Bipartisan Student Loan Certainty Act of 2013

Bill: 113-hr-1911
Sponsor: Rep. Kline, John [R-MN-2]
Introduced: 2013-05-09 in the House
Policy area: Education
Subjects: Academic performance and assessments
Advisory bodies
Budget deficits and national debt
Congressional oversight
Consumer affairs
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Higher education
Interest, dividends, interest rates
Right of privacy
Student aid and college costs
Wages and earnings

Summary:
action_date: 2013-05-09
text: 
Smarter Solutions for Students Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans at the rate on high-yield 10-year Treasury notes plus 2.5%, but caps that rate at 8.5%.
 
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.5%, but caps that rate at 10.5%.
 
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
 
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
 
Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.

action_date: 2013-05-20
text: 
Smarter Solutions for Students Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans at the rate on high-yield 10-year Treasury notes plus 2.5%, but caps that rate at 8.5%.
 
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.5%, but caps that rate at 10.5%.
 
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
 
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
 
Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.

action_date: 2013-05-23
text: 

Title I:

 Smarter Solutions for Students Act
 - Smarter Solutions for Students Act - (Sec. 102) Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans at the rate on high-yield 10-year Treasury notes plus 2.5%, but caps that rate at 8.5%.
 
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.5%, but caps that rate at 10.5%.
 
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
 
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
 
(Sec. 103) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
 

Title II: Improving Postsecondary Education Data for Students Act
 - Improving Postsecondary Education Data for Students Act - (Sec. 202) Directs the Secretary of Education to convene an Advisory Committee on Improving Postsecondary Education Data that: (1) is comprised of 15 members who represent economically, racially, and geographically diverse populations; and (2) includes higher education stakeholders, state officials, business representatives, college and career counselors at secondary schools, and experts in higher education policy, consumer choice, privacy, labor markets, and data policy, collection, and use.
 
Requires the Committee to study: 
 
 
the types of information the federal government should collect and report on institutions of higher education (IHEs) to assist students and families in their search for an IHE, including information related to postsecondary education costs, financial assistance, student outcomes, and postgraduation earnings; 

 
how that information should be collected and reported, including how to disaggregate student outcome information by student subgroups; and 
 
ways in which the federal government could make that information more readily available to students and their families in an easily accessible and understandable format and to states, local governments, secondary schools, IHEs, and private-sector entities. 
 
 
Requires the Committee, in conducting the study, to: (1) review relevant research concerning the types of information students and parents seek in searching for an IHE; (2) consider the utility of the information currently reported and whether additional information would be beneficial or confusing; and (3) consult with parents, students, and a broad range of parties interested in higher education.
 
Directs the Committee to submit an interim and final report on the study to Congress and the Secretary. Requires the Committee, after consulting with the Commissioner of Education Statistics, to include in its final report recommendations for legislative, regulatory, and administrative actions to improve the information the federal government collects and reports on IHEs. 

action_date: 2013-07-24
text: 
Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.
 
Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.
 
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
 
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
 
Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.
 
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
 
(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
 
(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.

action_date: 2013-08-09
text: 
Bipartisan Student Loan Certainty Act of 2013 - (Sec. 2) Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to set the annual interest rate on Direct Stafford loans and Direct Unsubsidized Stafford loans issued to undergraduate students at the rate on high-yield 10-year Treasury notes plus 2.05%, but caps that rate at 8.25%.
 
Sets the annual interest rate on Direct Unsubsidized Stafford loans issued to graduate or professional students at the rate on high-yield 10-year Treasury notes plus 3.6%, but caps that rate at 9.5%.
 
Sets the annual interest rate on Direct PLUS loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.
 
Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.
 
Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.
 
Sets the annual interest rate on Direct Consolidation loans for which an application is received on or after July 1, 2013, at the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%.
 
(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.
 
(Sec. 4) Directs the Comptroller General (GAO) to conduct a study and report to Congress on the actual cost to the federal government of carrying out the federal student loan programs authorized under title IV of the HEA.


Legislative actions:
action_date: 2013-08-09
text: Became Public Law No: 113-28.
action_date: 2013-08-09
text: Became Public Law No: 113-28.
action_date: 2013-08-09
text: Signed by President.
action_date: 2013-08-09
text: Signed by President.
action_date: 2013-08-01
text: Presented to President.
action_date: 2013-08-01
text: Presented to President.
action_date: 2013-07-31
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-07-31
text: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 392 - 31 (Roll no. 426). (text as House agreed to Senate amendment: CR H5214-5215)
action_date: 2013-07-31
text: Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 392 - 31 (Roll no. 426).(text as House agreed to Senate amendment: CR H5214-5215)
action_date: 2013-07-31
text: Considered as unfinished business. (consideration: CR H5240-5241)
action_date: 2013-07-31
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the chair announced that further proceedings on the motion would be postponed.
action_date: 2013-07-31
text: DEBATE - The House proceeded with forty minutes of debate on the motion to agree in the Senate amendment to H.R. 1911.
action_date: 2013-07-31
text: Mr. Kline moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H5214-5221)
action_date: 2013-07-24
text: Message on Senate action sent to the House.
action_date: 2013-07-24
text: Passed Senate, under the order of 7/23/2013, having achieved 60 votes in the affirmative, with an amendment by Yea-Nay Vote. 81 - 18. Record Vote Number: 185. (text: CR S5894)
action_date: 2013-07-24
text: Passed/agreed to in Senate: Passed Senate, under the order of 7/23/2013, having achieved 60 votes in the affirmative, with an amendment by Yea-Nay Vote. 81 - 18. Record Vote Number: 185.(text: CR S5894)
action_date: 2013-07-24
text: Measure laid before Senate by unanimous consent. (consideration: CR S5863-5894)
action_date: 2013-07-18
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 139.
action_date: 2013-07-17
text: Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2013-06-03
text: Received in the Senate.
action_date: 2013-05-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-05-23
text: On passage Passed by recorded vote: 221 - 198 (Roll no. 183).
action_date: 2013-05-23
text: Passed/agreed to in House: On passage Passed by recorded vote: 221 - 198 (Roll no. 183).
action_date: 2013-05-23
text: On motion to recommit with instructions Failed by the Yeas and Nays: 194 - 223 (Roll no. 182).
action_date: 2013-05-23
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2938)
action_date: 2013-05-23
text: DEBATE - The House proceeded with 10 minutes of debate on the Sinema motion to recommit with instructions pending a reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to protecting students from teaser interest rates that lead to higher long-term costs. Subsequently, the reservation was removed.
action_date: 2013-05-23
text: Ms. Sinema moved to recommit with instructions to Education and the Workforce. (consideration: CR H2937-2939; text: CR H2937)
action_date: 2013-05-23
text: The previous question was ordered pursuant to the rule. (consideration: CR H2937)
action_date: 2013-05-23
text: DEBATE - The House proceeded with one hour of debate on H.R. 1911.
action_date: 2013-05-23
text: Rule provides for consideration of H.R. 1911 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
action_date: 2013-05-23
text: Considered under the provisions of rule H. Res. 232. (consideration: CR H2926-2940; text of amendment in the nature of a substitute: CR H2927)
action_date: 2013-05-23
text: Rule H. Res. 232 passed House.
action_date: 2013-05-22
text: Rules Committee Resolution H. Res. 232 Reported to House. Rule provides for consideration of H.R. 1911 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.
action_date: 2013-05-20
text: Placed on the Union Calendar, Calendar No. 57.
action_date: 2013-05-20
text: Committee on Budget discharged.
action_date: 2013-05-20
text: Committee on Budget discharged.
action_date: 2013-05-20
text: Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 113-82, Part I.
action_date: 2013-05-20
text: Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 113-82, Part I.
action_date: 2013-05-16
text: Ordered to be Reported (Amended) by the Yeas and Nays: 24 - 13.
action_date: 2013-05-16
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-05-09
text: Referred to the Committee on Education and the Workforce, and in addition to the Committee on 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.
action_date: 2013-05-09
text: Referred to the Committee on Education and the Workforce, and in addition to the Committee on 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.
action_date: 2013-05-09
text: Introduced in House
action_date: 2013-05-09
text: Introduced in House

Enacted as: number: 113-28