(4) DISCLOSURES.—Each lender of a prospec-
tive borrower of a private loan that would result 
from refinancing under a program established under 
the authority of this section shall disclose to the pro-
spective borrower the information described in sec-
tion 428C(b)(1)(F) of the Higher Education Act of 
1965 (20 U.S.C. 1078–3(b)(1)(F)). 
(b) PUBLIC AWARENESS.—The Secretary, in con-
sultation with the Secretary of Education, shall— 
(1) begin a national awareness campaign to 
alert all Federal student loan borrowers who may 
benefit from any program or facilities established 
under this section; and 
(2) include in the campaign under paragraph 
(1) a disclosure that a private loan that results from 
refinancing under a program established under the 
authority of this section is not eligible for income 
driven repayment or loan forgiveness. 
(c) EXPIRATION OF AUTHORITY.—Three years after 
the date on which a credit facility is established under this 
Act, and not later than 5 years after the date of enactment 
of this Act, any new lending, purchase, or other activity 
initiated through the facilities established by the Secretary 
under subsection (a) shall cease, except the Federal guar-
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antee described in subsection (a)(3) shall continue for the 
life of the private loan. 
TITLE II—EXCLUSION FOR EM-
PLOYER PAYMENT OF INTER-
EST 
ON 
CERTAIN 
REFI-
NANCED STUDENT LOANS 
SEC. 201. EXCLUSION FOR EMPLOYER PAYMENT OF INTER-
EST ON CERTAIN REFINANCED STUDENT 
LOANS. 
(a) IN GENERAL.—Paragraph (1) of section 127(c) 
of the Internal Revenue Code of 1986 is amended by strik-
ing ‘‘and’’ at the end of subparagraph (A), by redesig-
nating subparagraph (B) as subparagraph (C), and by in-
serting after subparagraph (A) the following new subpara-
graph: 
‘‘(B) the payment by an employer, whether 
paid to the employee or to a lender, of any in-
debtedness of the employee under a qualified 
education refinance loan or any interest relating 
to such a loan, and’’. 
(b) QUALIFIED EDUCATION REFINANCE LOAN.— 
Subsection (c) of section 127 of the Internal Revenue Code 
of 1986 is amended by adding at the end the following 
new paragraph: 
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‘‘(8) 
QUALIFIED
EDUCATION
REFINANCE 
LOAN.—The term ‘qualified education refinance 
loan’ means any indebtedness used solely to refi-
nance a qualified education loan (within the meaning 
of section 221(d)(1)) with respect to which the lend-
er offers the borrower protection in the event of un-
employment or financial hardship (as reasonably de-
termined by the lender, including periods of forbear-
ance or career assistance).’’. 
(c) CONFORMING AMENDMENT; DENIAL OF DOUBLE 
BENEFIT.—Paragraph (1) of section 221(e) of the Inter-
nal Revenue Code of 1986 is amended by inserting before 
the period the following: ‘‘, or for which an exclusion is 
allowable under section 127 to the taxpayer’s employer by 
reason of the payment by such employer of any indebted-
ness on a qualified education loan of the taxpayer’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to expenses paid after December 
31, 2017. 
Æ 
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