Unsubsidized Stafford Loan, that was issued to 
an undergraduate student, a rate equal to the 
rate for Federal Direct Stafford Loans and 
Federal Direct Unsubsidized Stafford Loans 
issued to undergraduate students for the 12- 
month period beginning on July 1, 2016, and 
ending on June 30, 2017; 
‘‘(B) 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 
Unsubsidized Stafford Loan, that was issued to 
a graduate or professional student, a rate equal 
to the rate for Federal Direct Unsubsidized 
Stafford Loans issued to graduate or profes-
sional students for the 12-month period begin-
ning on July 1, 2016, and ending on June 30, 
2017; 
‘‘(C) in any case where the original loan 
was a loan under section 428B or a Federal Di-
rect PLUS Loan, a rate equal to the rate for 
Federal Direct PLUS Loans for the 12-month 
period beginning on July 1, 2016, and ending 
on June 30, 2017; and 
‘‘(D) in any case where the original loan 
was a loan under section 428C or a Federal Di-
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rect Consolidation Loan, a rate calculated in ac-
cordance with paragraph (2). 
‘‘(2) INTEREST
RATES
FOR
CONSOLIDATION 
LOANS.— 
‘‘(A) 
METHOD
OF
CALCULATION.—In 
order to determine the interest rate for any re-
financed Federal Direct Consolidation Loan 
under paragraph (1)(D), the Secretary shall— 
‘‘(i) determine each of the component 
loans that were originally consolidated in 
the loan under section 428C or the Federal 
Direct Consolidation Loan, and calculate 
the proportion of the unpaid principal bal-
ance of the loan under section 428C or the 
Federal Direct Consolidation Loan that 
each component loan represents; 
‘‘(ii) use the proportions determined 
in accordance with clause (i) and the inter-
est rate applicable for each component 
loan, as determined under subparagraph 
(B), to calculate the weighted average of 
the interest rates on the loans consolidated 
into the loan under section 428C or the 
Federal Direct Consolidation Loan; and 
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‘‘(iii) apply the weighted average cal-
culated under clause (ii) as the interest 
rate for the refinanced Federal Direct Con-
solidation Loan. 
‘‘(B) INTEREST
RATES
FOR
COMPONENT 
LOANS.—The interest rates for the component 
loans of a loan made under section 428C or a 
Federal Direct Consolidation Loan shall be the 
following: 
‘‘(i) The interest rate for any loan 
under section 428 or 428H, Federal Direct 
Stafford Loan, or Federal Direct Unsub-
sidized Stafford Loan issued to an under-
graduate student shall be a rate equal to 
the lesser of— 
‘‘(I) the rate for Federal Direct 
Stafford Loans and Federal Direct 
Unsubsidized Stafford Loans issued 
to undergraduate students for the 12- 
month period beginning on July 1, 
2016, and ending on June 30, 2017; 
or 
‘‘(II) the original interest rate of 
the component loan. 
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‘‘(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 lesser of— 
‘‘(I) the rate for Federal Direct 
Unsubsidized Stafford Loans issued 
to graduate or professional students 
for the 12-month period beginning on 
July 1, 2016, and ending on June 30, 
2017; or 
‘‘(II) the original interest rate of 
the component loan. 
‘‘(iii) The interest rate for any loan 
under section 428B or Federal Direct 
PLUS Loan shall be a rate equal to the 
lesser of— 
‘‘(I) the rate for Federal Direct 
PLUS Loans for the 12-month period 
beginning on July 1, 2016, and end-
ing on June 30, 2017; or 
‘‘(II) the original interest rate of 
the component loan. 
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‘‘(iv) The interest rate for any compo-
nent loan that is a loan under section 
428C 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 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. 
‘‘(3) FIXED RATE.—The applicable rate of in-
terest determined under paragraph (1) for a refi-
nanced loan under this section shall be fixed for the 
period of the 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 result in the extension of the duration 
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of the repayment period of the loan, and the bor-
rower shall retain the same repayment term that 
was in effect on the original loan. Nothing in this 
paragraph shall be construed to prevent a borrower 
from electing a different repayment plan at any time 
in accordance with section 455(d)(3). 
‘‘(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, 2017; and 
‘‘(B) who meets the eligibility requirements 
based on income or debt-to-income ratio estab-
lished by the Secretary. 
‘‘(2) INCOME REQUIREMENTS.—Not later than 
180 days after the date of enactment of the Bank 
on Students Emergency Loan Refinancing Act, the 
Secretary shall establish eligibility requirements 
based on income or debt-to-income ratio that take 
into consideration providing access to refinancing 
under this section for borrowers with the greatest fi-
nancial need. 
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‘‘(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: 
‘‘(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. 
‘‘SEC. 460B. FEDERAL DIRECT REFINANCED PRIVATE LOAN 
PROGRAM. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ELIGIBLE PRIVATE EDUCATION LOAN.— 
The term ‘eligible private education loan’ means a 
private education loan, as defined in section 140(a) 
of the Truth in Lending Act (15 U.S.C. 1650(a)), 
that— 
‘‘(A) was disbursed to the borrower before 
July 1, 2017; and 
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‘‘(B) was for the borrower’s own postsec-
ondary educational expenses for an eligible pro-
gram at an institution of higher education par-
ticipating in the loan program under this part, 
as of the date that the loan was disbursed. 
‘‘(2) FEDERAL DIRECT REFINANCED PRIVATE 
LOAN.—The term ‘Federal Direct Refinanced Pri-
vate Loan’ means a loan issued under subsection 
(b)(1). 
‘‘(3) PRIVATE
EDUCATIONAL
LENDER.—The 
term ‘private educational lender’ has the meaning 
given the term in section 140(a) of the Truth in 
Lending Act (15 U.S.C. 1650(a)). 
‘‘(4) QUALIFIED BORROWER.—The term ‘quali-
fied borrower’ means an individual who— 
‘‘(A) has an eligible private education loan; 
‘‘(B) has been current on payments on the 
eligible private education loan for the 6 months 
prior to the date of the qualified borrower’s ap-
plication for refinancing under this section, and 
is in good standing on the loan at the time of 
such application; 
‘‘(C) is not in default on the eligible pri-
vate education loan or on any loan made, in-
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sured, or guaranteed under this part or part B 
or E; and 
‘‘(D) meets the eligibility requirements de-
scribed in subsection (b)(2). 
‘‘(b) PROGRAM AUTHORIZED.— 
‘‘(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of Treasury, shall carry out 
a program under which the Secretary, upon applica-
tion by a qualified borrower who has an eligible pri-
vate education loan, shall issue such borrower a loan 
under this part in accordance with the following: 
‘‘(A) The loan issued under this program 
shall be in an amount equal to the sum of the 
unpaid principal, accrued unpaid interest, and 
late charges of the private education loan. 
‘‘(B) The Secretary shall pay the proceeds 
of the loan issued under this program to the 
private educational lender of the private edu-
cation loan, in order to discharge the qualified 
borrower from any remaining obligation to the 
lender with respect to the original loan. 
‘‘(C) The Secretary shall require that the 
qualified borrower undergo loan counseling that 
provides all of the information and counseling 
required under clauses (i) through (viii) of sec-
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tion 485(b)(1)(A) before the loan is refinanced 
in accordance with this section, and before the 
proceeds of such loan are paid to the private 
educational lender. 
‘‘(D) The Secretary shall issue the loan as 
a Federal Direct Refinanced Private Loan, 
which shall have the same terms, conditions, 
and benefits as a Federal Direct Unsubsidized 
Stafford Loan, except as otherwise provided in 
this section. 
‘‘(2) BORROWER ELIGIBILITY.—Not later than 
180 days after the date of enactment of the Bank 
on Students Emergency Loan Refinancing Act, the 
Secretary, in consultation with the Secretary of the 
Treasury and the Director of the Bureau of Con-
sumer Financial Protection, shall establish eligibility 
requirements— 
‘‘(A) based on income or debt-to-income 
ratio that take into consideration providing ac-
cess to refinancing under this section for bor-
rowers with the greatest financial need; 
‘‘(B) to ensure eligibility only for bor-
rowers in good standing; 
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‘‘(C) to minimize inequities between Fed-
eral Direct Refinanced Private Loans and other 
Federal student loans; 
‘‘(D) to preclude windfall profits for pri-
vate educational lenders; and 
‘‘(E) to ensure full access to the program 
authorized in this subsection for borrowers with 
private loans who otherwise meet the criteria 
established in accordance with subparagraphs 
(A) and (B). 
‘‘(c) INTEREST RATE.— 
‘‘(1) IN
GENERAL.—The interest rate for a 
Federal Direct Refinanced Private Loan is— 
‘‘(A) in the case of a Federal Direct Refi-
nanced Private Loan for a private education 
loan originally issued for undergraduate post-
secondary educational expenses, a rate equal to 
the rate for Federal Direct Stafford Loans and 
Federal Direct Unsubsidized Stafford Loans 
issued to undergraduate students for the 12- 
month period beginning on July 1, 2016, and 
ending on June 30, 2017; and 
‘‘(B) in the case of a Federal Direct Refi-
nanced Private Loan for a private education 
loan originally issued for graduate or profes-
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rower’s annual or aggregate loan limits under section 428 
or 428H. 
‘‘(e) NO ELIGIBILITY FOR SERVICE-RELATED RE-
PAYMENT.—Notwithstanding 
sections 
428K(a)(2)(A), 
428L(b)(2), 455(m)(3)(A), and 460(b), a Federal Direct 
Refinanced Private Loan, or any Federal Direct Consoli-
dation Loan to the extent such loan was used to repay 
a Federal Direct Refinanced Private Loan, shall not be 
eligible for any loan repayment or loan forgiveness pro-
gram under section 428K, 428L, or 460 or for the repay-
ment plan for public service employees under section 
455(m). 
‘‘(f) PRIVATE EDUCATIONAL LENDER REPORTING 
REQUIREMENT.— 
‘‘(1) REPORTING
REQUIRED.—Not later than 
180 days after the date of enactment of the Bank 
on Students Emergency Loan Refinancing Act, the 
Secretary, in consultation with the Secretary of the 
Treasury and the Director of the Bureau of Con-
sumer Financial Protection, shall establish a re-
quirement that private educational lenders report 
the data described in paragraph (2) to the Sec-
retary, to Congress, to the Secretary of the Treas-
ury, and to the Director of the Bureau of Consumer 
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Financial Protection, in order to allow for an assess-
ment of the private education loan market. 
‘‘(2) CONTENTS
OF
REPORTING.—The data 
that private educational lenders shall report in ac-
cordance with paragraph (1) shall include each of 
the following about private education loans (as de-
fined in section 140(a) of the Truth in Lending Act 
(15 U.S.C. 1650(a)): 
‘‘(A) The total amount of private education 
loan debt the lender holds. 
‘‘(B) The total number of private edu-
cation loan borrowers the lender serves. 
‘‘(C) The average interest rate on the out-
standing private education loan debt held by the 
lender. 
‘‘(D) The proportion of private education 
loan borrowers who are in default on a loan 
held by the lender. 
‘‘(E) The proportion of the outstanding 
private education loan volume held by the lend-
er that is in default. 
‘‘(F) The proportions of outstanding pri-
vate education loan borrowers who are 30, 60, 
and 90 days delinquent. 
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‘‘(G) The proportions of outstanding pri-
vate education loan volume that is 30, 60, and 
90 days delinquent. 
‘‘(g) NOTIFICATION
TO
BORROWERS.—The Sec-
retary, in coordination with the Secretary of the Treasury 
and the Director of the Bureau of Consumer Financial 
Protection, shall undertake a campaign to alert borrowers 
about the availability of private student loan refinancing 
under this section.’’. 
(c) AMENDMENTS TO PUBLIC SERVICE REPAYMENT 
PLAN PROVISIONS.—Section 455(m) of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1087e(m)) is amended— 
(1) by redesignating paragraphs (3) and (4) as 
paragraphs (4) and (5), respectively; and 
(2) by inserting after paragraph (2) the fol-
lowing: 
‘‘(3) SPECIAL
RULES
FOR
SECTION
460A 
LOANS.— 
‘‘(A) 
REFINANCED
FEDERAL
DIRECT 
LOANS.—Notwithstanding paragraph (1), in de-
termining the number of monthly payments 
that meet the requirements of such paragraph 
for an eligible Federal Direct Loan refinanced 
under section 460A that was originally a loan 
under this part, the Secretary shall include all 
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monthly payments made on the original loan 
that meet the requirements of such paragraph. 
‘‘(B) REFINANCED FFEL LOANS.—In the 
case of an eligible Federal Direct Loan refi-
nanced under section 460A that was originally 
a loan under part B, only monthly payments 
made after the date on which the loan was refi-
nanced may be included for purposes of para-
graph (1).’’; and 
(3) in paragraph (4)(A) (as redesignated by 
paragraph (1)), by inserting ‘‘(including any Federal 
Direct Stafford Loan, Federal Direct PLUS Loan, 
Federal Direct Unsubsidized Stafford Loan, or Fed-
eral Direct Consolidation Loan refinanced under sec-
tion 460A)’’ before the period at the end. 
(d) INCOME-BASED REPAYMENT.—Section 493C of 
the Higher Education Act of 1965 (20 U.S.C. 1098e) is 
amended by adding at the end the following: 
‘‘(f) SPECIAL RULE FOR REFINANCED LOANS.— 
‘‘(1) REFINANCED FEDERAL DIRECT AND FFEL 
LOANS.—In calculating the period of time during 
which a borrower of a loan that is refinanced under 
section 460A has made monthly payments for pur-
poses of subsection (b)(7), the Secretary shall deem 
the period to include all monthly payments made for 
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the original loan, and all monthly payments made 
for the refinanced loan, that otherwise meet the re-
quirements of this section. 
‘‘(2) FEDERAL DIRECT REFINANCED PRIVATE 
LOANS.—In calculating the period of time during 
which a borrower of a Federal Direct Refinanced 
Private Loan under section 460B has made monthly 
payments for purposes of subsection (b)(7), the Sec-
retary shall include only payments— 
‘‘(A) that are made after the date of the 
issuance of the Federal Direct Refinanced Pri-
vate Loan; and 
‘‘(B) that otherwise meet the requirements 
of this section.’’. 
TITLE II—FAIR SHARE TAX 
SEC. 201. AMENDMENT OF 1986 CODE. 
Except as otherwise expressly provided, whenever in 
this title an amendment or repeal is expressed in terms 
of an amendment to, or repeal of, a section or other provi-
sion, the reference shall be considered to be made to a 
section or other provision of the Internal Revenue Code 
of 1986. 
SEC. 202. FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS. 
(a) IN GENERAL.—Subchapter A of chapter 1 is 
amended by adding at the end the following new part: 
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‘‘PART VII—FAIR SHARE TAX ON HIGH-INCOME 
TAXPAYERS 
‘‘Sec. 59A. Fair share tax. 
‘‘SEC. 59A. FAIR SHARE TAX. 
‘‘(a) GENERAL RULE.— 
‘‘(1) PHASE-IN OF TAX.—In the case of any 
high-income taxpayer, there is hereby imposed for a 
taxable year (in addition to any other tax imposed 
by this subtitle) a tax equal to the product of— 
‘‘(A) the amount determined under para-
graph (2), and 
‘‘(B) a fraction (not to exceed 1)— 
‘‘(i) the numerator of which is the ex-
cess of— 
‘‘(I) 
the 
taxpayer’s 
adjusted 
gross income, over 
‘‘(II) the dollar amount in effect 
under subsection (c)(1), and 
‘‘(ii) the denominator of which is the 
dollar amount in effect under subsection 
(c)(1). 
‘‘(2) AMOUNT OF TAX.—The amount of tax de-
termined under this paragraph is an amount equal 
to the excess (if any) of— 
‘‘(A) the tentative fair share tax for the 
taxable year, over 
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‘‘(B) the excess of— 
‘‘(i) the sum of— 
‘‘(I) the regular tax liability (as 
defined in section 26(b)) for the tax-
able year, determined without regard 
to any tax liability determined under 
this section, 
‘‘(II) the tax imposed by section 
55 for the taxable year, plus 
‘‘(III) the payroll tax for the tax-
able year, over 
‘‘(ii) the credits allowable under part 
IV of subchapter A (other than sections 
27(a), 31, and 34). 
‘‘(b) TENTATIVE FAIR SHARE TAX.—For purposes 
of this section— 
‘‘(1) IN GENERAL.—The tentative fair share tax 
for the taxable year is 30 percent of the excess of— 
‘‘(A) the adjusted gross income of the tax-
payer, over 
‘‘(B) the modified charitable contribution 
deduction for the taxable year. 
‘‘(2) MODIFIED
CHARITABLE
CONTRIBUTION 
DEDUCTION.—For purposes of paragraph (1)— 
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‘‘(A) IN
GENERAL.—The modified chari-
table contribution deduction for any taxable 
year is an amount equal to the amount which 
bears the same ratio to the deduction allowable 
under section 170 (section 642(c) in the case of 
a trust or estate) for such taxable year as— 
‘‘(i) the amount of itemized deduc-
tions allowable under the regular tax (as 
defined in section 55) for such taxable 
year, determined after the application of 
section 68, bears to 
‘‘(ii) such amount, determined before 
the application of section 68. 
‘‘(B) TAXPAYER
MUST
ITEMIZE.—In the 
case of any individual who does not elect to 
itemize deductions for the taxable year, the 
modified charitable contribution deduction shall 
be zero. 
‘‘(c) HIGH-INCOME TAXPAYER.—For purposes of this 
section— 
‘‘(1) IN GENERAL.—The term ‘high-income tax-
payer’ means, with respect to any taxable year, any 
taxpayer (other than a corporation) with an adjusted 
gross income for such taxable year in excess of 
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$1,000,000 (50 percent of such amount in the case 
of a married individual who files a separate return). 
‘‘(2) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of a tax-
able year beginning after 2018, the $1,000,000 
amount under paragraph (1) shall be increased 
by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2017’ for ‘calendar year 1992’ in sub-
paragraph (B) thereof. 
‘‘(B) ROUNDING.—If any amount as ad-
justed under subparagraph (A) is not a multiple 
of $10,000, such amount shall be rounded to 
the next lowest multiple of $10,000. 
‘‘(d) PAYROLL TAX.—For purposes of this section, 
the payroll tax for any taxable year is an amount equal 
to the excess of— 
‘‘(1) the taxes imposed on the taxpayer under 
sections 1401, 1411, 3101, 3201, and 3211(a) (to 
the extent such tax is attributable to the rate of tax 
in effect under section 3101) with respect to such 
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taxable year or wages or compensation received dur-
ing such taxable year, over 
‘‘(2) the deduction allowable under section 
164(f) for such taxable year. 
‘‘(e) SPECIAL RULE FOR ESTATES AND TRUSTS.— 
For purposes of this section, in the case of an estate or 
trust, adjusted gross income shall be computed in the 
manner described in section 67(e). 
‘‘(f) NOT TREATED AS TAX IMPOSED BY THIS CHAP-
TER FOR CERTAIN PURPOSES.—The tax imposed under 
this section shall not be treated as tax imposed by this 
chapter for purposes of determining the amount of any 
credit under this chapter (other than the credit allowed 
under section 27(a)) or for purposes of section 55.’’. 
(b) CLERICAL AMENDMENT.—The table of parts for 
subchapter A of chapter 1 is amended by adding at the 
end the following new item: 
‘‘PART VII—FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2017. 
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TITLE III—DEFICIT NEUTRAL IM-
PLEMENTATION OF STUDENT 
LOAN 
REFINANCING 
PRO-
GRAMS 
SEC. 301. DEFICIT NEUTRAL IMPLEMENTATION OF STU-
DENT 
LOAN 
REFINANCING 
PROGRAMS; 
BUDGETARY EFFECTS. 
(a) AMOUNT OF REVENUE.—The Secretary of Edu-
cation shall estimate the amount that is equal to the 
amount of the net increase in revenue received in the 
Treasury during the 10-year period beginning on the date 
of enactment of this Act attributable to the amendments 
made by title II of this Act. 
(b) DEFICIT-NEUTRAL TERMINATION OF THE REFI-
NANCING PROGRAM.—The Secretary of Education shall 
terminate the refinancing programs carried out under sec-
tions 460A and 460B of the Higher Education Act of 
1965 on the date that the net cost of carrying out such 
refinancing programs is equal to the amount of additional 
revenue estimated under subsection (a) or on the date that 
is 2 years after the date of enactment of this Act, which-
ever occurs first. 
(c) DEFICIT REDUCTION.—Any remaining increase 
in revenue described in subsection (a) and not used for 
the refinancing programs carried out under sections 460A 
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and 460B of the Higher Education Act of 1965 shall be 
returned to the general fund of the Treasury for Federal 
budget deficit reduction. 
(d) METHODOLOGY.—When estimating cost and rev-
enue under this section, the Secretary of Education shall 
utilize the accounting methods and assumptions that are 
used by the Congressional Budget Office, as of the date 
of enactment of this Act, to make such estimations. 
SEC. 302. BUDGETARY EFFECTS. 
The budgetary effects of this Act and the amend-
ments made by this Act shall not be entered on either 
PAYGO scorecard maintained pursuant to section 4(d) of 
the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 
933(d)). 
Æ 
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