,,ii  ,cal5d> ,no4 #abe  #aac?          
,,congress  #a/ ,session  ,s4 #abda  ,,9
 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates    
,june #bg1 #bjac ,mr4 ,man*9 7= himself1
 ,mr4 ,k+1 ,mr4 ,alex&]1 ,mr4 ,coburn1  
,mr4 ,burr1 ,mr4 ,c>p]1 ,ms4 ,ayotte1 & 
,mr4 ,isakson7 introduc$ ! foll[+ bill2 
:i* 0 read twice & ord]$ plac$ on !     
cal5d>  ,a ,,bill  ,to e/abli% ! int]e/ 
rate = c]ta9 ,f$]al /ud5t loans1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,bip>tisan ,/ud5t ,loan 
,c]ta9ty ,act4  #b4 ,int]e/ ,rates  7a7 
,int]e/ rate provisions & disclosures   
,section #dee ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajhg;e7 is     
am5d$--  7#a7 9 subsection 7b77#g77;,c71
 by ins]t+ & be=e ,july #a1 #bjac1 aft] 
,july #a1 #bjjf12 &  7#b7 by add+ at !  
end ( ! foll[+3  7,e7 ,int]e/ rate      
provisions = new loans on or aft] ,july 
#a1 #bjac  7i7 ,f$]al ,direct ,/af=d    
,loans1 ,f$]al ,direct ,unsubsidiz$     
,/af=d ,loans1 & ,f$]al ,direct ,,plus  
,loans  7,i7 ,9 ,g5]al ,not)/&+ ! prec$+

 p>agraphs ( ?is subsection or          
subp>agraph 7,a7 or 7,b71 = ,f$]al      
,direct ,/af=d ,loans1 ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loans1 & ,f$]al    
,direct ,,plus ,loans = :i* ! fir/      
disbursem5t is made on or aft] ,july #a1
 #bjac1 ! applicable rate ( int]e/ %all1
 = loans disburs$ dur+ any #ab-mon?     
p]iod beg9n+ on ,july #a & end+ on ,june
 #cj1 be det]m9$ on ! prec$+ ,june #a & 
be equal to--  7aa7 ! bond equival5t    
rate ( #aj-ye> ,treasury bills auction$ 
at ! f9al auction held prior to su*     
,june #a2 plus  7bb7 7,,aa7 #a4he p]c5t 
= ,f$]al ,direct ,/af=d ,loans & ,f$]al 
,direct ,unsubsidiz$ ,/af=d ,loans =    
und]graduate /ud5ts2 7,,bb7 #c4d p]c5t =
 ,f$]al ,direct ,unsubsidiz$ ,/af=d     
,loans = graduate /ud5ts2 & 7,,cc7 #d4d 
p]c5t = ,f$]al ,direct ,,plus ,loans4   
7,,ii7 ,consultation ,! ,secret>y %all  
det]m9e ! applicable rates ( int]e/ "u  
?is clause aft] consultation ) !        
,secret>y ( ! ,treasury & %all publi%   
su* rate 9 ! ,f$]al ,regi/] on or be=e  

,june #e prec$+ ! aw>d ye> = :i* ! rate 
is det]m9$4  7,,iii7 ,rate ,! applicable
 rate ( int]e/ det]m9$ "u subclause 7,i7
 = a ,f$]al ,direct ,/af=d ,loan1 a     
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan1 or a ,f$]al ,direct ,,plus ,loan 
%all be fix$ = ! p]iod ( ! ,loan4  7ii7 
,consolidation loans ,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 ! less] (--  7,i7 !  
weight$ av]age ( ! int]e/ rates on !    
loans consolidat$1 r\nd$ to ! ne>e/     
high] "o-eigh? ( "o p]c5t2 or  7,,ii7   
#h4be p]c5t4  4  7b7 ,exit c\nsel+      
requirem5t ,section                     
#dhe7;b77#a77;,a77vii7 is am5d$--  7#a7 
by r$esignat+ subclauses 7,,iii7 &      
7,,iv7 z subclauses 7,,vi7 & 7,,vii71   
respectively2 &  7#b7 by ins]t+ aft]    
subclause 7,,ii7 ! foll[+3  7,,iii7 !   
borr[]'s options = loan consolidation2  
7,,iv7 in=mation ab\t ! income-bas$     

repaym5t plan "u section #dic;,c1       
includ+ in=mation ab\t capp$ mon?ly     
paym5ts & loan =giv5ess "u su* plan2    
7,v7 in=mation ab\t ,f$]al ,direct      
,consolidation ,loans1 :i* =            
applications receiv$ on or aft] ,july   
#a1 #bjac1 h a maximum int]e/ rate (    
#h4be p]c5t1 z describ$ "u section      
#dee7;b77#g77;,e77ii7  4  #c4 ,rule (   
con/ruction ,no?+ 9 ?is ,act %all be    
con/ru$ to provide ! ,secret>y (        
,education ) ! au?ority to require1 or  
promulgate regulations requir+1 new     
c\nsel+ n o!rwise requir$ by section #b1
 & ! am5dm5ts made by su* section1 or ! 
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajja et seq474  #d4          
,det]m9ation ( ,budget>y ,effects ,!    
budget>y effects ( ?is ,act1 = ! purpose
 ( comply+ ) ! ,/atutory ,pay-,z-,y-,g  
,act ( #bjaj1 %all be det]m9$ by ref]5ce
 to ! late/ /atem5t titl$ ,budget>y     
,effects ( ,,paygo ,legislation = ?is   
,act1 submitt$ = pr9t+ 9 !              
,congressional ,record by ! ,*airman ( !

 ,s5ate ,budget ,committee1 provid$ t   
su* /atem5t has be5 submitt$ prior to ! 
vote on passage4  ,june #bg1 #bjac ,read
 twice & ord]$ plac$ on ! cal5d>