refinancing ActReintroduction ofMar 18, 2015
S 955Paying a Fair Share Act of 2017Related billApr 27, 2017
S 1521Student Loan Relief Act of 2017Related billJul 10, 2017
HR 2159Paying a Fair Share Act of 2017Related billApr 26, 2017
Show all 9 related bills

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 the refinancing of certain Federal student loans, and for other purposes.
Short Titles as Introduced
Bank on Students Emergency Loan Refinancing Act

Subjects

Assigned by the Library of Congress. Policy area: Education.

Text 1

Each version as it was printed, newest first.

  1. May 17, 2017Introduced in Senate

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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.