,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ahde  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ac1 #bjai ,mr4  
,m]kley 7= himself1 ,mr4 ,book]1 & ,mrs4
 ,gillibr&7 introduc$ ! foll[+ bill2 :i*
 0 read twice & ref]r$ to ! ,committee  
on ,heal?1 ,education1 ,labor1 &        
,p5sions  ,a ,,bill  ,to enable borr[]s 
( ,f$]al /ud5t loans to ref9ance ^?     
loans at int]e/ rates t are equival5t to
 ! int]e/ rates at :i* ! ,f$]al         
,gov]nm5t provides loans to banks ?r\gh 
! disc\nt w9d[ op]at$ by ! ,f$]al       
,res]ve ,sy/em4  #a4 ,%ort title  ,?is  
,act may be cit$ z ! ,if ,x's ,good     
,en\gh ,= ! ,banks1 ,x's ,good ,en\gh ,=
 ,/ud5ts ,act4  #b4 ,/ud5t loan ref9anc+
  7a7 ,program au?ority ,section        
#dea7;a7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhg;a7a77 is     
am5d$--  7#a7 by /rik+ & 7#b7 & ins]t+  
7#b72 &  7#b7 by ins]t+ 2 & 7#c7 to make
 loans "u section #dfj;,a aft] section  
#dei;,a4  7b7 ,ref9anc+ ,program ,"p ,d 
( title ,,iv ( ! ,high] ,education ,act 

( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 
is am5d$ by add+ at ! end ! foll[+3     
#dfj;,a4 ,ref9anc+ ,f$]al ,direct ,loans
 at l[] int]e/ rates  7a7 ,9 g5]al      
,beg9n+ on ! date ( enactm5t ( ?is      
section1 ! ,secret>y %all e/abli% a     
program "u :i* ! ,secret>y1 ^u ! receipt
 ( an application f a qualifi$ borr[]1  
makes a loan "u ?is "p1 9 accordance ) !
 provisions ( ?is section1 9 ord] to    
p]mit ! borr[] to obta9 ! int]e/ rate   
provid$ "u subsection 7c74  7b7         
,ref9anc+ ,direct ,loans  ,^u           
application ( a qualifi$ borr[]1 !      
,secret>y %all repay 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 ( !        
qualifi$ borr[]1 = :i* ! fir/           
disbursem5t 0 made1 or ! application = !
 consolidation loan 0 receiv$1 be=e !   
date ( enactm5t ( ?is section1 ) !      
proce$s ( a ref9anc$ ,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 ,loan1           
respectively1 issu$ to ! borr[] 9 an    
am\nt equal to ! sum ( ! unpaid         
pr9cipal1 accru$ unpaid int]e/1 & late  
*>ges ( ! orig9al loan4  7c7 ,int]e/    
rates  7#a7 ,9 g5]al ,! int]e/ rate = ! 
ref9anc$ ,f$]al ,direct ,/af=d ,loans1  
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loans1 ,f$]al ,direct ,,plus ,loans1 & 
,f$]al ,direct ,consolidation ,loans1   
%all be a rate equal to ! int]e/ rate   
describ$ 9 subsection 7a7 ( section     
#bja4ea ( title #ab1 ,code ( ,f$]al     
,regulations 7or successor regulations74
  7#b7 ,fix$ ,rate ,! applicable rate ( 
int]e/ det]m9$ "u p>agraph 7#a7 = a     
ref9anc$ loan "u ?is section %all be    
fix$ = ! p]iod ( ! loan4  7d7 ,t]ms &   
conditions ( loans  7#a7 ,9 g5]al ,a    
loan t is ref9anc$ "u ?is section %all h
 ! same t]ms & conditions z ! orig9al   
loan1 except z o!rwise provid$ 9 ?is    
section4  7#b7 ,repaym5t p]iod ,ref9anc+

 a loan "u ?is section %all n result 9 !
 ext5sion ( ! duration ( ! repaym5t     
p]iod ( ! loan1 & ! borr[] %all reta9 ! 
same repaym5t t]m t 0 9 effect on !     
orig9al loan4 ,no?+ 9 ?is p>agraph %all 
be con/ru$ to prev5t a borr[] f elect+ a
 diff]5t repaym5t plan at any "t 9      
accordance ) section #dee7;d77#c74  7e7 
,def9ition ( qualifi$ borr[]  ,=        
purposes ( ?is section1 ! t]m qualifi$  
borr[] means a borr[]--  7#a7 ( a loan  
"u ?is "p = :i* ! fir/ disbursem5t 0    
made1 or ! application = a consolidation
 loan 0 receiv$ be=e ! date ( enactm5t (
 ?is section2  7#b7 :o submits an       
application "u ?is section n lat] ?an #b
 ye>s aft] ! date ( enactm5t ( ?is      
section2 &  7#c7 :o is n 9 default on ! 
loan ! borr[] seeks to ref9ance4  7f7   
,notification to borr[]s ,! ,secret>y1 9
 coord9ation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection1 %all   
c>ry out a campaign to al]t borr[]s (   
loans t are eligible = ref9anc+ "u ?is  
section t ! borr[]s are eligible to     

apply = su* ref9anc+4 ,! campaign %all  
include ! foll[+ activities3  7#a7      
,develop+ consum] in=mation mat]ials    
ab\t ! availability ( ,f$]al /ud5t loan 
ref9anc+4  7#b7 ,requir+ s]vic]s ( loans
 "u ?is "p to provide su* consum]       
in=mation to borr[]s 9 a mann] det]m9$  
appropriate by ! ,secret>y1 9           
consultation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection4  4