loan originally issued for graduate or profes-
sional degree postsecondary educational ex-
penses, a rate equal to the lowest yield on the 
10-year Treasury note in the preceding 6 
months plus 3.6 percent. 
‘‘(2) COMBINED UNDERGRADUATE AND GRAD-
UATE
STUDY
LOANS.—If a Federal Direct Refi-
nanced Private Loan is for a private education loan 
originally issued for both undergraduate and grad-
uate or professional postsecondary educational ex-
penses, the interest rate shall be a lowest yield on 
the 10-year Treasury note in the preceding 6 
months plus 4.6 percent. 
‘‘(3) FIXED RATE.—The applicable rate of in-
terest determined under this subsection for a Fed-
eral Direct Refinanced Private Loan shall be fixed 
for the period of the loan. 
‘‘(d) NO INCLUSION IN AGGREGATE LIMITS.—The 
amount of a Federal Direct Refinanced Private Loan, or 
a Federal Direct Consolidated Loan to the extent such 
loan was used to repay a Federal Direct Refinanced Pri-
vate Loan, shall not be included in calculating a bor-
rower’s annual or aggregate loan limits under section 428 
or 428H. 
VerDate Sep 11 2014 
22:50 Apr 09, 2020
Jkt 099200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H6397.IH
H6397
pamtmann on DSKBC07HB2PROD with BILLS
‘‘(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) NOTIFICATION TO BORROWERS.—The Secretary, 
in coordination with the Secretary of the Treasury and 
the Director of the Bureau of Consumer Financial Protec-
tion, 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; 
(2) by inserting after paragraph (2) the fol-
lowing: 
‘‘(3) SPECIAL
RULES
FOR
SECTION
460A 
LOANS.— 
VerDate Sep 11 2014 
22:50 Apr 09, 2020
Jkt 099200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H6397.IH
H6397
pamtmann on DSKBC07HB2PROD with BILLS
‘‘(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 
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: 
VerDate Sep 11 2014 
22:50 Apr 09, 2020
Jkt 099200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H6397.IH
H6397
pamtmann on DSKBC07HB2PROD with BILLS
‘‘(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 
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.’’. 
Æ 
VerDate Sep 11 2014 
22:50 Apr 09, 2020
Jkt 099200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6301
E:\BILLS\H6397.IH
H6397
pamtmann on DSKBC07HB2PROD with BILLS