If It's Good Enough For the Banks, It's Good Enough For Students Act
Latest action · Jun 13, 2019 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.
- IntroducedJun 13, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
If It's Good Enough For the Banks, It's Good Enough For Students Act
This bill establishes a program that allows qualified borrowers to refinance their Federal Direct Loans down to the lower interest rates offered to banks by the Federal Reserve System (i.e., through the discount window). The refinanced interest rate is fixed for the period of the loan.
The bill also directs the Department of Education and the Consumer Financial Protection Bureau to carry out a campaign to notify qualified borrowers who are not in default on their loans that they are eligible to apply for refinancing under the program within a two-year period.
Cosponsors 2
Members who signed on, in the order they did. All signed on Jun 13, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Cory A. Booker | Original | Jun 13, 2019 |
| D-NY | Kirsten E. Gillibrand | Original | Jun 13, 2019 |
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 Jun 13, 2019 |
Actions 2
Everything that happened, newest first.
- Jun 13, 2019Introduced in Senate
- Jun 13, 2019Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 768 | Bank on Students Emergency Loan Refinancing Act | Related bill | Mar 13, 2019 |
| HR 1707 | Bank on Students Emergency Loan Refinancing Act | Related bill | Mar 13, 2019 |
| HR 3102 | HIGHER ED Act | Related bill | Jun 28, 2019 |
| HR 4674 | College Affordability Act | Related bill | Dec 28, 2020 |
| HR 6397 | Coronavirus Emergency Student Loan Refinancing Act | Related bill | Mar 26, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to enable borrowers of Federal student loans to refinance those loans at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System.
- Short Title(s) as Introduced
- If It's Good Enough For the Banks, It's Good Enough For Students Act
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- Jun 13, 2019Introduced 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.
