,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #dgdi  ,,in ,,the ,,house ,,of  
,,representatives  ,october #ah1        
#bjai,mr4 ,clay introduced the following
 bill2 which was referred to the        
,committee on ,education and ,labor  ,a 
,,bill  ,to provide temporary authority 
to the ,secretary of ,education to      
reissue certain student loans to reduce 
interest rates paid by borrowers1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,student 
,loan ,relief ,act of #bjai4  #b4       
,temporary authority to reduce student  
loan interest rates ,part ,d of title   
,,iv of the ,higher ,education ,act of  
#aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 is
 amended by inserting after section     
#dei;,b the following new section3      
#dei;,c4 ,temporary authority to reissue
 student loans to reduce interest rates 
7a7 ,temporary authority ,to reissue    
student loans ,to reduce interest rates 
,notwithstanding section                
#dee7;b77#i77;,c7 or any other provision

 of this ,act1 for the #aj-year period  
beginning on the date of enactment of   
the ,student ,loan ,relief ,act of      
#bjai1 the ,secretary is authorized to  
reissue a loan which was made under this
 part on or after the date that was #bj 
years before the date of enactment of   
the ,student ,loan ,relief ,act of      
#bjai1 and before the date that is #aj  
years after such date of enactment1 in  
order to permit the borrower to obtain a
 reduced interest rate in accordance    
with this section4  7b7 ,eligibility    
7#a7 ,in general ,the ,secretary shall  
reissue a loan under this section for a 
borrower who-- 7,a7 has an outstanding  
balance on one or more loans made under 
this part2 and  7,b7 submits to the     
,secretary1 at such time and in such    
manner as the ,secretary may require1 a 
completed application for the loan to be
 reissued with an interest rate         
reduction in accordance with this       
section4  7#b7 ,limitation ,if a        
borrower has been convicted of1 or has  

pled nolo contendere or guilty to1 a    
crime involving fraud in obtaining funds
 under this title1 the borrower shall   
not be eligible to have a loan reissued 
under this section unless the borrower  
has completed the repayment of such     
funds to the ,secretary1 or to the      
holder in the case of a loan under this 
title obtained by fraud4  7c7 ,reduced  
interest rate ,for each loan reissued by
 the ,secretary under this section on or
 after the date of enactment of the     
,student ,loan ,relief ,act of #bjai1   
and before the date that is #aj years   
after such date of enactment1 the       
applicable rate of interest shall1 for  
loans reissued during any #ab-month     
period beginning on ,july #a and ending 
on ,june #cj1 be determined on the      
preceding ,june #a and be a rate equal  
to the high yield of the #aj-year       
,treasury note auctioned at the final   
auction held prior to such ,june #a4    
7d7 ,terms of reissuance ,a loan        
reissued by the ,secretary under this   

section shall-- 7#a7 have the same terms
 7other than applicable rate of         
interest7 as the terms of the loan      
before reissuance1 including the terms  
related to eligibility for consolidation
 of such loan in accordance with this   
title2  7#b7 have an applicable reduced 
rate of interest on the loan calculated 
in accordance with subsection 7c71 and  
such rate shall be fixed for the        
remaining period of the loan2  7#c7 not 
require the execution of a new          
promissory note and shall not result in 
the extension of the duration of the    
note2 and  7#d7 not be reissued more    
than one time under this section4  7e7  
,duties of the ,secretary ,as soon as   
practicable after the date of enactment 
of the ,student ,loan ,relief ,act of   
#bjai1 the ,secretary shall take such   
steps as may be necessary to--  7#a7    
notify borrowers of the availability of 
the program authorized under this       
section1 and the termination date for   
such program2 and  7#b7 allow borrowers 

to easily determine whether reissuance  
of a loan under this section will reduce
 the interest rates and overall costs of
 the outstanding loans of the borrower1 
before the borrower applies for such    
reissuance4  4