,,ii #aafth ,,congress #b;d ,session ,s4 #dada ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #a1 #bjbj,ms4 ,warren 7for herself1 ,ms4 ,baldwin1 ,mr4 ,bennet1 ,mr4 ,blumenthal1 ,mr4 ,booker1 ,mr4 ,brown1 ,ms4 ,cantwell1 ,mr4 ,cardin1 ,mr4 ,casey1 ,ms4 ,cortez ,masto1 ,ms4 ,duckworth1 ,mr4 ,durbin1 ,mrs4 ,feinstein1 ,mrs4 ,gillibrand1 ,ms4 ,harris1 ,ms4 ,hassan1 ,mr4 ,heinrich1 ,ms4 ,hirono1 ,ms4 ,klobuchar1 ,mr4 ,leahy1 ,mr4 ,manchin1 ,mr4 ,markey1 ,mr4 ,menendez1 ,mr4 ,merkley1 ,mr4 ,murphy1 ,mr4 ,peters1 ,mr4 ,reed1 ,mr4 ,sanders1 ,mrs4 ,shaheen1 ,ms4 ,smith1 ,ms4 ,stabenow1 ,mr4 ,udall1 ,mr4 ,van ,hollen1 ,mr4 ,whitehouse1 and ,mr4 ,wyden7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to refinance ,federal and private student loans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,bank on ,students ,coronavirus ,emergency ,loan ,refinancing ,act of #bjbj4 #b4 ,refinancing program 7a7 ,program authority ,section #dea7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a7a77 is amended-- 7#a7 by striking and 7#b7 and inserting 7#b72 and 7#b7 by inserting 2 and 7#c7 to make loans under section #dfj;,a and section #dfj;,b after section #dei;,a4 7b7 ,refinancing ,program ,part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 is amended by adding at the end the following3 #dfj;,a4 ,refinancing ,federal ,direct ,loans and other ,federal loans 7a7 ,definitions ,in this section3 7#a7 ,,ffel1 ,perkins1 or ,,phsa student loan ,the term ,,ffel1 ,perkins1 or ,,phsa student loan means a loan-- 7,a7 made1 insured1 or guaranteed under part ,b and for which the first disbursement was made1 or the application for the consolidation loan was received1 before ,july #a1 #bjaj2 7,b7 made under part ,e2 or 7,c7 made under-- 7i7 subpart ,,ii of part ,a of title ,,vii of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bibq et seq472 or 7ii7 part ,e of title ,,viii of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #big;a et seq474 7#b7 ,qualified borrower ,the term qualified borrower means a borrower of a loan under this part1 or ,,ffel1 ,perkins1 or ,,phsa student loan1 for which the first disbursement was made1 or the application for a consolidation loan was received1 before ,july #a1 #bjbj4 7b7 ,in general ,beginning not later than #ij days after the date of enactment of the ,bank on ,students ,coronavirus ,emergency ,loan ,refinancing ,act of #bjbj1 the ,secretary shall establish a program under which the ,secretary makes a loan under this part1 in accordance with the provisions of this section1 in order to permit a qualified borrower to obtain the interest rate provided under subsection 7d74 7c7 ,refinancing ,direct ,loans 7#a7 ,federal ,direct ,loans 7,a7 ,in general ,by not later than #abj days after the date of enactment of the ,bank on ,students ,coronavirus ,emergency ,loan ,refinancing ,act of #bjbj1 the ,secretary shall repay a ,federal ,direct ,stafford ,loan1 a ,federal ,direct ,unsubsidized ,stafford ,loan1 a ,federal ,direct ,,plus ,loan1 or a ,federal ,direct ,consolidation ,loan of the qualified borrower1 for which the first disbursement was made1 or the application for the consolidation loan was received1 before ,july #a1 #bjbj1 with the proceeds of a refinanced ,federal ,direct ,stafford ,loan1 a ,federal ,direct ,unsubsidized ,stafford ,loan1 a ,federal ,direct ,,plus ,loan1 or a ,federal ,direct ,consolidation ,loan1 respectively1 issued to the borrower under this section in an amount equal to the sum of the unpaid principal1 accrued unpaid interest1 and late charges of the original loan4 7,b7 ,information ,the ,secretary shall notify each qualified borrower of a loan refinanced under subparagraph 7,a7 regarding the refinancing and the benefits the refinancing provides to the qualified borrower4 7#b7 ,refinancing ,,ffel1 ,perkins1 or ,,phsa student loans as refinanced ,federal ,direct ,loans ,upon application of a qualified borrower of any ,,ffel1 ,perkins1 or ,,phsa student loan1 the ,secretary shall make a loan under this part1 in an amount equal to the sum of the unpaid principal1 accrued unpaid interest1 and late charges of the original loan to the borrower in accordance with the following3 7,a7 ,the ,secretary shall pay the proceeds of such loan to the holder of the ,,ffel1 ,perkins1 or ,,phsa student loan1 in order to discharge the borrower from any remaining obligation with respect to the original loan4 7,b7 ,any ,federal student loan made under this section that was originally a loan described in subsection 7a77#a77;,a7 and that was made1 insured1 or guaranteed-- 7i7 under section #dbh shall be a ,federal ,direct ,stafford ,loan2 7ii7 under section #dbh;,b shall be a ,federal ,direct ,,plus ,loan2 7iii7 under section #dbh;,h shall be a ,federal ,direct ,unsubsidized ,stafford ,loan2 and 7iv7 under section #dbh;,c shall be a ,federal ,direct ,consolidation ,loan4 7,c7 ,any ,federal student loan made under this section that was originally a loan described in subparagraph 7,b7 or 7,c7 of subsection 7a77#a7 shall be a ,federal ,direct ,consolidation ,loan4 7,d7 ,the interest rate for each loan made by the ,secretary under this paragraph shall be the rate provided under subsection 7d74 7d7 ,interest rates 7#a7 ,in general ,the interest rate for the refinanced ,federal ,direct ,stafford ,loans1 ,federal ,direct ,unsubsidized ,stafford ,loans1 ,federal ,direct ,,plus ,loans1 and ,federal ,direct ,consolidation ,loans1 shall be a rate equal to-- 7,a7 in any case where the original loan was a loan under section #dbh or #dbh;,h1 a ,federal ,direct ,stafford loan1 or a ,federal ,direct ,unsubsidized ,stafford ,loan1 that was issued to an undergraduate student1 a rate equal to the rate for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans issued to undergraduate students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 7,b7 in any case where the original loan was a loan under section #dbh or #dbh;,h1 a ,federal ,direct ,stafford ,loan1 or a ,federal ,direct ,unsubsidized ,stafford ,loan1 that was issued to a graduate or professional student1 a rate equal to the rate for ,federal ,direct ,unsubsidized ,stafford ,loans issued to graduate or professional students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 7,c7 in any case where the original loan was a loan under section #dbh;,b or a ,federal ,direct ,,plus ,loan1 a rate equal to the rate for ,federal ,direct ,,plus ,loans for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 7,d7 in any case where the original loan was a loan under section #dbh;,c or a ,federal ,direct ,consolidation ,loan1 a rate calculated in accordance with paragraph 7#b72 and 7,e7 in any case where the original loan was a ,federal student loan described in subparagraph 7,b7 or 7,c7 of subsection 7a77#a71 the lesser of-- 7i7 7,i7 in any case where the original loan was issued to an undergraduate student1 the rate that applies under subparagraph 7,a72 or 7,,ii7 in any case where the original loan was issued to a graduate or professional student1 the rate that applies under subparagraph 7,b72 or 7ii7 the original interest rate of the loan4 7#b7 ,interest ,rates for ,refinanced ,consolidation ,loans 7,a7 ,method of calculation ,in order to determine the interest rate for any refinanced ,federal ,direct ,consolidation ,loan under paragraph 7#a77;,d71 the ,secretary shall-- 7i7 determine each of the component loans that were originally consolidated in the loan under section #dbh;,c or the ,federal ,direct ,consolidation ,loan1 and calculate the proportion of the unpaid principal balance of the loan under section #dbh;,c or the ,federal ,direct ,consolidation ,loan that each component loan represents2 7ii7 use the proportions determined in accordance with clause 7i7 and the interest rate applicable for each component loan1 as determined under subparagraph 7,b71 to calculate the weighted average of the interest rates on the loans consolidated into the loan under section #dbh;,c or the ,federal ,direct ,consolidation ,loan2 and 7iii7 apply the weighted average calculated under clause 7ii7 as the interest rate for the refinanced ,federal ,direct ,consolidation ,loan4 7,b7 ,interest rates for component loans ,the interest rates for the component loans of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan shall be the following3 7i7 ,the interest rate for any loan under section #dbh or #dbh;,h1 ,federal ,direct ,stafford ,loan1 or ,federal ,direct ,unsubsidized ,stafford ,loan1 that is issued to an undergraduate student shall be a rate equal to the lesser of-- 7,i7 the rate for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans issued to undergraduate students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 or 7,,ii7 the original interest rate of the component loan4 7ii7 ,the interest rate for any loan under section #dbh or #dbh;,h1 ,federal ,direct ,stafford ,loan1 or ,federal ,direct ,unsubsidized ,stafford ,loan1 that is issued to a graduate or professional student shall be a rate equal to the lesser of-- 7,i7 the rate for ,federal ,direct ,unsubsidized ,stafford ,loans issued to graduate or professional students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 or 7,,ii7 the original interest rate of the component loan4 7iii7 ,the interest rate for any loan under section #dbh;,b or ,federal ,direct ,,plus ,loan shall be a rate equal to the lesser of-- 7,i7 the rate for ,federal ,direct ,,plus ,loans for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 or 7,,ii7 the original interest rate of the component loan4 7iv7 ,the interest rate for any loan under part ,e of this title1 or subpart ,,ii of part ,a of title ,,vii or part ,e of title ,,viii of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #bibq et seq42 #big;a et seq471 shall be a rate equal to the lesser of-- 7,i7 the rate for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans issued to graduate students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 or 7,,ii7 the original interest rate of the component loan4 7v7 ,the interest rate for any component loan that is a loan under section #dbh;,c or a ,federal ,direct ,consolidation ,loan shall be the weighted average of the interest rates that would apply under this subparagraph for each loan comprising the component consolidation loan4 7#c7 ,fixed ,rate ,the applicable rate of interest determined under paragraph 7#a7 for a refinanced loan under this section shall be fixed for the period of the loan4 7#d7 ,rule of construction ,nothing in this section shall be construed to prevent a borrower of a ,federal student loan described in subparagraph 7,b7 or 7,c7 of subsection 7a77#a7 from consolidating such loans with other loans eligible for consolidation under this section1 or to require such a borrower to consolidate such loans with other ,federal student loans into a single consolidation loan under this section4 7e7 ,terms and conditions of loans 7#a7 ,in general ,a loan that is refinanced under this section shall have the same terms and conditions as the original loan1 except as otherwise provided in this section4 7#b7 ,no automatic extension of repayment period ,refinancing a loan under this section shall not result in the extension of the duration of the repayment period of the loan1 and the borrower shall retain the same repayment term that was in effect on the original loan4 ,nothing in this paragraph shall be construed to prevent a borrower from electing a different repayment plan at any time in accordance with section #dee7;d77#c74 7#c7 ,special rule for refinanced perkins and health loans ,notwithstanding paragraph 7#a71 in the case of a loan that is refinanced under this section as a ,federal ,direct ,consolidation ,loan and that was originally a loan described in subparagraph 7,b7 or 7,c7 of subsection 7a77#a7-- 7,a7 the refinanced ,federal ,direct ,consolidation ,loan shall have the same terms and conditions as a ,federal ,direct ,consolidation ,loan1 except as otherwise provided in this section2 and 7,b7 the ,secretary may adjust such terms and conditions as necessary to enable the borrower to access loan forgiveness or other benefits available to the borrower under the loan before refinancing under this section1 in any case where such benefits are more generous than provided under a ,federal ,direct ,consolidation ,loan4 7f7 ,notification to borrowers ,the ,secretary1 in coordination with the ,director of the ,bureau of ,consumer ,financial ,protection1 shall undertake a campaign to alert borrowers of ,,ffel1 ,perkins1 or ,,phsa student loans that are eligible for refinancing under this section that the borrowers are eligible to apply for such refinancing4 ,the campaign shall include the following activities3 7#a7 ,developing consumer information materials about the availability of ,federal student loan refinancing4 7#b7 ,requiring servicers of loans under part ,b to provide such consumer information to borrowers in a manner determined appropriate by the ,secretary1 in consultation with the ,director of the ,bureau of ,consumer ,financial ,protection4 #dfj;,b4 ,federal ,direct ,refinanced ,private ,loan program 7a7 ,definitions ,in this section3 7#a7 ,eligible private education loan ,the term eligible private education loan means a private education loan1 as defined in section #adj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a771 that-- 7,a7 was disbursed to the borrower before ,july #a1 #bjbj2 and 7,b7 was for the borrower's own postsecondary educational expenses for an eligible program at an institution of higher education participating in the loan program under this part1 as of the date that the loan was disbursed4 7#b7 ,federal ,direct ,refinanced ,private ,loan ,the term ,federal ,direct ,refinanced ,private ,loan means a loan issued under subsection 7b77#a74 7#c7 ,private educational lender ,the term private educational lender has the meaning given the term in section #adj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a774 7#d7 ,qualified borrower ,the term qualified borrower means an individual who has an eligible private education loan4 7b7 ,program authorized 7#a7 ,in general ,the ,secretary1 in consultation with the ,secretary of the ,treasury1 shall carry out a program under which the ,secretary1 upon application by a qualified borrower who has an eligible private education loan1 shall issue such borrower a loan under this part in accordance with the following3 7,a7 ,the loan issued under this program shall be in an amount equal to the sum of the unpaid principal1 accrued unpaid interest1 and late charges of the private education loan4 7,b7 ,the ,secretary shall pay the proceeds of the loan issued under this program to the private educational lender of the private education loan1 in order to discharge the qualified borrower from any remaining obligation to the lender with respect to the original loan4 7,c7 ,the ,secretary shall require that the qualified borrower undergo loan counseling that provides all of the information and counseling required under clauses 7i7 through 7viii7 of section #dhe7;b77#a77;,a7 before the loan is refinanced in accordance with this section1 and before the proceeds of such loan are paid to the private educational lender4 7,d7 ,the ,secretary shall issue the loan as a ,federal ,direct ,refinanced ,private ,loan1 which shall have the same terms1 conditions1 and benefits as a ,federal ,direct ,unsubsidized ,stafford ,loan1 except as otherwise provided in this section4 7#b7 ,private educational lenders ,not later than #ahj days after the date of enactment of the ,bank on ,students ,coronavirus ,emergency ,loan ,refinancing ,act of #bjbj1 the ,secretary1 in consultation with the ,secretary of the ,treasury and the ,director of the ,bureau of ,consumer ,financial ,protection1 shall establish eligibility requirements to preclude windfall profits for private educational lenders4 7c7 ,interest rate 7#a7 ,in general ,the interest rate for a ,federal ,direct ,refinanced ,private ,loan is-- 7,a7 in the case of a ,federal ,direct ,refinanced ,private ,loan for a private education loan originally issued for undergraduate postsecondary educational expenses1 a rate equal to the rate for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans issued to undergraduate students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba2 and 7,b7 in the case of a ,federal ,direct ,refinanced ,private ,loan for a private education loan originally issued for graduate or professional degree postsecondary educational expenses1 a rate equal to the rate for ,federal ,direct ,unsubsidized ,stafford ,loans issued to graduate or professional students for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba4 7#b7 ,combined undergraduate and graduate study loans ,if a ,federal ,direct ,refinanced ,private ,loan is for a private education loan originally issued for both undergraduate and graduate or professional postsecondary educational expenses1 the interest rate shall be a rate equal to the rate for ,federal ,direct ,,plus ,loans for the #ab-month period beginning on ,july #a1 #bjbj1 and ending on ,june #cj1 #bjba4 7#c7 ,fixed ,rate ,the applicable rate of interest determined under this subsection for a ,federal ,direct ,refinanced ,private ,loan shall be fixed for the period of the loan4 7d7 ,no inclusion in aggregate limits ,the amount of a ,federal ,direct ,refinanced ,private ,loan1 or a ,federal ,direct ,consolidated ,loan to the extent such loan was used to repay a ,federal ,direct ,refinanced ,private ,loan1 shall not be included in calculating a borrower's annual or aggregate loan limits under section #dbh or #dbh;,h4 7e7 ,special rule for eligibility for service-,related repayment 7#a7 ,in general ,notwithstanding sections #dbh,k7a77#b71 #dbh,l7b77#b71 #dee7m77#c77;,a71 and #dfj7;b71 a ,federal ,direct ,refinanced ,private ,loan shall be eligible for any loan repayment or loan forgiveness program under section #dbh,k1 #dbh,l1 or #dfj1 or for the repayment plan for public service employees under section #dee7m71 but only with respect to any balance due1 payments made1 or service completed1 after the date on which such ,federal ,direct ,refinanced ,private ,loan was issued4 7f7 ,private educational lender reporting requirement 7#a7 ,reporting required ,not later than #ahj days after the date of enactment of the ,bank on ,students ,coronavirus ,emergency ,loan ,refinancing ,act of #bjbj1 the ,secretary1 in consultation with the ,secretary of the ,treasury and the ,director of the ,bureau of ,consumer ,financial ,protection1 shall establish a requirement that private educational lenders report the data described in paragraph 7#b7 to the ,secretary1 to ,congress1 to the ,secretary of the ,treasury1 and to the ,director of the ,bureau of ,consumer ,financial ,protection1 in order to allow for an assessment of the private education loan market4 7#b7 ,contents of reporting ,the data that private educational lenders shall report in accordance with paragraph 7#a7 shall include each of the following about private education loans 7as defined in section #adj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a7773 7,a7 ,the total amount of private education loan debt the lender holds4 7,b7 ,the total number of private education loan borrowers the lender serves4 7,c7 ,the average interest rate on the outstanding private education loan debt held by the lender4 7,d7 ,the proportion of private education loan borrowers who are in default on a loan held by the lender4 7,e7 ,the proportion of the outstanding private education loan volume held by the lender that is in default4 7,f7 ,the proportions of outstanding private education loan borrowers who are #cj1 #fj1 and #ij days delinquent4 7,g7 ,the proportions of outstanding private education loan volume that is #cj1 #fj1 and #ij days delinquent4 7g7 ,notification to borrowers ,the ,secretary1 in coordination with the ,secretary of the ,treasury and the ,director of the ,bureau of ,consumer ,financial ,protection1 shall undertake a campaign to alert borrowers about the availability of private student loan refinancing under this section4 4 7c7 ,income-,based repayment ,section #dic;,c of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajih;e7 is amended by adding at the end the following3 7f7 ,special rule for refinanced loans 7#a7 ,refinanced ,federal ,direct1 ,,ffel1 and ,,plus loans ,in calculating the period of time during which a borrower of a loan 7with the exception of a ,federal ,consolidation ,loan7 that is refinanced under section #dfj;,a has made monthly payments for purposes of subsection 7b77#g71 the ,secretary shall deem the period to include all monthly payments made for the original loan1 and all monthly payments made for the refinanced loan1 that otherwise meet the requirements of this section4 7#b7 ,refinanced ,federal direct consolidation loans ,in calculating the period of time during which a borrower of a ,federal ,consolidation ,loan that is refinanced under section #dfj;,a has made monthly payments for the purposes of subsection 7b77#g71 the ,secretary shall-- 7,a7 review the borrower's payment history to identify each component loan of such ,federal ,direct ,consolidation ,loan2 7,b7 for each such component loan-- 7i7 calculate the weighted factor of the component loan1 which shall be the factor that represents the portion of such ,federal ,direct ,consolidation ,loan that is attributable to such component loan2 and 7ii7 determine the number of qualifying monthly payments made on such component loan before consolidation2 7,c7 calculate the number of qualifying monthly payments determined under subparagraph 7,b77ii7 with respect to a component loan that shall be deemed as qualifying monthly payments made on the ,federal ,direct ,consolidation ,loan by multiplying-- 7i7 the weighted factor of such component loan as determined under subparagraph 7,b77i72 by 7ii7 the number of qualifying monthly payments made on such component loan as determined under subparagraph 7,b77ii72 and 7,d7 calculate and inform the borrower of the total number of qualifying monthly payments with respect to the component loans of the ,federal ,direct ,consolidation ,loan that shall be deemed as qualifying monthly payments made on the refinanced ,federal ,consolidation ,loan1 by-- 7i7 adding together the result of each calculation made under subparagraph 7,c7 with respect to each such component loan2 and 7ii7 rounding the number determined under clause 7i7 to the nearest whole number4 7#c7 ,federal ,direct ,refinanced ,private ,loans ,in calculating the period of time during which a borrower of a ,federal ,direct ,refinanced ,private ,loan under section #dfj;,b has made monthly payments for purposes of subsection 7b77#g71 the ,secretary shall include only payments-- 7,a7 that are made after the date of the issuance of the ,federal ,direct ,refinanced ,private ,loan2 and 7,b7 that otherwise meet the requirements of this section4 4 7d7 ,conforming amendments ,the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja et seq47 is amended-- 7#a7 in section #dbh;,j7c77#b7 7#bj ,u4,s4,c4 #ajgh-aj7;c77#b771 by inserting a ,federal ,direct ,refinanced ,private ,loan1 after a ,federal ,direct ,unsubsidized ,stafford ,loan12 7#b7 in section #dee 7#bj ,u4,s4,c4 #ajhg;e7-- 7,a7 in subsection 7f77#a77;,b71 by inserting a ,federal ,direct ,refinanced ,private ,loan1 after a ,federal ,direct ,unsubsidized ,stafford ,loan12 and 7,b7 in subsection 7m77#c77;,a71 by striking or ,federal ,direct ,unsubsidized ,stafford ,loan1 and inserting ,federal ,direct ,unsubsidized ,stafford ,loan1 or ,federal ,direct ,refinanced ,private ,loan12 and 7#c7 in section #dfj 7#bj ,u4,s4,c4 #ajhg;j7-- 7,a7 in subsection 7b71 by striking and ,federal ,direct ,unsubsidized ,stafford ,loans and inserting ,federal ,direct ,unsubsidized ,stafford ,loans1 and ,federal ,direct ,refinanced ,private ,loans2 and 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a71 by striking or a ,federal ,direct ,unsubsidized ,stafford ,loan and inserting 1 a ,federal ,direct ,unsubsidized ,stafford ,loan1 or a ,federal ,direct ,refinanced ,private ,loan2 and 7ii7 in paragraph 7#b71 by inserting a ,federal ,direct ,refinanced ,private ,loan1 after a ,federal ,direct ,unsubsidized ,stafford ,loan14 7e7 ,effective date ,the amendments made by this section shall take effect on ,july #a1 #bjbj4