and Federal Direct Unsubsidized Stafford 
Loans issued to undergraduate students 
that is applicable on the date of the appli-
cation for the new Federal Direct Consoli-
dation Loan. 
‘‘(ii) The interest rate for any loan 
under section 428 or 428H, Federal Direct 
Stafford Loan, or Federal Direct Unsub-
sidized Stafford Loan issued to a graduate 
or professional student shall be a rate 
equal to the rate for Federal Direct Un-
subsidized Stafford Loans issued to grad-
uate or professional students that is appli-
cable on the date of the application for the 
new Federal Direct Consolidation Loan. 
‘‘(iii) The interest rate for any loan 
under section 428B or Federal Direct 
PLUS Loan shall be a rate equal the rate 
for Federal Direct PLUS Loans that is ap-
plicable on the date of the application for 
the new Federal Direct Consolidation 
Loan. 
‘‘(iv) The interest rate for any compo-
nent loan that is a loan under section 
428C or a Federal Direct Consolidation 
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Loan shall be the weighted average of the 
interest rates that would apply under this 
subparagraph for each loan comprising the 
component consolidation loan. 
‘‘(v) The interest rate for any eligible 
loan that is a component of a loan made 
under section 428C or a Federal Direct 
Consolidation Loan and is not described in 
clauses (i) through (iv) shall be the inter-
est rate on the original component loan. 
‘‘(d) TERMS AND CONDITIONS OF LOANS.— 
‘‘(1) IN GENERAL.—A loan that is refinanced 
under this section shall have the same terms and 
conditions as the original loan, except as otherwise 
provided in this section. 
‘‘(2) NO
AUTOMATIC
EXTENSION
OF
REPAY-
MENT PERIOD.—Refinancing a loan under this sec-
tion shall not require the extension of the duration 
of the repayment period of the loan, and the bor-
rower shall retain the right to use the same repay-
ment term that was in effect on the original loan. 
Nothing in this paragraph shall be construed to pre-
vent a borrower from electing a different repayment 
plan at any time in accordance with section 
455(d)(3). 
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‘‘(e) DEFINITION OF QUALIFIED BORROWER.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘qualified borrower’ means a bor-
rower— 
‘‘(A) of a loan under this part or part B 
for which the first disbursement was made, or 
the application for a consolidation loan was re-
ceived, before July 1, 2018; and 
‘‘(B) who meets the eligibility requirements 
established under paragraph (2). 
‘‘(2) INCOME REQUIREMENTS.—Not later than 
180 days after the date of enactment of the Student 
Loan Relief Act of 2017, the Secretary shall estab-
lish eligibility requirements based on income or debt- 
to-income ratio that take into consideration pro-
viding access to refinancing under this section for 
borrowers with the greatest financial need. 
‘‘(f) NOTIFICATION TO BORROWERS.—The Secretary, 
in coordination with the Director of the Bureau of Con-
sumer Financial Protection, 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 refinancing. The campaign shall include the fol-
lowing activities: 
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‘‘(1) Developing consumer information mate-
rials about the availability of Federal student loan 
refinancing. 
‘‘(2) Requiring servicers of loans under this 
part or part B to provide such consumer information 
to borrowers in a manner determined appropriate by 
the Secretary, in consultation with the Director of 
the Bureau of Consumer Financial Protection.’’. 
Æ 
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