,,ib  ,union ,cal5d> ,no4 #eg  #aac?    
,,congress  #a/ ,session  ,h4 ,r4 #aiaa 
,report ,no4 #aac-hb1 ,"p ,i  ,,9 ,,!   
,,h\se ,,( ,,repres5tatives  ,may #i1   
#bjac ,mr4 ,kl9e 7= himself & ,ms4      
,foxx7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,education & !
 ,work=ce1 & 9 addition to ! ,committee 
on ! ,budget1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,may #bj1 #bjac ,additional    
sponsors3 ,mr4 ,roe ( ,t5nessee1 ,mr4   
,griff9 ( ,arkansas1 ,mr4 ,mess]1 & ,mr4
 ,?ompson ( ,p5nsylvania  ,may #bj1     
#bjac ,report$ f ! ,committee on        
,education & ! ,work=ce ) an am5dm5t    
,/rike out all aft] ! enact+ clause &   
ins]t ! "p pr9t$ 9 italic  ,may #bj1    
#bjac ,! ,committee on ! ,budget        
dis*>g$2 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$ ,= text ( introduc$   
bill1 see copy ( bill z introduc$ on    

,may #i1 #bjac  ,a ,,bill  ,to am5d !   
,high] ,education ,act ( #aife to       
e/abli% int]e/ rates = new loans made on
 or aft] ,july #a1 #bjac4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,sm>t]  
,solutions = ,/ud5ts ,act4  #b4 ,/ud5t  
loan int]e/ rates ,section #dee7;b7 ( ! 
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;e7b77 is am5d$--  7#a7 9
 p>agraph 7#g7--  7,a7 9 ! p>agraph     
head+1 by ins]t+ 1 & be=e ,july #a1     
#bjac aft] #bjjf2  7,b7 9 subp>agraph   
7,a71 by ins]t+ & be=e ,july #a1 #bjac1 
aft] #bjjf12  7,c7 9 subp>agraph 7,b71  
by ins]t+ & be=e ,july #a1 #bjac1 aft]  
#bjjf12 &  7,d7 9 subp>agraph 7,c71 by  
ins]t+ & be=e ,july #a1 #bjac1 aft]     
#bjjf12  7#b7 by r$esignat+ p>agraphs   
7#h7 & 7#i7 z p>agraphs 7#i7 & 7#aj71   
respectively2 &  7#c7 by ins]t+ aft]    
p>agraph 7#g71 ! foll[+3  7#h7 ,int]e/  
rate provision = new loans on or aft]   
,july #a1 #bjac  7,a7 ,rates = fdsl &   
fdusl ,not)/&+ ! prec$+ p>agraphs ( ?is 
subsection1 = ,f$]al ,direct ,/af=d     

,loans & ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loans = :i* ! fir/ disbursem5t  
is made on or aft] ,july #a1 #bjac1 !   
applicable rate ( int]e/ %all1 dur+ any 
#ab-mon? p]iod beg9n+ on ,july #a & end+
 on ,june #cj1 be det]m9$ on ! prec$+   
,june #a & be equal to--  7i7 !         
high-yield #aj-ye> ,treasury notes      
auction$ at ! f9al auction held prior to
 su* ,june #a2 plus  7ii7 #b4e p]c5t1   
except t su* rate %all n exce$ #h4e     
p]c5t4  7,b7 ,,plus ,loans ,not)/&+ !   
prec$+ p>agraphs ( ?is subsection1 = any
 ,f$]al ,direct ,,plus ,loan = :i* !    
fir/ disbursem5t is made on or aft]     
,july #a1 #bjac1 ! applicable rate (    
int]e/ %all1 dur+ any #ab-mon? p]iod    
beg9n+ on ,july #a & end+ on ,june #cj1 
be det]m9$ on ! prec$+ ,june #a & be    
equal to--  7i7 ! high-yield #aj-ye>    
,treasury notes auction$ at ! f9al      
auction held prior to su* ,june #a2 plus
  7ii7 #d4e p]c5t1  except t su* rate   
%all n exce$ #aj4e p]c5t4  7,c7         
,consolidation ,loans ,not)/&+ ! prec$+ 

p>agraphs ( ?is subsection1 any ,f$]al  
,direct ,consolidation ,loan = :i* !    
application is receiv$ on or aft] ,july 
#a1 #bjac1 %all be> int]e/ at an annual 
rate on ! unpaid pr9cipal balance ( !   
loan t is equal to ! weight$ av]age ( ! 
int]e/ rates on ! loans consolidat$1    
r\nd$ to ! ne>e/ high] "o-eigh? ( "o    
p]c5t4  4  #c4 ,budget>y effects  7a7   
,paygo scorec>d ,! budget>y effects (   
?is ,act %all n be ent]$ on ei!r ,,paygo
 scorec>d ma9ta9$ pursuant to section   
#d7;d7 ( ! ,/atutory ,pay-,z-,y-,g ,act 
( #bjaj4  7b7 ,s5ate paygo scorec>d ,!  
budget>y effects ( ?is ,act %all n be   
ent]$ on any ,,paygo scorec>d ma9ta9$ = 
purposes ( section #bja ( ,s4 ,con4     
,res4 #ba 7#aaj? ,congress74  ,may #bj1 
#bjac ,report$ f ! ,committee on        
,education & ! ,work=ce ) an am5dm5t    
,may #bj1 #bjac ,! ,committee on !      
,budget dis*>g$2 committ$ to !          
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be pr9t$