,,ii  ,calendar ,no4 #abe  #aacth       
,,congress  #ast ,session  ,s4 #abda    
,,in ,,the ,,senate ,,of ,,the ,,united 
,,states  ,june #bg1 #bjac ,mr4 ,manchin
 7for himself1 ,mr4 ,king1 ,mr4         
,alexander1 ,mr4 ,coburn1 ,mr4 ,burr1   
,mr4 ,carper1 ,ms4 ,ayotte1 and ,mr4    
,isakson7 introduced the following bill2
 which was read twice and ordered placed
 on the calendar  ,a ,,bill  ,to        
establish the interest rate for certain 
,federal student loans1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,bipartisan ,student
 ,loan ,certainty ,act4  #b4 ,interest  
,rates  7a7 ,interest rate provisions   
and disclosures ,section #dee of the    
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajhg;e7 is amended--  7#a7 in
 subsection 7b77#g77;,c71 by inserting  
and before ,july #a1 #bjac1 after ,july 
#a1 #bjjf12 and  7#b7 by adding at the  
end of the following3  7,e7 ,interest   
rate provisions for new loans on or     
after ,july #a1 #bjac  7i7 ,federal     

,direct ,stafford ,loans1 ,federal      
,direct ,unsubsidized ,stafford ,loans1 
and ,federal ,direct ,,plus ,loans  7,i7
 ,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 ,federal ,direct ,,plus    
,loans 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--    
7aa7 the bond equivalent rate of        
#aj-year ,treasury bills auctioned at   
the final auction held prior to such    
,june #a2 plus  7bb7 7,,aa7 #a4he       
percent for ,federal ,direct ,stafford  
,loans and ,federal ,direct             
,unsubsidized ,stafford ,loans for      
undergraduate students2 7,,bb7 #c4d     
percent for ,federal ,direct            

,unsubsidized ,stafford ,loans for      
graduate students2 and 7,,cc7 #d4d      
percent for ,federal ,direct ,,plus     
,loans4  7,,ii7 ,consultation ,the      
,secretary shall determine the          
applicable rates of interest under this 
clause after consultation with the      
,secretary of the ,treasury and shall   
publish such rate in the ,federal       
,register on or before ,june #e         
preceding the award year for which the  
rate is determined4  7,,iii7 ,rate ,the 
applicable rate of interest determined  
under subclause 7,i7 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  
7ii7 ,consolidation loans ,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
 lesser of--  7,i7 the weighted average 

of the interest rates on the loans      
consolidated1 rounded to the nearest    
higher one-eighth of one percent2 or    
7,,ii7 #h4be percent4  4  7b7 ,exit     
counseling requirement ,section         
#dhe7;b77#a77;,a77vii7 is amended--     
7#a7 by redesignating subclauses 7,,iii7
 and 7,,iv7 as subclauses 7,,vi7 and    
7,,vii71 respectively2 and  7#b7 by     
inserting after subclause 7,,ii7 the    
following3  7,,iii7 the borrower's      
options for loan consolidation2  7,,iv7 
information about the income-based      
repayment plan under section #dic;,c1   
including information about capped      
monthly payments and loan forgiveness   
under such plan2  7,v7 information about
 ,federal ,direct ,consolidation ,loans1
 which for applications received on or  
after ,july #a1 #bjac1 have a maximum   
interest rate of #h4be percent1 as      
described under section                 
#dee7;b77#g77;,e77ii7  4  #c4 ,rule of  
construction ,nothing in this ,act shall
 be construed to provide the ,secretary 

of ,education with the authority to     
require1 or promulgate regulations      
requiring1 new counseling not otherwise 
required by section #b1 and the         
amendments made by such section1 or the 
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajja et seq474  #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  ,june #bg1 #bjac  
,read twice and ordered placed on the   
calendar