‘‘PART J—PRIVATE EDUCATION LOAN 
REFINANCING 
‘‘SEC. 499A. PRIVATE EDUCATION LOAN REFINANCING FOR 
PHYSICIANS. 
‘‘(a) IN GENERAL.— 
‘‘(1) AUTHORITY.—The Secretary shall carry 
out a Physician Private Education Loan Refinancing 
Program in accordance with this section. 
‘‘(2) AVAILABILITY
OF
FUNDS.—There are 
hereby made available, in accordance with the provi-
sions of this section, such sums as may be necessary 
to make loans under this section through refinancing 
private education loans to all individuals eligible to 
receive refinancing under this section. 
‘‘(3) PRIVATE EDUCATION LOAN.—In this sec-
tion, the term ‘private education loan’ has the mean-
ing given the term ‘qualified education loan’ in sec-
tion 221 of the Internal Revenue Code, but does not 
include any loan made under this title or under the 
Public Health Service Act. 
‘‘(b) ELIGIBLE BORROWER.—An individual shall be 
eligible to receive private education loan refinancing under 
this section if the individual meets the following require-
ments: 
‘‘(1) The individual is participating in a resi-
dency program, approved by the Accreditation Coun-
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cil for Graduate Medical Education or the American 
Osteopathic Association, at a hospital in one of the 
following specialties: 
‘‘(A) Family medicine. 
‘‘(B) Obstetrics/gynecology. 
‘‘(C) General internal medicine. 
‘‘(D) Gerontology. 
‘‘(E) General pediatrics. 
‘‘(F) General psychiatry. 
‘‘(2) The individual is not enrolled, on a half- 
time or more basis, in an eligible institution under 
this title (as such term is defined in section 435(a)). 
‘‘(3) The individual is indebted on at least 1 
private education loan for the period of enrollment 
preceding their residency program. 
‘‘(4) The individual is not in default on a loan 
made, insured, or guaranteed under this title. 
‘‘(5) The individual has not previously obtained 
refinancing under this section. 
‘‘(c) REFINANCING UNDER THE PHYSICIAN PRIVATE 
EDUCATION LOAN REFINANCING PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary shall refi-
nance a private education loan in accordance with 
this section for an individual who is eligible for pri-
vate education loan refinancing pursuant to sub-
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section (b). Such refinancing loans shall have the 
same terms and conditions as a Federal Direct Con-
solidation Loan, except as provided in paragraphs 
(4) and (5). 
‘‘(2) TYPES OF LOANS ELIGIBLE TO BE REFI-
NANCED.—A private education loan is eligible to be 
refinanced under this section if the loan was in-
curred after July 1, 2008. 
‘‘(3) LOAN LIMITS.—The maximum amount of 
private education loans that may be refinanced by 
an individual under this section is an amount equal 
to the sum of unpaid principal, accrued interest, and 
late charges of all private education loans eligible 
under paragraph (2) incurred by such individual. 
‘‘(4) INTEREST RATE.—The interest rate for a 
private education loan refinanced under this section 
shall be 8.25 percent. 
‘‘(5) REPAYMENT TERMS.—A loan refinanced 
under this section shall have the same repayment 
terms, conditions, and benefits as a Federal Direct 
Consolidation Loan, except that such loan shall not 
be eligible for— 
‘‘(A) consolidation with any other loan eli-
gible for loan consolidation under this title; 
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‘‘(B) income-based repayment terms under 
this title; or 
‘‘(C) any loan forgiveness or cancellation 
provided under this title or under the Public 
Health Service Act, except in the case of death 
or permanent and total disability. 
‘‘(6) LOAN
APPLICATION
AND
PROMISSORY 
NOTE.—The Secretary shall develop and distribute a 
standard application and promissory note and loan 
disclosure form for loans refinanced under this sec-
tion. 
‘‘(7) LOAN DISBURSEMENT.—The proceeds of 
any loan refinanced under this section shall be paid 
by the Secretary directly to the holder of the private 
education loan being refinanced for the purpose of 
discharging or reducing the debt on such private 
education loan on behalf of the borrower, subject to 
repayment terms under this section. 
‘‘(d) ANNUAL REPORT
TO CONGRESS.—The Sec-
retary shall report to Congress annually on the volume and 
repayment status of private education loans refinanced 
under this section.’’. 
Æ 
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