Bipartisan Student Loan Certainty Act of 2013 became law 92 days after introduction, with cosponsors, all Republicans
Written by the Congressional Research Service [2]. 251 words.
Bipartisan Student Loan Certainty Act of 2013 -
(Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%. Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%. Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%. Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013. Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan. Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.
- Committees
- House Budget Committee
House Education and the Workforce Committee - Policy area
- Education: 22 of 3,602 bills became law, 113th–118th (0.6%)
- Sponsor
- 1 of 17 bills enacted since 2013
- Text versions
- 7, from enrolled bill to public law · 1,365 words
- Subjects
- Academic performance and assessmentsAdvisory bodiesBudget deficits and national debtCongressional oversightConsumer affairsGovernment information and archives +7 more
- Latest action
- Aug 9, 2013: Became Public Law No: 113-28.
- Records
- Congress.gov · Bill text
Each bill appears once, under its strongest link. 2 in all.
Procedural (rules, motions) · 1
- 113th H.Res. 232 Providing for consideration of the bill (H.R. 1911) to amend the Higher Education Act of 1965 to establish interest rates for new loans made R · Agreed to
Related, per CRS or House · 1
- 113th S. 1334 Bipartisan Student Loan Certainty Act of 2013 D · Introduced