,,ii  #aacth ,,congress  #ast ,session  
,s4 #hig  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,may #h1 #bjac ,ms4 
,warren introduced the following bill2  
which was read twice and referred to the
 ,committee on ,health1 ,education1     
,labor1 and ,pensions  ,a ,,bill  ,to   
prevent the doubling of the interest    
rate for ,federal subsidized student    
loans for the #bjac-bjad academic year  
by providing funds for such loans       
through the ,federal ,reserve ,system1  
to ensure that such loans are available 
at interest rates that are equivalent to
 the interest rates at which the        
,federal ,government provides loans to  
banks through the discount window       
operated by the ,federal ,reserve       
,system1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,bank on ,students ,loan ,fairness  
,act4  #b4 ,provision of funds for      
#bjac-bjad ,federal ,direct ,stafford   
,loans ,section #dea of the ,higher     
,education ,act of #aife 7#bj ,u4,s4,c4 

#ajhg;a7 is amended by adding at the end
 the following3  7c7 ,provision of funds
 for #bjac-bjad ,federal ,direct        
,stafford ,loans  7#a7 ,in general ,the 
,board of ,governors of the ,federal    
,reserve ,system shall make available to
 the ,secretary1 from the combined      
earnings of the ,federal ,reserve       
,system1 the amount determined by the   
,secretary to be reasonably necessary to
 award ,federal ,direct ,stafford ,loans
 during the award year beginning ,july  
#a1 #bjac1 to all eligible students in  
attendance at participating institutions
 of higher education selected by the    
,secretary to enable such students to   
pursue their courses of study at such   
institutions4  7#b7 ,administration by  
,secretary and similar terms ,the       
,federal ,direct ,stafford ,loans funded
 under this subsection for the award    
year beginning ,july #a1 #bjac1 shall be
 administered by the ,secretary and     
shall be made in accordance with the    
requirements1 and be subject to all     

terms and conditions1 of this part1     
except that appropriations provided     
under the first sentence of subsection  
7a7 shall not be used for any ,federal  
,direct ,stafford ,loans made during    
such period4  4  #c4 ,adjustment of     
,federal ,direct ,stafford ,loan        
interest rates  7a7 ,in general ,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 ,reduced   
rates for fdsl loans disbursed on or    
after ,july #a1 #bjac1 and before ,july 
#a1 #bjad ,notwithstanding the preceding
 paragraphs of this subsection and      
subparagraph 7,a7 of this paragraph1 for
 ,federal ,direct ,stafford ,loans made 
to undergraduate students for which the 
first disbursement is made on or after  
,july #a1 #bjac1 and before ,july #a1   
#bjad1 the applicable rate of interest  
shall be the primary credit rate charged
 by the ,federal ,reserve banks on ,july
 #a1 #bjac1 for purposes of sections #ac

 and #ac;,a of the ,federal ,reserve    
,act 7#ab ,u4,s4,c4 #cdb et seq474  4   
7b7 ,conforming amendments ,section     
#dee7;b77#g77;,d7 of the ,higher        
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajhg;e7b77#g77;,d77 is amended in the  
subparagraph heading by striking fdsl   
and inserting fdsl issued on or after   
,july #a1 #bjjf1 and before ,july #a1   
#bjac4