,,ii ,calendar ,no4 #adb #aacth ,,congress #ast ,session ,s4 #accd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ah1 #bjac ,mr4 ,manchin 7for himself1 ,mr4 ,burr1 ,mr4 ,king1 ,mr4 ,coburn1 ,mr4 ,carper1 ,mr4 ,alexander1 ,mr4 ,harkin1 and ,mr4 ,durbin7 introduced the following bill2 which was read twice and ordered placed on the calendar ,a ,,bill ,to establish student loan interest rates1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,bipartisan ,student ,loan ,certainty ,act of #bjac4 #b4 ,interest ,rates 7a7 ,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 and before ,july #a1 #bjac after on or after july #a1 #bjjf2 7,b7 in subparagraph 7,a71 by inserting and before ,july #a1 #bjac1 after on or after ,july #a1 #bjjf12 7,c7 in subparagraph 7,b71 by inserting and before ,july #a1 #bjac1 after on or after ,july #a1 #bjjf12 and 7,d7 in subparagraph 7,c71 by inserting and before ,july #a1 #bjac1 after on or after ,july #a1 #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#g7 the following3 7#h7 ,interest rate provisions for new loans on or after ,july #a1 #bjac 7,a7 ,rates for undergraduate fdsl and fdusl ,notwithstanding the preceding paragraphs of this subsection1 for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans issued to undergraduate students1 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 the lesser of-- 7i7 a rate equal to the high yield of the #aj-year ,treasury note auctioned at the final auction held prior to such ,june #a plus #b4je percent2 or 7ii7 #h4be percent4 7,b7 ,rates for graduate and professional fdusl ,notwithstanding the preceding paragraphs of this subsection1 for ,federal ,direct ,unsubsidized ,stafford ,loans issued to graduate or professional students1 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 the lesser of-- 7i7 a rate equal to the high yield of the #aj-year ,treasury note auctioned at the final auction held prior to such ,june #a plus #c4f percent2 or 7ii7 #i4e percent4 7,c7 ,,plus ,loans ,notwithstanding the preceding paragraphs of this subsection1 for ,federal ,direct ,,plus ,loans1 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 the lesser of-- 7i7 a rate equal to the high yield of the #aj-year ,treasury note auctioned at the final auction held prior to such ,june #a plus #d4f percent2 or 7ii7 #aj4e percent4 7,d7 ,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 7,e7 ,consultation ,the ,secretary shall determine the applicable rate of interest under this paragraph 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 7,f7 ,rate ,the applicable rate of interest determined under this paragraph 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 4 7b7 ,effective ,date ,the amendments made by subsection 7a7 shall take effect as if enacted on ,july #a1 #bjac4 #c4 ,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 8,budgetary ,effects of ,,paygo ,legislation0 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 #d4 ,study on the actual cost of administering the ,federal student loan programs ,not later than #abj days after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 complete a study that determines the actual cost to the ,federal ,government of carrying out the ,federal student loan programs authorized under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq471 which shall-- 7,a7 provide estimates relying on accurate information based on past1 current1 and projected data as to the appropriate index and mark-up rate for the ,federal ,government's cost of borrowing that would allow the ,federal ,government to effectively administer and cover the cost of the ,federal student programs authorized under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47 under the scoring rules outlined in the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq472 7,b7 provide the information described in this section in a way that separates out administrative costs1 interest rate1 and other loan terms and conditions2 and 7,c7 set forth clear recommendations to the relevant authorizing committees of ,congress as to how future legislation can incorporate the results of the study described in this section to allow for the administration of the ,federal student loan programs authorized under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47 without generating any additional revenue to the ,federal ,government except revenue that is needed to carry out such programs2 and 7#b7 prepare and submit a report to the ,committee on ,health1 ,education1 ,labor1 and ,pensions of the ,senate and the ,committee on ,education and the ,workforce of the ,house of ,representatives setting forth the conclusions of the study described in this section in such a manner that the recommendations included in the report can inform future reauthorizations of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja et seq474 ,july #ah1 #bjac ,read twice and ordered placed on the calendar