,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #dgdi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #ah1 #bjai,mr4
 ,clay introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,education &  
,labor  ,a ,,bill  ,to provide tempor>y 
au?ority to ! ,secret>y ( ,education to 
reissue c]ta9 /ud5t loans to r$uce      
int]e/ rates paid by borr[]s1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ud5t ,loan ,relief ,act (
 #bjai4  #b4 ,tempor>y au?ority to r$uce
 /ud5t loan int]e/ rates ,"p ,d ( title 
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 is am5d$
 by ins]t+ aft] section #dei;,b ! foll[+
 new section3  #dei;,c4 ,tempor>y       
au?ority to reissue /ud5t loans to r$uce
 int]e/ rates  7a7 ,tempor>y au?ority   
,to reissue /ud5t loans ,to r$uce int]e/
 rates ,not)/&+ section                 
#dee7;b77#i77;,c7 or any o!r provision (
 ?is ,act1 = ! #aj-ye> p]iod beg9n+ on !
 date ( enactm5t ( ! ,/ud5t ,loan       
,relief ,act ( #bjai1 ! ,secret>y is    

au?oriz$ to reissue a loan :i* 0 made "u
 ?is "p on or aft] ! date t 0 #bj ye>s  
be=e ! date ( enactm5t ( ! ,/ud5t ,loan 
,relief ,act ( #bjai1 & be=e ! date t is
 #aj ye>s aft] su* date ( enactm5t1 9   
ord] to p]mit ! borr[] to obta9 a r$uc$ 
int]e/ rate 9 accordance ) ?is section4 
7b7 ,eligibility  7#a7 ,9 g5]al ,!      
,secret>y %all reissue a loan "u ?is    
section = a borr[] :o-- 7,a7 has an     
out/&+ balance on "o or m loans made "u 
?is "p2 &  7,b7 submits to ! ,secret>y1 
at su* "t & 9 su* mann] z ! ,secret>y   
may require1 a complet$ application = ! 
loan to be reissu$ ) an int]e/ rate     
r$uction 9 accordance ) ?is section4    
7#b7 ,limitation ,if a borr[] has be5   
convict$ (1 or has pl$ nolo cont5d]e or 
guilty to1 a crime involv+ fraud 9      
obta9+ funds "u ?is title1 ! borr[] %all
 n be eligible to h a loan reissu$ "u   
?is section unless ! borr[] has complet$
 ! repaym5t ( su* funds to ! ,secret>y1 
or to ! hold] 9 ! case ( a loan "u ?is  
title obta9$ by fraud4  7c7 ,r$uc$      

int]e/ rate ,= ea* loan reissu$ by !    
,secret>y "u ?is section on or aft] !   
date ( enactm5t ( ! ,/ud5t ,loan ,relief
 ,act ( #bjai1 & be=e ! date t is #aj   
ye>s aft] su* date ( enactm5t1 !        
applicable rate ( int]e/ %all1 = loans  
reissu$ dur+ any #ab-mon? p]iod beg9n+  
on ,july #a & end+ on ,june #cj1 be     
det]m9$ on ! prec$+ ,june #a & be a rate
 equal to ! high yield ( ! #aj-ye>      
,treasury note auction$ at ! f9al       
auction held prior to su* ,june #a4  7d7
 ,t]ms ( reissuance ,a loan reissu$ by !
 ,secret>y "u ?is section %all-- 7#a7 h 
! same t]ms 7o!r ?an applicable rate (  
int]e/7 z ! t]ms ( ! loan be=e          
reissuance1 includ+ ! t]ms relat$ to    
eligibility = consolidation ( su* loan 9
 accordance ) ?is title2  7#b7 h an     
applicable r$uc$ rate ( int]e/ on ! loan
 calculat$ 9 accordance ) subsection    
7c71 & su* rate %all be fix$ = ! rema9+ 
p]iod ( ! loan2  7#c7 n require !       
execution ( a new promissory note & %all
 n result 9 ! ext5sion ( ! duration ( ! 

note2 &  7#d7 n be reissu$ m ?an "o "t  
"u ?is section4  7e7 ,duties ( !        
,secret>y ,z soon z practicable aft] !  
date ( enactm5t ( ! ,/ud5t ,loan ,relief
 ,act ( #bjai1 ! ,secret>y %all take su*
 /eps z may be necess>y to--  7#a7      
notify borr[]s ( ! availability ( !     
program au?oriz$ "u ?is section1 & !    
t]m9ation date = su* program2 &  7#b7   
all[ borr[]s to easily det]m9e :e!r     
reissuance ( a loan "u ?is section w    
r$uce ! int]e/ rates & ov]all co/s ( !  
out/&+ loans ( ! borr[]1 be=e ! borr[]  
applies = su* reissuance4  4