IB 

Union Calendar No. 57 

113TH CONGRESS 

1ST SESSION H. R. 1911 

[Report No. 113–82, Part I] 

To amend the Higher Education Act of 1965 to establish interest rates 

for new loans made on or after July 1, 2013. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 9, 2013 

Mr. KLINE (for himself and Ms. FOXX) introduced the following bill; which 

was referred to the Committee on Education and the Workforce, and in 

addition to the Committee on the Budget, for a period to be subsequently 

determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

MAY 20, 2013 

Additional sponsors: Mr. ROE of Tennessee, Mr. GRIFFIN of Arkansas, Mr. 

MESSER, and Mr. THOMPSON of Pennsylvania 

MAY 20, 2013 

Reported from the Committee on Education and the Workforce with an 

amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

MAY 20, 2013 

The Committee on the Budget discharged; committed to the Committee of the 

Whole House on the State of the Union and ordered to be printed 

[For text of introduced bill, see copy of bill as introduced on May 9, 2013 ] 


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•HR 1911 RH

A BILL 

To amend the Higher Education Act of 1965 to establish 

interest rates for new loans made on or after July 1, 2013. 


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•HR 1911 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Smarter Solutions for 

5 Students Act’’. 

6 SEC. 2. STUDENT LOAN INTEREST RATES. 

7 Section 455(b) of the Higher Education Act of 1965 

8 (20 U.S.C. 1087e(b)) is amended— 

9 (1) in paragraph (7)— 

10 (A) in the paragraph heading, by inserting 

11 ‘‘, AND BEFORE JULY 1, 2013’’ after ‘‘2006’’; 

12 (B) in subparagraph (A), by inserting ‘‘and 

13 before July 1, 2013,’’ after ‘‘2006,’’; 

14 (C) in subparagraph (B), by inserting ‘‘and 

15 before July 1, 2013,’’ after ‘‘2006,’’; and 

16 (D) in subparagraph (C), by inserting ‘‘and 

17 before July 1, 2013,’’ after ‘‘2006,’’; 

18 (2) by redesignating paragraphs (8) and (9) as 

19 paragraphs (9) and (10), respectively; and 

20 (3) by inserting after paragraph (7), the fol21 lowing: 

22 ‘‘(8) INTEREST RATE PROVISION FOR NEW LOANS

23 ON OR AFTER JULY 1, 2013.— 

24 ‘‘(A) RATES FOR FDSL AND FDUSL.—Not25 withstanding the preceding paragraphs of this 


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•HR 1911 RH

1 subsection, for Federal Direct Stafford Loans 

2 and Federal Direct Unsubsidized Stafford Loans 

3 for which the first disbursement is made on or 

4 after July 1, 2013, the applicable rate of interest 

5 shall, during any 12-month period beginning on 

6 July 1 and ending on June 30, be determined on 

7 the preceding June 1 and be equal to— 

8 ‘‘(i) the high-yield 10-year Treasury 

9 notes auctioned at the final auction held 

10 prior to such June 1; plus 

11 ‘‘(ii) 2.5 percent, 

12 except that such rate shall not exceed 8.5 percent. 

13 ‘‘(B) PLUS LOANS.—Notwithstanding the 

14 preceding paragraphs of this subsection, for any 

15 Federal Direct PLUS Loan for which the first 

16 disbursement is made on or after July 1, 2013, 

17 the applicable rate of interest shall, during any 

18 12-month period beginning on July 1 and end19 ing on June 30, be determined on the preceding 

20 June 1 and be equal to— 

21 ‘‘(i) the high-yield 10-year Treasury 

22 notes auctioned at the final auction held 

23 prior to such June 1; plus 

24 ‘‘(ii) 4.5 percent, 


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•HR 1911 RH

1 except that such rate shall not exceed 10.5 per2 cent. 

3 ‘‘(C) CONSOLIDATION LOANS.—Notwith4 standing the preceding paragraphs of this sub5 section, any Federal Direct Consolidation Loan 

6 for which the application is received on or after 

7 July 1, 2013, shall bear interest at an annual 

8 rate on the unpaid principal balance of the loan 

9 that is equal to the weighted average of the inter10 est rates on the loans consolidated, rounded to 

11 the nearest higher one-eighth of one percent.’’. 

12 SEC. 3. BUDGETARY EFFECTS. 

13 (a) PAYGO SCORECARD.—The budgetary effects of this 

14 Act shall not be entered on either PAYGO scorecard main15 tained pursuant to section 4(d) of the Statutory Pay-As16 You-Go Act of 2010. 

17 (b) SENATE PAYGO SCORECARD.—The budgetary ef18 fects of this Act shall not be entered on any PAYGO score19 card maintained for purposes of section 201 of S. Con. Res. 

20 21 (110th Congress). 


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Union Calendar No. 57 

113TH CONGRESS 

1ST SESSION H. R. 1911 

[Report No. 113–82, Part I] 

A BILL 

To amend the Higher Education Act of 1965 to esafter July 1, 2013. tablish interest rates for new loans made on or 

MAY 20, 2013 

Reported from the Committee on Education and the 

Workforce with an amendment 

MAY 20, 2013 

The Committee on the Budget discharged; committed to 

Union and ordered to be printed the Committee of the Whole House on the State of the 


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