United States 113th Congress Status: Died 1 D cosponsors

S 909 — Responsible Student Loan Solutions Act

Last action — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Responsible Student Loan Solutions Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to limit the unpaid amount of Direct Stafford loans that students may amass before completing their undergraduate education. Varies that limit on the basis of whether a student is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan. Limits the amount of Direct Stafford loans that students may borrow in any academic year before the completion of their undergraduate studies. Varies that limit on the basis of whether a student: (1) is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan; and (2) has or has not successfully completed the first year or first and second years of their undergraduate studies. Sets the annual interest rate on Direct loans at the bond equivalent rate on 91-day Treasury bills plus a percentage that: (1) represents the total cost of administering the Direct Loan program and borrower benefits, and (2) results in the program being revenue neutral for the applicable 12-month period. Allows the Secretary of Education to use different percentages under that formula for the Direct Stafford Loan, Unsubsidized Stafford Loan, PLUS Loan, and Consolidation Loan programs. Caps the annual interest rate for Direct Stafford loans at 6.8%, and for Direct Unsubsidized Stafford loans and Direct PLUS and Consolidation loans at 8.25% Directs the Secretary to charge the borrower of a Direct PLUS loan an origination fee of up to 3% of the loan principal. Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013. Authorizes the Secretary to refinance federal PLUS and Stafford loans to permit borrowers to obtain an interest rate determined pursuant to this Act's provisions. Allows the Secretary to charge borrowers an administrative fee for refinancing such loans that does not exceed 0.5% of the loan principal.

Bill Text

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Read S 909 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

  2. Sponsor introductory remarks on measure. (CR S3260-3261)

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
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Frequently asked questions

What does S 909 do?
Responsible Student Loan Solutions Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to limit the unpaid amount of Direct Stafford loans that students may amass before completing their undergraduate education. Varies that limit on the basis of whether a student is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan. Limits the amount of Direct Stafford loans that students may borrow in any academic year before the completion of their undergraduate studies. Varies that limit on the basis of whether a student: (1) is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan; and (2) has or has not successfully completed the first year or first and second years of their undergraduate studies. Sets the annual interest rate on Direct loans at the bond equivalent rate on 91-day Treasury bills plus a percentage that: (1) represents the total cost of administering the Direct Loan program and borrower benefits, and (2) results in the program being revenue neutral for the applicable 12-month period. Allows the Secretary of Education to use different percentages under that formula for the Direct Stafford Loan, Unsubsidized Stafford Loan, PLUS Loan, and Consolidation Loan programs. Caps the annual interest rate for Direct Stafford loans at 6.8%, and for Direct Unsubsidized Stafford loans and Direct PLUS and Consolidation loans at 8.25% Directs the Secretary to charge the borrower of a Direct PLUS loan an origination fee of up to 3% of the loan principal. Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013. Authorizes the Secretary to refinance federal PLUS and Stafford loans to permit borrowers to obtain an interest rate determined pursuant to this Act's provisions. Allows the Secretary to charge borrowers an administrative fee for refinancing such loans that does not exceed 0.5% of the loan principal.
Who sponsors S 909?
S 909 is sponsored by Jack Reed (D).
What is the current status of S 909?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 909?
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