,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aiaa  ,,in ,,the ,,house ,,of  
,,representatives  ,may #i1 #bjac ,mr4  
,kline 7for himself and ,ms4 ,foxx7     
introduced the following bill2 which was
 referred to the ,committee on          
,education and the ,workforce1 and in   
addition to the ,committee on the       
,budget1 for a period to be subsequently
 determined by the ,speaker1 in each    
case for consideration of such          
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to amend the ,higher        
,education ,act of #aife to establish   
interest rates for new loans made on or 
after ,july #a1 #bjac4  #a4 ,short title
 ,this ,act may be cited as the ,smarter
 ,solutions for ,students ,act4  #b4    
,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 1 and   
before ,july #a1 #bjac after #bjjf2     

7,b7 in subparagraph 7,a71 by inserting 
and before ,july #a1 #bjac1 after       
#bjjf12  7,c7 in subparagraph 7,b71 by  
inserting and before ,july #a1 #bjac1   
after #bjjf12 and  7,d7 in subparagraph 
7,c71 by inserting and before ,july #a1 
#bjac1 after #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#g71 the following3    
7#h7 ,interest rate provision for new   
loans on or after ,july #a1 #bjac  7,a7 
,rates for fdsl and fdusl               
,notwithstanding the preceding          
paragraphs of this subsection1 for      
,federal ,direct ,stafford ,loans and   
,federal ,direct ,unsubsidized ,stafford
 ,loans for which the first disbursement
 is made on or after ,july #a1 #bjac1   
the applicable rate of interest shall1  
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--  7i7 the high-yield      

#aj-year ,treasury notes auctioned at   
the final auction held prior to such    
,june #a2 plus  7ii7 #b4e percent1      
except that such rate shall not exceed  
#h4e percent4  7,b7 ,,plus ,loans       
,notwithstanding the preceding          
paragraphs of this subsection1 for any  
,federal ,direct ,,plus ,loan for which 
the first disbursement is made on or    
after ,july #a1 #bjac1 the applicable   
rate of interest shall1 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--  7i7 the high-yield #aj-year       
,treasury notes auctioned at the final  
auction held prior to such ,june #a2    
plus  7ii7 #d4e percent1  except that   
such rate shall not exceed #aj4e        
percent4  7,c7 ,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  4    
#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