,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cgic  ,,in ,,the ,,house ,,of  
,,representatives  ,july #ag1 #bjai,ms4 
,kendra ,s4 ,horn of ,oklahoma          
introduced the following bill2 which was
 referred to the ,committee on          
,education and ,labor  ,a ,,bill  ,to   
amend the ,higher ,education ,act of    
#aife to include interest rate          
provisions for ,federal loans made on or
 after ,july #a1 #bjbj4  #a4 ,short     
title ,this ,act may be cited as the    
,student ,loan ,accrual ,support and    
,help ,act or the ,,slash ,act4  #b4    
,federal student loan interest rates    
,section #dee7;b7 of the ,higher        
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajhg;e7b77 is amended--  7#a7 in the   
header of paragraph 7#h71 by inserting 1
 and before ,july #a1 #bjbj after ,july 
#a1 #bjac2  7#b7 in subparagraphs 7,a71 
7,b71 7,c71 and 7,d7 of paragraph 7#h71 
by inserting and before ,july #a1 #bjbj1
 after ,july #a1 #bjac1 each place it   
appears2  7#c7 by redesignating         

paragraphs 7#i7 and 7#aj7 as paragraphs 
7#aj7 and 7#aa71 respectively2 and  7#d7
 by inserting at the end of paragraph   
7#h7 the following new paragraph3  7#i7 
,interest rate provisions for new loans 
on or after ,july #a1 #bjbj  7,a7 ,rate 
for all new ,federal ,direct loans      
,notwithstanding the preceding          
paragraphs of this subsection1 for      
,federal ,direct ,stafford ,loans1      
,federal ,direct ,unsubsidized ,stafford
 ,loans1 and ,federal ,direct ,,plus    
,loans1 for which the first disbursement
 is made on or after ,july #a1 #bjbj1   
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 #a2 or  7ii7 #e4j  
percent1  except that the applicable    
rate of interest for any #ab-month      

period 7beginning on ,july #a and ending
 on ,june #cj7 shall not exceed the     
applicable rate of interest for the     
preceding #ab-month period by more than 
#j4e percent4  7,b7 ,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 #bjbj1 shall bear   
interest at an annual rate on the unpaid
 principal balance of the loan that is  
equal to the lesser of--  7i7 the       
weighted average of the interest rates  
on the loans consolidated1 rounded to   
the nearest higher one-eighth of one    
percent2 or  7ii7 the applicable rate of
 interest1 as determined on the         
preceding ,june #a in accordance with   
subparagraph 7,a71 for ,federal ,direct 
,stafford ,loans disbursed during the   
#ab-month period 7beginning on ,july #a 
and ending on ,june #cj7 during which   
the application for consolidation is    
received4  7,c7 ,consultation ,the      

,secretary shall determine the          
applicable rate of interest under       
subparagraph 7,a7 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,d7 ,rate  
,the applicable rate of interest        
determined under this paragraph for a   
,federal ,direct ,stafford ,loan1 a     
,federal ,direct ,unsubsidized ,stafford
 ,loan1 a ,federal ,direct ,,plus ,loan1
 or a ,federal ,direct ,consolidation   
,loan shall be fixed for the period of  
the loan4  4