,,ii  ,calendar ,no4 #gf  #aacth        
,,congress  #ast ,session  ,s4 #ajjc    
,,in ,,the ,,senate ,,of ,,the ,,united 
,,states  ,may #ba1 #bjac ,mr4 ,coburn  
7for himself1 ,mr4 ,burr1 ,mr4          
,alexander1 and ,mr4 ,isakson7          
introduced the following bill2 which was
 read the first time  ,may #bb1 #bjac   
,read the second time and placed on the 
calendar  ,a ,,bill  ,to amend the      
,higher ,education ,act of #aife to     
reset interest rates for new student    
loans4  #a4 ,short title ,this ,act may 
be cited as the ,comprehensive ,student 
,loan ,protection ,act 4  #b4 ,interest 
rates under the ,direct ,loan ,program  
,section #dee7;b77#g7 of the ,higher    
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajhg;e7b77#g77 is amended by adding at 
the end the following3  7,e7 ,interest  
rate provision for new loans after ,july
 #a1 #bjac  7i7 ,in general             
,notwithstanding the preceding          
paragraphs of this subsection or        
subparagraph 7,a7 or 7,b71 for ,federal 

,direct ,stafford ,loans1 ,federal      
,direct ,unsubsidized ,stafford ,loans1 
and any ,federal ,direct ,,plus ,loan1  
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--  7,i7 the bond equivalent
 rate of #aj-year ,treasury bills       
auctioned at the final auction held     
prior to such ,june #a2 plus  7,,ii7    
#c4j percent4  7ii7 ,consultation ,the  
,secretary shall determine the          
applicable rate of interest under this  
subparagraph 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  7iii7 ,rate 
,the applicable rate of interest        
determined under clause 7i7 for a       
,federal ,direct ,stafford ,loan1 a     
,federal ,direct ,unsubsidized ,stafford

 ,loan1 or a ,federal ,direct ,,plus    
,loan shall be fixed for the life of the
 ,loan4  4  #c4 ,savings for deficit    
reduction  7a7 ,in general ,not later   
than #a year after the date of enactment
 of this ,act1 the ,comptroller ,general
 of the ,united ,states shall determine 
the savings to the ,federal ,government 
resulting from the amendment made by    
section #b4  7b7 ,amount ,to be used for
 deficit reduction ,any savings         
determined under subsection 7a7 shall be
 transferred to the ,treasury for       
deficit reduction4  #d4 ,determination  
of budgetary effects ,the budgetary     
effects of this ,act1 for the purpose of
 complying with the ,statutory          
,pay-,as-,you-,go ,act of #bjaj1 shall  
be determined by reference to the latest
 statement titled ,budgetary ,effects of
 ,,paygo ,legislation for this ,act1    
submitted for printing in the           
,congressional ,record by the ,chairman 
of the ,senate ,budget ,committee1      
provided that such statement has been   

submitted prior to the vote on passage4 
,may #bb1 #bjac ,read the second time   
and placed on the calendar