United States 113th Congress Status: Died 1 D cosponsors

S 1241 — Bipartisan Student Loan Certainty Act

Last action — Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 113th Congress. It reached “Introduced” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans. Fixes the interest rate on such loans for the period of the loan. Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%. Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013. Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of their departure from school, with information regarding: (1) their options for loan consolidation; (2) the income-based repayment plan, including information about capped monthly payments and loan forgiveness under the plan; and (3) Direct Consolidation Loans.

Bill Text

We don't have the full text on file for this bill yet.

Read S 1241 on the official United States source →

Action History

  1. Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.

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
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 1241 do?
Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans. Fixes the interest rate on such loans for the period of the loan. Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%. Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013. Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of their departure from school, with information regarding: (1) their options for loan consolidation; (2) the income-based repayment plan, including information about capped monthly payments and loan forgiveness under the plan; and (3) Direct Consolidation Loans.
Who sponsors S 1241?
S 1241 is sponsored by Joe Manchin (D).
What is the current status of S 1241?
This bill died with 113th Congress. It reached “Introduced” 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 1241?
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Last checked for changes about 12 hours ago · updated continuously

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