I 
115TH CONGRESS 
1ST SESSION H. R. 2477 
To amend the Higher Education Act of 1965 to provide for the refinancing 
of certain Federal student loans, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 17, 2017 
Mr. COURTNEY (for himself, Ms. ADAMS, Mr. AGUILAR, Ms. BARRAGA´N, Mr. 
BEYER, Mr. BLUMENAUER, Ms. BONAMICI, Mr. BRENDAN F. BOYLE of 
Pennsylvania, Ms. BROWNLEY
of California, Mrs. BUSTOS, Mr. 
CARBAJAL, Mr. CARTWRIGHT, Ms. CASTOR of Florida, Ms. JUDY CHU of 
California, Mr. CICILLINE, Mr. COHEN, Mr. CONNOLLY, Mr. CORREA, 
Mr. CUMMINGS, Mr. DEFAZIO, Ms. DEGETTE, Ms. DELAURO, Ms. 
DELBENE, Mr. DESAULNIER, Mrs. DINGELL, Ms. ESHOO, Ms. ESTY of 
Connecticut, Mr. EVANS, Mr. FOSTER, Mr. GRIJALVA, Mr. GUTIE´RREZ, 
Ms. HANABUSA, Mr. HASTINGS, Mr. HOYER, Ms. JAYAPAL, Mr. JOHN-
SON of Georgia, Mr. KILDEE, Mr. LANGEVIN, Mr. LARSON of Con-
necticut, Mrs. LAWRENCE, Mr. LAWSON of Florida, Mr. LEVIN, Mr. 
LOEBSACK, Mr. LOWENTHAL, Mrs. LOWEY, Mr. BEN RAY LUJA´N of New 
Mexico, Ms. MICHELLE LUJAN GRISHAM of New Mexico, Mr. LYNCH, 
Mrs. CAROLYN B. MALONEY of New York, Mr. SEAN PATRICK MALONEY 
of New York, Ms. MATSUI, Mr. MCGOVERN, Mr. MOULTON, Mr. NOR-
CROSS, Ms. NORTON, Mr. O’ROURKE, Mr. PAYNE, Mr. PERLMUTTER, 
Ms. PINGREE, Mr. RASKIN, Miss RICE of New York, Mr. RYAN of Ohio, 
Mr. SABLAN, Ms. SA´NCHEZ, Ms. SCHAKOWSKY, Mr. SCHIFF, Mr. SCOTT 
of Virginia, Mr. SERRANO, Ms. SHEA-PORTER, Mr. SHERMAN, Ms. 
SLAUGHTER, Mr. SOTO, Mr. SWALWELL of California, Ms. TITUS, Mrs. 
TORRES, Ms. TSONGAS, Ms. VELA´ZQUEZ, Mr. VISCLOSKY, Ms. 
WASSERMAN SCHULTZ, Mr. WELCH, Mr. YARMUTH, Mr. ENGEL, Mr. 
POCAN, Mr. DELANEY, Ms. CLARK of Massachusetts, Mr. CAPUANO, Mr. 
KENNEDY, Mr. NEAL, Mr. KILMER, Mr. KIND, Mr. CONYERS, Ms. SE-
WELL of Alabama, Mr. MICHAEL F. DOYLE of Pennsylvania, Mr. BRADY 
of Pennsylvania, Mr. CLEAVER, Mr. JEFFRIES, Mr. KEATING, Ms. KAP-
TUR, Mrs. DAVIS of California, Ms. BASS, Mr. DOGGETT, Ms. FUDGE, 
Ms. KUSTER of New Hampshire, Mr. LEWIS of Georgia, Ms. MOORE, Mr. 
PASCRELL, Mr. THOMPSON of California, Mr. VARGAS, Mr. HECK, Mr. 
PALLONE, Mr. CA´RDENAS, Mr. THOMPSON of Mississippi, Mr. PRICE of 
North Carolina, Mr. NOLAN, Ms. SPEIER, Mr. TAKANO, Ms. WILSON of 
Florida, Mr. ELLISON, Ms. CLARKE of New York, Mr. HUFFMAN, Mr. 
CARSON of Indiana, Ms. LOFGREN, Mr. WALZ, and Mr. SARBANES) in-
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troduced the following bill; which was referred to the Committee on Edu-
cation and the Workforce, and in addition to the Committees on Ways 
and Means, and 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 
A BILL 
To amend the Higher Education Act of 1965 to provide 
for the refinancing of certain Federal student loans, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bank on Students 
Emergency Loan Refinancing Act’’. 
TITLE I—REFINANCING 
PROGRAMS 
SEC. 101. REFINANCING PROGRAMS. 
(a) PROGRAM AUTHORITY.—Section 451(a) of the 
Higher Education Act of 1965 (20 U.S.C. 1087a(a)) is 
amended— 
(1) by striking ‘‘and (2)’’ and inserting ‘‘(2)’’; 
and 
(2) by inserting ‘‘; and (3) to make loans under 
section 460A and section 460B’’ after ‘‘section 
459A’’. 
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(b) REFINANCING PROGRAM.—Part D of title IV of 
the Higher Education Act of 1965 (20 U.S.C. 1087a et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 460A. REFINANCING FFEL AND FEDERAL DIRECT 
LOANS. 
‘‘(a) IN GENERAL.—Beginning not later than 180 
days after the date of enactment of the Bank on Students 
Emergency Loan Refinancing Act, the Secretary shall es-
tablish a program under which the Secretary, upon the 
receipt of an application from a qualified borrower, makes 
a loan under this part, in accordance with the provisions 
of this section, in order to permit the borrower to obtain 
the interest rate provided under subsection (c). 
‘‘(b) REFINANCING DIRECT LOANS.— 
‘‘(1) FEDERAL DIRECT LOANS.—Upon applica-
tion of a qualified borrower, the Secretary shall 
repay a Federal Direct Stafford Loan, a Federal Di-
rect Unsubsidized Stafford Loan, a Federal Direct 
PLUS Loan, or a Federal Direct Consolidation 
Loan of the qualified borrower, for which the first 
disbursement was made, or the application for the 
consolidation loan was received, before July 1, 2017, 
with the proceeds of a refinanced Federal Direct 
Stafford Loan, a Federal Direct Unsubsidized Staf-
ford Loan, a Federal Direct PLUS Loan, or a Fed-
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eral Direct Consolidation Loan, respectively, issued 
to the borrower in an amount equal to the sum of 
the unpaid principal, accrued unpaid interest, and 
late charges of the original loan. 
‘‘(2) REFINANCING FFEL PROGRAM LOANS AS 
REFINANCED FEDERAL DIRECT LOANS.—Upon ap-
plication of a qualified borrower for any loan that 
was made, insured, or guaranteed under part B and 
for which the first disbursement was made, or the 
application for the consolidation loan was received, 
before July 1, 2010, the Secretary shall make a loan 
under this part, in an amount equal to the sum of 
the unpaid principal, accrued unpaid interest, and 
late charges of the original loan to the borrower in 
accordance with the following: 
‘‘(A) The Secretary shall pay the proceeds 
of such loan to the eligible lender of the loan 
made, insured, or guaranteed under part B, in 
order to discharge the borrower from any re-
maining obligation to the lender with respect to 
the original loan. 
‘‘(B) A loan made under this section that 
was originally— 
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‘‘(i) a loan originally made, insured, 
or guaranteed under section 428 shall be a 
Federal Direct Stafford Loan; 
‘‘(ii) a loan originally made, insured, 
or guaranteed under section 428B shall be 
a Federal Direct PLUS Loan; 
‘‘(iii) a loan originally made, insured, 
or guaranteed under section 428H shall be 
a Federal Direct Unsubsidized Stafford 
Loan; and 
‘‘(iv) a loan originally made, insured, 
or guaranteed under section 428C shall be 
a Federal Direct Consolidation Loan. 
‘‘(C) The interest rate for each loan made 
by the Secretary under this paragraph shall be 
the rate provided under subsection (c). 
‘‘(c) INTEREST RATES.— 
‘‘(1) IN GENERAL.—The interest rate for the 
refinanced Federal Direct Stafford Loans, Federal 
Direct Unsubsidized Stafford Loans, Federal Direct 
PLUS Loans, and Federal Direct Consolidation 
Loans, shall be a rate equal to— 
‘‘(A) in any case where the original loan 
was a loan under section 428 or 428H, a Fed-
eral Direct Stafford loan, or a Federal Direct 
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