,i #aaith ,,congress #b;d ,session ,h4 ,r4 #iaff ,,in ,,the ,,house ,,of ,,representatives ,june #d1 #bjbf,mr4 ,turner of ,ohio 7for himself1 ,mr4 ,norcross1 ,mr4 ,fitzpatrick1 and ,mr4 ,doggett7 introduced the following bill2 which was referred to the ,committee on ,education and ,workforce ,a ,,bill ,to amend the ,higher ,education ,act of #aife to provide for the refinancing of certain ,federal student loans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,refinancing ,act of #bjbf4 #b4 ,refinancing programs 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 7#b7 by inserting 2 and 7#c7 to make refinanced loans under section #dfj;,a after section #dei;,a2 and 7#c7 by inserting 1 except for refinanced loans made under section #dfj;,a1 after ,loans made under this part4 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 ,,ffel and ,federal ,direct ,loans 7a7 ,in general ,beginning not later than #cj days after the date of enactment of the ,student ,loan ,refinancing ,act of #bjbf1 the ,secretary shall establish a program under which the ,secretary1 upon the receipt of an application from a borrower1 makes a refinanced loan under this part1 in accordance with the provisions of this section1 in order to permit the borrower to obtain the interest rate provided under subsection 7c74 7b7 ,refinancing 7#a7 ,federal ,direct ,loans ,upon application of a borrower1 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 borrower1 with the proceeds of a refinanced ,federal ,direct ,stafford ,loan1 a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan1 a refinanced ,federal ,direct ,,plus ,loan1 or a refinanced ,federal ,direct ,consolidation ,loan1 respectively1 issued to the borrower in an amount equal to the sum of the unpaid principal1 accrued unpaid interest1 and late charges of the original loan4 7#b7 ,refinancing ,,ffel program loans as refinanced ,federal ,direct ,loans ,upon application of a borrower with respect to a loan with an outstanding balance that was made1 insured1 or guaranteed under part ,b1 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 eligible lender of the loan made1 insured1 or guaranteed under part ,b1 in order to discharge the borrower from any remaining obligation to the lender with respect to the original loan4 7,b7 ,a loan made under this section that was originally a loan made1 insured1 or guaranteed-- 7i7 under section #dbh shall be a refinanced ,federal ,direct ,stafford ,loan2 7ii7 under section #dbh;,b shall be a refinanced ,federal ,direct ,,plus ,loan2 7iii7 under section #dbh;,h shall be a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan2 and 7iv7 under section #dbh;,c shall be a refinanced ,federal ,direct ,consolidation ,loan4 7c7 ,interest rates 7#a7 ,in general ,the interest rate for refinanced ,federal ,direct ,stafford ,loans1 refinanced ,federal ,direct ,unsubsidized ,stafford ,loans1 refinanced ,federal ,direct ,,plus ,loans1 and refinanced ,federal ,direct ,consolidation ,loans1 shall be a rate equal to the following3 7,a7 ,federal ,direct ,stafford loans 7i7 ,rates for undergraduate ,,fdsl ,in the case of a refinanced ,federal ,direct ,stafford ,loan for which the original loan was a loan made under section #dbh or a ,federal ,direct ,stafford ,loan made under this part to an undergraduate student1 the rate of interest on such refinanced ,federal ,direct ,stafford ,loan shall be equal to the rate of interest for a ,federal ,direct ,stafford ,loan made to an undergraduate student for which the first disbursement is made on the date on which the refinanced ,federal ,direct ,stafford ,loan is made under this section4 7ii7 ,rates for graduate and professional ,,fdsl ,in the case of a refinanced ,federal ,direct ,stafford ,loan for which the original loan was a loan made under section #dbh or a ,federal ,direct ,stafford ,loan made under this part to a graduate or professional student1 the rate of interest on such refinanced ,federal ,direct ,stafford ,loan shall be equal to the rate of interest for a ,federal ,direct ,stafford ,loan made to a graduate or professional student1 as applicable1 for which the first disbursement is made on the date on which the refinanced ,federal ,direct ,stafford ,loan is made under this section4 7,b7 ,federal ,direct ,unsubsidized ,stafford loans 7i7 ,rates for undergraduate ,,fdusl ,in the case of a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan for which the original loan was a loan made under section #dbh;,h or a ,federal ,direct ,unsubsidized ,stafford ,loan made under this part an undergraduate student1 the rate of interest on such refinanced ,federal ,direct ,unsubsidized ,stafford ,loan shall be equal to the rate of interest for a ,federal ,direct ,unsubsidized ,stafford ,loan made to an undergraduate student for which the first disbursement is made on the date on which the refinanced ,federal ,direct ,unsubsidized ,stafford ,loan is made under this section4 7ii7 ,rates for graduate and professional ,,fdusl ,in the case of a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan for which the original loan was a loan made under section #dbh;,h or a ,federal ,direct ,unsubsidized ,stafford ,loan made under this part to a graduate or professional student1 the rate of interest on such refinanced ,federal ,direct ,unsubsidized ,stafford ,loan shall be equal to the rate of interest for a ,federal ,direct ,unsubsidized ,stafford ,loan made to a graduate or professional student1 as applicable1 for which the first disbursement is made on the date on which the refinanced ,federal ,direct ,unsubsidized ,stafford ,loan is made under this section4 7,c7 ,federal ,direct ,,plus loans ,in the case of a refinanced ,federal ,direct ,,plus ,loan for which the original loan was a loan made under section #dbh;,b or a ,federal ,direct ,,plus ,loan made under this part1 the rate of interest on such refinanced ,federal ,direct ,,plus loan shall be equal to the rate of interest for a ,federal ,direct ,,plus loan for which the first disbursement is made on the date on which the refinanced ,federal ,direct ,,plus loan is made under this section4 7,d7 ,consolidation loans ,in the case of a refinanced ,federal ,direct ,consolidation ,loan for which the original loan was a loan under section #dbh;,c or a ,federal ,direct ,consolidation ,loan under this part1 the rate of interest of such refinanced ,federal ,direct ,consolidation ,loan shall be equal to the rate calculated in accordance with paragraph 7#b74 7#b7 ,interest ,rates for ,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 ,federal ,direct ,stafford loans 7,i7 ,undergraduate ,,fdsl ,the interest rate for any component loan that is a loan under section #dbh or a ,federal ,direct ,stafford ,loan made to an undergraduate student shall be a rate equal to the lesser of-- 7aa7 the rate of interest for a refinanced ,federal ,direct ,stafford ,loan determined under paragraph 7#a77;,a77i7 if such loan were made on the date on which the refinanced ,federal ,direct ,consolidation ,loan is made under this section2 or 7bb7 the original interest rate of the component loan4 7,,ii7 ,graduate or professional ,,fdsl ,the interest rate for any component loan that is a loan under section #dbh or a ,federal ,direct ,stafford ,loan made to a graduate or professional student shall be a rate equal to the lesser of-- 7aa7 the rate of interest for a refinanced ,federal ,direct ,stafford ,loan determined under paragraph 7#a77;,a77ii7 if such loan were made on the date on which the refinanced ,federal ,direct ,consolidation ,loan is made under this section2 or 7bb7 the original interest rate of the component loan4 7ii7 ,federal ,direct ,unsubsidized ,stafford loans 7,i7 ,undergraduate ,,fdusl ,the interest rate for any component loan that is a loan under section #dbh;,h or a ,federal ,direct ,unsubsidized ,stafford ,loan made to an undergraduate student shall be a rate equal to the lesser of-- 7aa7 the rate of interest for a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan determined under paragraph 7#a77;,b77i7 if such loan were made on the date on which the refinanced ,federal ,direct ,consolidation ,loan is made under this section2 or 7bb7 the original interest rate of the component loan4 7,,ii7 ,graduate ,,fdusl ,the interest rate for any component loan that is a loan under section #dbh;,h or a ,federal ,direct ,unsubsidized ,stafford ,loan made to a graduate or professional student shall be a rate equal to the lesser of-- 7aa7 the rate of interest for a refinanced ,federal ,direct ,unsubsidized ,stafford ,loan determined under paragraph 7#a77;,b77ii7 if such loan were made on the date on which the refinanced ,federal ,direct ,consolidation ,loan is made under this section2 or 7bb7 the original interest rate of the component loan4 7iii7 ,federal ,direct ,,plus loans ,the interest rate for any component loan that is a loan under section #dbh;,b or a ,federal ,direct ,,plus ,loan shall be a rate equal to the lesser of-- 7,i7 the rate of interest for a refinanced ,federal ,direct ,,plus loan determined under paragraph 7#a77;,c7 if such loan were made on the date on which the refinanced ,federal ,direct ,consolidation ,loan is made under this section2 or 7,,ii7 the original interest rate of the component loan4 7iv7 ,federal ,direct ,consolidation ,loan ,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 7v7 ,other loans ,the interest rate for any eligible loan that is a component of a loan made under section #dbh;,c or a ,federal ,direct ,consolidation ,loan and is not described in clauses 7i7 through 7iv7 shall be the interest rate on the original component 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 7d7 ,terms and conditions of loans 7#a7 ,in general ,except as otherwise provided in this section1 a loan that is refinanced under this section-- 7,a7 shall1 with respect to the application of terms and conditions under this title1 be considered to be a loan made1 insured1 or guaranteed under this title on the date of the original loan and shall not be considered to be a new loan made on the date of refinancing2 and 7,b7 shall have the same terms and conditions as the original loan1 including any suspensions of payments or interest accrual under section #ceac of the ,coronavirus ,aid1 ,relief1 and ,economic ,security ,act 7#bj ,u4,s4,c4 #ajja note71 or any extensions of such suspensions1 except that in the case of an original loan made1 insured1 or guaranteed under part ,b that is refinanced under this section1 such refinanced loan shall be considered a ,federal ,direct loan and shall have the same terms and conditions as a ,federal ,direct loan under part ,d that corresponds to the type of the original part ,b loan and that was made on the same date as such original part ,b loan4 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 and plan that was in effect on the original loan on the day before the date the loan is refinanced4 ,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#c7 or section #dee7;d77#g77;,d71 as applicable based on the date of the original loan4 7#c7 ,origination fees and loan limits ,refinancing a loan under this section shall not result in the application of an origination fee under section #dee7;c71 and the refinanced loan amount shall not be subject to any annual1 aggregate1 or lifetime aggregate maximum loan limit under part ,b or this part4 7#d7 ,limit on refinancing ,a loan made1 insured1 or guaranteed under this title may not be refinanced under this section more than twice during a #aj-year period4 7e7 ,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 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 this part and 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 4 7c7 ,income-,contingent repayment ,section #dee7;e7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7e77 is amended by adding at the end the following3 7#i7 ,special rule for refinanced loans ,in calculating the period of time during which a borrower of a loan that is refinanced under section #dfj;,a before ,july #a1 #bjbh1 has made monthly payments for purposes of paragraph 7#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 subsection4 4 7d7 ,amendments to public service repayment plan provisions ,section #dee7m7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7m77 is amended-- 7#a7 by redesignating paragraphs 7#c7 and 7#d7 as paragraphs 7#d7 and 7#e71 respectively2 7#b7 by inserting after paragraph 7#b7 the following3 7#c7 ,special rules for section #dfj;,a loans 7,a7 ,refinanced ,federal ,direct loans ,notwithstanding paragraph 7#a71 in determining the number of monthly payments that meet the requirements of such paragraph for an eligible ,federal ,direct ,loan refinanced under section #dfj;,a that was originally a loan under this part1 the ,secretary shall include all monthly payments made on the original loan that meet the requirements of such paragraph4 7,b7 ,refinanced ,,ffel loans ,in the case of an eligible ,federal ,direct ,loan refinanced under section #dfj;,a that was originally a loan under part ,b1 only monthly payments made after the date on which the loan was refinanced may be included for purposes of paragraph 7#a74 2 and 7#c7 in paragraph 7#d77;,a7 7as redesignated by paragraph 7#a771 by inserting 7including any ,federal ,direct ,stafford ,loan1 ,federal ,direct ,,plus ,loan1 ,federal ,direct ,unsubsidized ,stafford ,loan1 or ,federal ,direct ,consolidation ,loan refinanced under section #dfj;,a7 before the period at the end4 7e7 ,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 ,in calculating the period of time during which a borrower of a loan 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 4