I 
113TH CONGRESS 
2D SESSION 
H. R. 4622 
To allow certain student loan borrowers to refinance Federal student loans. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 9, 2014 
Mr. POCAN (for himself, Mr. PETERS of California, Ms. BROWNLEY of Cali-
fornia, Ms. LORETTA SANCHEZ of California, Mr. RUIZ, Mr. VARGAS, 
Mrs. BUSTOS, Mr. WAXMAN, Ms. MOORE, Ms. FUDGE, Ms. CLARKE of 
New York, Mr. HUFFMAN, Mr. MCGOVERN, Mrs. NEGRETE MCLEOD, 
Mr. RUSH, Ms. SCHAKOWSKY, Mr. SCHIFF, Ms. HAHN, Ms. CHU, Ms. 
LOFGREN, Mr. SCHRADER, Mr. SARBANES, and Mr. GRIJALVA) intro-
duced the following bill; which was referred to the Committee on Edu-
cation and the Workforce 
A BILL 
To allow certain student loan borrowers to refinance Federal 
student loans. 
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 ‘‘Federal Student Loan 
Refinancing Act’’. 
SEC. 2. STUDENT LOAN CONSOLIDATION. 
Section 459B of the Higher Education Act of 1965 
(20 U.S.C. 1087i–2) is amended— 
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(1) in subsection (a)(3), by striking ‘‘section’’ 
and inserting ‘‘subsection’’; 
(2) in subsection (b), by striking ‘‘this section’’ 
and inserting ‘‘subsection (a)’’ each place the term 
appears; and 
(3) by inserting at the end the following: 
‘‘(c) TEMPORARY LOAN CONSOLIDATION AUTHORITY 
FOR CERTAIN LOANS MADE AFTER JULY 1, 2006.— 
‘‘(1) LOAN CONSOLIDATION AUTHORITY.— 
‘‘(A) IN GENERAL.—A borrower who has 1 
or more loans in a category described in sub-
paragraph (B) may consolidate all of the loans 
of the borrower that are described in subpara-
graph (B) into a Federal Direct Consolidation 
Loan during the period described in subpara-
graph (C). 
‘‘(B) CATEGORIES OF LOANS THAT MAY BE 
CONSOLIDATED.—The categories of loans that 
may be consolidated under subparagraph (A) 
are loans made on or after July 1, 2006, that 
are— 
‘‘(i) loans made under this part; 
‘‘(ii) loans purchased by the Secretary 
pursuant to section 459A; and 
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‘‘(iii) loans made under part B that 
are held by an eligible lender, as such term 
is defined in section 435(d). 
‘‘(C) TIME PERIOD IN WHICH LOANS MAY 
BE CONSOLIDATED.— 
‘‘(i) FEDERAL DIRECT LOANS.—In the 
case of a borrower who has 1 or more 
loans described under subparagraph (B)(i), 
the Secretary shall— 
‘‘(I) consolidate the loans de-
scribed under subparagraph (B)(i) not 
later than 90 days after the date of 
enactment of the Federal Student 
Loan Refinancing Act; and 
‘‘(II) notify the borrower, in writ-
ing, prior to such consolidation that— 
‘‘(aa) the borrower’s loans 
under this part have been con-
solidated at a lower interest rate; 
and 
‘‘(bb) the borrower’s repay-
ment plan and the other terms 
and conditions of the borrower’s 
loan remain unchanged. 
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‘‘(ii) OTHER LOANS.—In the case of a 
borrower who has 1 or more loans de-
scribed under clause (ii) or (iii) of subpara-
graph (B), the Secretary shall— 
‘‘(I) initiate the loan consolida-
tion process for the loans described 
under clause (ii) or (iii) of subpara-
graph (B), not later than 90 days 
after the date of enactment of the 
Federal Student Loan Refinancing 
Act, by sending a completed loan con-
solidation application to the borrower; 
‘‘(II) notify the borrower, as part 
of such application, that a fee will be 
assessed and that the interest rate of 
the 
Federal 
Direct 
Consolidation 
Loan will be set in accordance with 
paragraph (2); and 
‘‘(III) notify the borrower, as 
part of such application, that if the 
borrower wishes to consolidate in ac-
cordance with the completed applica-
tion, the borrower must endorse the 
application and submit the application 
to the Secretary not more than 6 
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