Student Loan Refinancing and Recalculation Act
Latest action · Mar 16, 2021 Referred to the House Committee on Education and Labor.
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.
- IntroducedMar 16, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Student Loan Refinancing and Recalculation Act
This bill provides for the refinancing or deferral of certain federal student loans.
Specifically, the bill directs the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point. Further, the bill eliminates origination fees on the loans.
In addition, the bill allows borrowers in medical, veterinary, or dental internship or residency programs to defer student loan payments until the completion of their programs.
Cosponsors 31
Members who signed on, in the order they did. Signatures ran from Mar 16, 2021 to Apr 21, 2022; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Albio Sires | Original | Mar 16, 2021 |
| D-MN | Angie Craig | Original | Mar 16, 2021 |
| D-PA | Brendan F. Boyle | Original | Mar 16, 2021 |
| R-PA | Brian K. Fitzpatrick | Original | Mar 16, 2021 |
| D-IL | Cheri Bustos | Original | Mar 16, 2021 |
| D-NY | Grace Meng | Original | Mar 16, 2021 |
| R-NY | John Katko | Original | Mar 16, 2021 |
| D-CA | Josh Harder | Original | Mar 16, 2021 |
| D-NY | Kathleen M. Rice | Original | Mar 16, 2021 |
| D-GU | Michael F. Q. San Nicolas | Original | Mar 16, 2021 |
| D-NY | Paul Tonko | Original | Mar 16, 2021 |
| D-IL | Raja Krishnamoorthi | Original | Mar 16, 2021 |
| D-CA | Salud O. Carbajal | Original | Mar 16, 2021 |
| D-TN | Steve Cohen | Original | Mar 16, 2021 |
| D-TX | Vicente Gonzalez | Original | Mar 16, 2021 |
| D-ME | Chellie Pingree | Mar 26, 2021 | |
| D-VA | Abigail Davis Spanberger | May 4, 2021 | |
| R-FL | Bill Posey | May 4, 2021 | |
| D-MD | C. A. Dutch Ruppersberger | May 4, 2021 | |
| D-FL | Darren Soto | May 4, 2021 | |
| D-TX | Filemon Vela | May 4, 2021 | |
| D-TX | Sheila Jackson Lee | May 4, 2021 | |
| D-CA | Norma J. Torres | May 13, 2021 | |
| D-NY | Thomas R. Suozzi | May 13, 2021 | |
| D-GA | David Scott | May 19, 2021 | |
| R-NY | Andrew R. Garbarino | Jun 15, 2021 | |
| D-NC | Deborah K. Ross | Jun 25, 2021 | |
| D-PA | Michael F. Doyle | Oct 20, 2021 | |
| D-CA | Jim Costa | Feb 1, 2022 | |
| D-IL | Bradley Scott Schneider | Mar 31, 2022 | |
| D-TX | Lloyd Doggett | Apr 21, 2022 |
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 Mar 16, 2021 |
Actions 3
Everything that happened, newest first.
- Mar 16, 2021Introduced in House
- Mar 16, 2021Sponsor introductory remarks on measure. (CR E257)
- Mar 16, 2021Referred to the House Committee on Education and Labor.
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 |
|---|---|---|---|
| Extensions | Debate and remarks E257 | John Garamendi D-CA | Mar 16, 2021 |
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 Congressional Record, vol. 167, no. 49, March 16, 2021, page H1414.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 847 | Student Loan Tax Elimination Act | Related bill | Mar 18, 2021 |
| HR 1899 | Student Loan Refinancing and Recalculation Act | Reintroduction of | Mar 27, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To provide for the refinancing and recalculation of certain Federal student loans, and for other purposes.
- Short Title(s) as Introduced
- Student Loan Refinancing and Recalculation Act
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- Mar 16, 2021Introduced 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.
