,in the ,senate of the ,united ,states1 
,july #bd1 #bjac4  ,amendment3  ,that   
the bill from the ,house of             
,representatives 7,h4,r4 #aiaa7 entitled
 ,an ,act to amend the ,higher          
,education ,act of #aife to establish   
interest rates for new loans made on or 
after ,july #a1 #bjac1 to direct the    
,secretary of ,education to convene the 
,advisory ,committee on ,improving      
,postsecondary ,education ,data to      
conduct a study on improvements to      
postsecondary education transparency at 
the ,federal level1 and for other       
purposes41 do pass with the following   
,strike all after the first word and    
insert the following3  #a4 ,short title 
,this ,act may be cited as the          
,bipartisan ,student ,loan ,certainty   
,act of #bjac4  #b4 ,interest ,rates    
7a7 ,interest ,rates ,section #dee7;b7  
of the ,higher ,education ,act of #aife 
7#bj ,u4,s4,c4 #ajhg;e7b77 is amended-- 
7#a7 in paragraph 7#g7--  7,a7 in the   
paragraph heading1 by inserting and     

before ,july #a1 #bjac after on or after
 july #a1 #bjjf2  7,b7 in subparagraph  
7,a71 by inserting and before ,july #a1 
#bjac1 after on or after ,july #a1      
#bjjf12  7,c7 in subparagraph 7,b71 by  
inserting and before ,july #a1 #bjac1   
after on or after ,july #a1 #bjjf12 and 
7,d7 in subparagraph 7,c71 by inserting 
and before ,july #a1 #bjac1 after on or 
after ,july #a1 #bjjf12  7#b7 by        
redesignating paragraphs 7#h7 and 7#i7  
as paragraphs 7#i7 and 7#aj71           
respectively2 and  7#c7 by inserting    
after paragraph 7#g7 the following3     
7#h7 ,interest rate provisions for new  
loans on or after ,july #a1 #bjac  7,a7 
,rates for undergraduate fdsl and fdusl 
,notwithstanding the preceding          
paragraphs of this subsection1 for      
,federal ,direct ,stafford ,loans and   
,federal ,direct ,unsubsidized ,stafford
 ,loans issued to undergraduate         
students1 for which the first           
disbursement is made on or after ,july  
#a1 #bjac1 the applicable rate of       

interest shall1 for loans disbursed     
during any #ab-month period beginning on
 ,july #a and ending on ,june #cj1 be   
determined on the preceding ,june #a and
 be equal to the lesser of--  7i7 a rate
 equal to the high yield of the #aj-year
 ,treasury note auctioned at the final  
auction held prior to such ,june #a plus
 #b4je percent2 or  7ii7 #h4be percent4 
7,b7 ,rates for graduate and            
professional fdusl ,notwithstanding the 
preceding paragraphs of this subsection1
 for ,federal ,direct ,unsubsidized     
,stafford ,loans issued to graduate or  
professional students1 for which the    
first disbursement is made on or after  
,july #a1 #bjac1 the applicable rate of 
interest shall1 for loans disbursed     
during any #ab-month period beginning on
 ,july #a and ending on ,june #cj1 be   
determined on the preceding ,june #a and
 be equal to the lesser of--  7i7 a rate
 equal to the high yield of the #aj-year
 ,treasury note auctioned at the final  
auction held prior to such ,june #a plus

 #c4f percent2 or  7ii7 #i4e percent4   
7,c7 ,,plus ,loans ,notwithstanding the 
preceding paragraphs of this subsection1
 for ,federal ,direct ,,plus ,loans1 for
 which the first disbursement is made on
 or after ,july #a1 #bjac1 the          
applicable rate of interest shall1 for  
loans disbursed during any #ab-month    
period beginning on ,july #a and ending 
on ,june #cj1 be determined on the      
preceding ,june #a and be equal to the  
lesser of--  7i7 a rate equal to the    
high yield of the #aj-year ,treasury    
note auctioned at the final auction held
 prior to such ,june #a plus #d4f       
percent2 or  7ii7 #aj4e percent4  7,d7  
,consolidation loans ,notwithstanding   
the preceding paragraphs of this        
subsection1 any ,federal ,direct        
,consolidation ,loan for which the      
application is received on or after     
,july #a1 #bjac1 shall bear interest at 
an annual rate on the unpaid principal  
balance of the loan that is equal to the
 weighted average of the interest rates 

on the loans consolidated1 rounded to   
the nearest higher one-eighth of one    
percent4  7,e7 ,consultation ,the       
,secretary shall determine the          
applicable rate of interest under this  
paragraph after consultation with the   
,secretary of the ,treasury and shall   
publish such rate in the ,federal       
,register as soon as practicable after  
the date of determination4  7,f7 ,rate  
,the applicable rate of interest        
determined under this paragraph for a   
,federal ,direct ,stafford ,loan1 a     
,federal ,direct ,unsubsidized ,stafford
 ,loan1 or a ,federal ,direct ,,plus    
,loan shall be fixed for the period of  
the loan4  4  7b7 ,effective ,date ,the 
amendments made by subsection 7a7 shall 
take effect as if enacted on ,july #a1  
#bjac4  #c4 ,budgetary effects  7a7     
,paygo scorecard ,the budgetary effects 
of this ,act shall not be entered on    
either ,,paygo scorecard maintained     
pursuant to section #d7;d7 of the       
,statutory ,pay- ,as-,you-,go ,act of   

#bjaj4  7b7 ,senate paygo scorecard ,the
 budgetary effects of this ,act shall   
not be entered on any ,,paygo scorecard 
maintained for purposes of section #bja 
of ,s4 ,con4 ,res4 #ba 7#aajth          
,congress74  #d4 ,study on the actual   
cost of administering the ,federal      
student loan programs ,not later than   
#abj days after the date of enactment of
 this ,act1 the ,comptroller ,general of
 the ,united ,states shall--  7#a7      
complete a study that determines the    
actual cost to the ,federal ,government 
of carrying out the ,federal student    
loan programs authorized under title    
,,iv of the ,higher ,education ,act of  
#aife 7#bj ,u4,s4,c4 #ajgj et seq471    
which shall--  7,a7 provide estimates   
relying on accurate information based on
 past1 current1 and projected data as to
 the appropriate index and mark-up rate 
for the ,federal ,government's cost of  
borrowing that would allow the ,federal 
,government to effectively administer   
and cover the cost of the ,federal      

student programs authorized under title 
,,iv of the ,higher ,education ,act of  
#aife 7#bj ,u4,s4,c4 #ajgj et seq47     
under the scoring rules outlined in the 
,federal ,credit ,reform ,act of #aiij  
7#b ,u4,s4,c4 #ffa et seq472  7,b7      
provide the information described in    
this section in a way that separates out
 administrative costs1 interest rate1   
and other loan terms and conditions2 and
  7,c7 set forth clear recommendations  
to the relevant authorizing committees  
of ,congress as to how future           
legislation can incorporate the results 
of the study described in this section  
to allow for the administration of the  
,federal student loan programs          
authorized under title ,,iv of the      
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajgj et seq47 without        
generating any additional revenue to the
 ,federal ,government except revenue    
that is needed to carry out such        
programs2 and  7#b7 prepare and submit a
 report to the ,committee on ,health1   

,education1 ,labor1 and ,pensions of the
 ,senate and the ,committee on          
,education and the ,workforce of the    
,house of ,representatives setting forth
 the conclusions of the study described 
in this section in such a manner that   
the recommendations included in the     
report can inform future                
reauthorizations of the ,higher         
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajja et seq474  ,secretary