,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cgic  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ag1 #bjai,ms4  
,k5dra ,s4 ,horn ( ,oklahoma introduc$ !
 foll[+ bill2 :i* 0 ref]r$ to !         
,committee on ,education & ,labor  ,a   
,,bill  ,to am5d ! ,high] ,education    
,act ( #aife to include int]e/ rate     
provisions = ,f$]al loans made on or    
aft] ,july #a1 #bjbj4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,/ud5t ,loan  
,accrual ,support & ,help ,act or !     
,,sla% ,act4  #b4 ,f$]al /ud5t loan     
int]e/ rates ,section #dee7;b7 ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;e7b77 is am5d$--  7#a7 9
 ! head] ( p>agraph 7#h71 by ins]t+ 1 & 
be=e ,july #a1 #bjbj aft] ,july #a1     
#bjac2  7#b7 9 subp>agraphs 7,a71 7,b71 
7,c71 & 7,d7 ( p>agraph 7#h71 by ins]t+ 
& be=e ,july #a1 #bjbj1 aft] ,july #a1  
#bjac1 ea* place x appe>s2  7#c7 by     
r$esignat+ p>agraphs 7#i7 & 7#aj7 z     
p>agraphs 7#aj7 & 7#aa71 respectively2 &
  7#d7 by ins]t+ at ! end ( p>agraph    

7#h7 ! foll[+ new p>agraph3  7#i7       
,int]e/ rate provisions = new loans on  
or aft] ,july #a1 #bjbj  7,a7 ,rate =   
all new ,f$]al ,direct loans ,not)/&+ ! 
prec$+ p>agraphs ( ?is subsection1 =    
,f$]al ,direct ,/af=d ,loans1 ,f$]al    
,direct ,unsubsidiz$ ,/af=d ,loans1 &   
,f$]al ,direct ,,plus ,loans1 = :i* !   
fir/ disbursem5t is made on or aft]     
,july #a1 #bjbj1 ! applicable rate (    
int]e/ %all1 = loans disburs$ dur+ any  
#ab-mon? p]iod beg9n+ on ,july #a & end+
 on ,june #cj1 be det]m9$ on ! prec$+   
,june #a & be equal to ! less] (--  7i7 
a rate equal to ! high yield ( ! #aj-ye>
 ,treasury note auction$ at ! f9al      
auction held prior to su* ,june #a2 or  
7ii7 #e4j p]c5t1  except t ! applicable 
rate ( int]e/ = any #ab-mon? p]iod      
7beg9n+ on ,july #a & end+ on ,june #cj7
 %all n exce$ ! applicable rate ( int]e/
 = ! prec$+ #ab-mon? p]iod by m ?an #j4e
 p]c5t4  7,b7 ,consolidation loans      
,not)/&+ ! prec$+ p>agraphs ( ?is       
subsection1 any ,f$]al ,direct          

,consolidation ,loan = :i* ! application
 is receiv$ on or aft] ,july #a1 #bjbj1 
%all be> int]e/ at an annual rate on !  
unpaid pr9cipal balance ( ! loan t is   
equal to ! less] (--  7i7 ! weight$     
av]age ( ! int]e/ rates on ! loans      
consolidat$1 r\nd$ to ! ne>e/ high]     
"o-eigh? ( "o p]c5t2 or  7ii7 !         
applicable rate ( int]e/1 z det]m9$ on !
 prec$+ ,june #a 9 accordance )         
subp>agraph 7,a71 = ,f$]al ,direct      
,/af=d ,loans disburs$ dur+ ! #ab-mon?  
p]iod 7beg9n+ on ,july #a & end+ on     
,june #cj7 dur+ :i* ! application =     
consolidation is receiv$4  7,c7         
,consultation ,! ,secret>y %all det]m9e 
! applicable rate ( int]e/ "u           
subp>agraph 7,a7 aft] consultation ) !  
,secret>y ( ! ,treasury & %all publi%   
su* rate 9 ! ,f$]al ,regi/] z soon z    
practicable aft] ! date ( det]m9ation4  
7,d7 ,rate ,! applicable rate ( int]e/  
det]m9$ "u ?is p>agraph = a ,f$]al      
,direct ,/af=d ,loan1 a ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loan1 a ,f$]al     

,direct ,,plus ,loan1 or a ,f$]al       
,direct ,consolidation ,loan %all be    
fix$ = ! p]iod ( ! loan4  4