Bipartisan Student Loan Certainty Act of 2013

Bill: 113-hr-1911
Sponsor: full_name: Rep. Kline, John [R-MN-2]
Introduced: 2013-05-09
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
Latest action: action_date: 2013-08-09
text: Became Public Law No: 113-28.

Summaries:
action_date: 2013-05-09
action_desc: Introduced in House
text: <p>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%.</p> <p>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%.</p> <p>Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.</p> <p>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%.</p> <p>Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.</p>

action_date: 2013-05-20
action_desc: Reported to House amended, Part I
text: <p>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%.</p> <p>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%.</p> <p>Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.</p> <p>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%.</p> <p>Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.</p>

action_date: 2013-05-23
action_desc: Passed House amended
text: <p><b>Title I:</b><b> Smarter Solutions for Students Act</b> - 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%.</p> <p>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%.</p> <p>Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.</p> <p>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%.</p> <p>(Sec. 103) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.</p> <p><b>Title II: Improving Postsecondary Education Data for Students Act</b> - 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.</p> <p>Requires the Committee to study: </p> <ul> <li>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; <br /></li> <li>how that information should be collected and reported, including how to disaggregate student outcome information by student subgroups; and </li> <li>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. </li> </ul> <p>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.</p> <p>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. </p>

action_date: 2013-07-24
action_desc: Passed Senate amended
text: <p>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%.</p> <p>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%.</p> <p>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%.</p> <p>Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.</p> <p>Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.</p> <p>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%.</p> <p>(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.</p> <p>(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.</p>

action_date: 2013-08-09
action_desc: Public Law
text: <p>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%.</p> <p>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%.</p> <p>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%.</p> <p>Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.</p> <p>Fixes the interest rate on Direct Stafford loans, Direct Unsubsidized Stafford loans, and Direct PLUS loans for the period of the loan.</p> <p>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%.</p> <p>(Sec. 3) Provides that the budgetary effects of this Act shall not be entered on specified PAYGO scorecards.</p> <p>(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.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1911 IN THE HOUSE OF REPRESENTATIVES May 9, 2013 Mr. Kline (for himself and Ms. Foxx ) introduced the following bill; which was 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 A BILL To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.

1. Short title This Act may be cited as the Smarter Solutions for Students Act . 2. Interest rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting , and before July 1, 2013 after 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7), the following: (8) Interest rate provision for new loans on or after July 1, 2013 (A) Rates for fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 2.5 percent, except that such rate shall not exceed 8.5 percent. (B) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for any Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 4.5 percent, except that such rate shall not exceed 10.5 percent. (C) Consolidation Loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. . 3. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).

tv_txt: IB 113th CONGRESS 1st Session H. R. 1911 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013, to direct the Secretary of Education to convene the Advisory Committee on Improving Postsecondary Education Data to conduct a study on improvements to postsecondary education transparency at the Federal level, and for other purposes.

1. Table of Contents The table of contents for this Act is as follows: Sec. 1. Table of Contents. Title I—Smarter Solutions for Students Act Sec. 101. Short title. Sec. 102. Student loan interest rates. Sec. 103. Budgetary effects. Title II—Improving Postsecondary Education Data for Students Act Sec. 201. Short title. Sec. 202. Study on improvements to postsecondary education transparency at the Federal level. I Smarter Solutions for Students Act 101. Short title This title may be cited as the Smarter Solutions for Students Act . 102. Student loan interest rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting , and before July 1, 2013 after 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7), the following: (8) Interest rate provision for new loans on or after July 1, 2013 (A) Rates for fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 2.5 percent, except that such rate shall not exceed 8.5 percent. (B) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for any Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 4.5 percent, except that such rate shall not exceed 10.5 percent. (C) Consolidation Loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. . 103. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress). II Improving Postsecondary Education Data for Students Act 201. Short title This title may be cited as the Improving Postsecondary Education Data for Students Act . 202. Study on improvements to postsecondary education transparency at the Federal level (a) Formation of Advisory Committee on Improving Postsecondary Education Data (1) In general Not later than 30 days after the date of enactment of this Act, the Secretary of Education shall convene the Advisory Committee on Improving Postsecondary Education Data (in this Act referred to as the Advisory Committee ), which shall be comprised of 15 members who represent economically, racially, and geographically diverse populations appointed by the Secretary in consultation with the Commissioner for Education Statistics, including— (A) individuals representing different sectors of institutions of higher education, including individuals representing undergraduate and graduate education; (B) experts in the field of higher education policy; (C) State officials; (D) students and other stakeholders from the higher education community; (E) representatives from the business community; (F) experts in choice in consumer markets; (G) privacy experts; (H) college and career counselors at secondary schools; (I) experts in data policy, collection, and use; and (J) experts in labor markets. (2) Chairperson The Secretary shall appoint the Chairperson of the Advisory Committee. (b) Study required The Advisory Committee shall conduct a study examining— (1) the types of information, including information related to costs of postsecondary education, sources of financial assistance (including Federal student loans), student outcomes, and postgraduation earnings, the Federal Government should collect and report on institutions of higher education to assist students and families in their search for an institution of higher education; (2) how such information should be collected and reported, including how to disaggregate information on student outcomes by subgroups of students, such as full-time students, part-time students, nontraditional students, first generation college students, students who are veterans, and Federal Pell Grant recipients under subpart 1 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070a ); and (3) the ways in which the Federal Government may make such information more readily available to— (A) students and their families in a format that is easily accessible and understandable, and will aid students and their families in making decisions; and (B) States, local governments, secondary schools, individual or groups of institutions of higher education, and private-sector entities. (c) Scope of study In conducting the study under this Act, the Advisory Committee shall, at a minimum, examine— (1) whether the current Federal transparency initiatives on postsecondary education— (A) are reporting consistent information about individual institutions of higher education across Federal agencies; and (B) are similar to transparency initiatives on postsecondary education carried out by States, individual or groups of institutions of higher education, or private-sector entities; (2) whether— (A) the collection and reporting of postgraduation earnings by the Federal Government is feasible, and if feasible, the options for collecting and reporting such information; (B) collecting and reporting such information would improve the use of Federal transparency initiatives and ease decisionmaking for students and their families; and (C) collecting and reporting such information would have an impact on student privacy, and if so, how such impact may be minimized; (3) whether any other information, including information relating to student outcomes or identified under the review required under subsection (d) , should be collected and reported by the Federal Government to improve the utility of such initiatives for students and their families, and if so, how such information may be collected and reported, including whether the information should be disaggregated by subgroups of students; (4) whether any information currently collected and reported by the Federal Government on institutions of higher education is not useful for students and their families and should not be so collected and reported; (5) the manner in which the information from Federal transparency initiatives is made available to students and their families, and whether format changes may help the information become more easily understood and widely utilized by students and their families; (6) any activities being carried out by the Federal Government, States, individual or groups of institutions of higher education, or private-sector entities to help inform students and their families of the availability of Federal transparency initiatives; (7) the cost to institutions of higher education of reporting to the Federal Government the information that is being collected and reported through Federal transparency initiatives, and how such cost may be minimized; and (8) the relevant research described in subsection (d) . (d) Review of relevant research In conducting the study under this Act, the Advisory Committee shall review and consider— (1) research and studies, if any, that have been conducted to determine questions most frequently asked by students and families to help inform their search for an institution of higher education; (2) the types of information students seek before enrolling in an institution of higher education; (3) whether the availability to students and their families of additional information on institutions of higher education will be beneficial or confusing; (4) results, if any, that are available from consumer testing of Federal, State, institution of higher education, and private-sector transparency initiatives on postsecondary education that have been made publicly available on or after the date that is 10 years before the date of enactment of this Act; and (5) any gaps in the research, studies, and results described in paragraphs (1) and (4) relating to the types of information students seek before enrolling in an institution of higher education. (e) Consultation (1) In general In conducting the study under this Act, the Advisory Committee shall— (A) hold public hearings to consult with parents and students; and (B) consult with a broad range of interested parties in higher education, including appropriate researchers, representatives of secondary schools (including college and career counselors) and institutions of higher education from different sectors of such institutions (including undergraduate and graduate education), State administrators, and Federal officials. (2) Consultation with the authorizing committees The Advisory Committee shall consult on a regular basis with the authorizing committees in conducting the study under this Act. (f) Reports to authorizing committees (1) Interim report Not later than 180 days after the date of enactment of this Act, the Advisory Committee shall prepare and submit to the authorizing committees and the Secretary an interim report describing the progress made in conducting the study under this Act and any preliminary findings on the topics identified under subsection (c) . (2) Final report (A) In general Not later than 1 year after the date of enactment of this Act, the Advisory Committee shall prepare and submit to the authorizing committees and the Secretary a final report on the study, including— (i) recommendations for legislative, regulatory, and administrative actions based on findings related to the topics identified under subsection (c) ; and (ii) a summary of the research described in subsection (d) . (B) Consultation with 0NCES The Advisory Committee shall consult with the Commissioner of Education Statistics prior to making recommendations under subparagraph (A)(i) with respect to improving the information being collected and reported by the Federal Government on institutions of higher education. (g) Availability of funds The amount necessary to conduct the study under this Act shall be made available from amounts available to the Secretary for administrative expenses of the Department of Education. (h) Definitions For purposes of this Act: (1) Authorizing committees The term authorizing committees has the meaning given the term in section 103 of the Higher Education Act of 1965 ( 20 U.S.C. 1003 ). (2) First generation college student The term first generation college student has the meaning given the term in section 402A(h) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a–11(h) ). (3) Institution of higher education The term institution of higher education has the meaning given the term in section 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1002 ), except that such term does not include institutions described in subsection (a)(1)(C) of such section 102. (4) Secondary school The term secondary school has the meaning given the term in section 9101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). (5) Secretary The term Secretary means the Secretary of Education. (6) State The term State has the meaning given the term in section 103 of the Higher Education Act of 1965 ( 20 U.S.C. 1003 ). (7) Student The term student includes— (A) a prospective student; (B) a student enrolled in an institution of higher education; (C) a nontraditional student (as defined in section 803(j)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1161c(j)(2) )); and (D) a veteran (as defined in section 480(c)(1) of such Act ( 20 U.S.C. 1087vv(c)(1) )) who is a student or prospective student.

Passed the House of Representatives May 23, 2013. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 57 113th CONGRESS 1st Session H. R. 1911 [Report No. 113–82, Part I] IN THE HOUSE OF REPRESENTATIVES May 9, 2013 Mr. Kline (for himself and Ms. Foxx ) introduced the following bill; which was 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 May 20, 2013 Additional sponsors: Mr. Roe of Tennessee , Mr. Griffin of Arkansas , Mr. Messer , and Mr. Thompson of Pennsylvania May 20, 2013 Reported from the Committee on Education and the Workforce with an amendment Strike out all after the enacting clause and insert the part printed in italic May 20, 2013 The Committee on the Budget discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed For text of introduced bill, see copy of bill as introduced on May 9, 2013 A BILL To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.

1. Short title This Act may be cited as the Smarter Solutions for Students Act . 2. Student loan interest rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting , and before July 1, 2013 after 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7), the following: (8) Interest rate provision for new loans on or after July 1, 2013 (A) Rates for fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 2.5 percent, except that such rate shall not exceed 8.5 percent. (B) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for any Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 4.5 percent, except that such rate shall not exceed 10.5 percent. (C) Consolidation Loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. . 3. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress).

May 20, 2013 Reported from the Committee on Education and the Workforce with an amendment May 20, 2013 The Committee on the Budget discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: 113th CONGRESS 1st Session H.R. 1911 In the Senate of the United States, July 24, 2013. Amendment:

That the bill from the House of Representatives (H.R. 1911) entitled An Act to amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013, to direct the Secretary of Education to convene the Advisory Committee on Improving Postsecondary Education Data to conduct a study on improvements to postsecondary education transparency at the Federal level, and for other purposes. , do pass with the following Strike all after the first word and insert the following: 1. Short title This Act may be cited as the Bipartisan Student Loan Certainty Act of 2013 . 2. Interest Rates (a) Interest Rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting and before July 1, 2013 after on or after july 1, 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after on or after July 1, 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after on or after July 1, 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after on or after July 1, 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7) the following: (8) Interest rate provisions for new loans on or after July 1, 2013 (A) Rates for undergraduate fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 2.05 percent; or (ii) 8.25 percent. (B) Rates for graduate and professional fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Unsubsidized Stafford Loans issued to graduate or professional students, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 3.6 percent; or (ii) 9.5 percent. (C) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for Federal Direct PLUS Loans, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 4.6 percent; or (ii) 10.5 percent. (D) Consolidation loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. (E) Consultation The Secretary shall determine the applicable rate of interest under this paragraph after consultation with the Secretary of the Treasury and shall publish such rate in the Federal Register as soon as practicable after the date of determination. (F) Rate The applicable rate of interest determined under this paragraph for a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct PLUS Loan shall be fixed for the period of the loan. . (b) Effective Date The amendments made by subsection (a) shall take effect as if enacted on July 1, 2013. 3. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress). 4. Study on the actual cost of administering the Federal student loan programs Not later than 120 days after the date of enactment of this Act, the Comptroller General of the United States shall— (1) complete a study that determines the actual cost to the Federal Government of carrying out the Federal student loan programs authorized under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ), which shall— (A) provide estimates relying on accurate information based on past, current, and projected data as to the appropriate index and mark-up rate for the Federal Government's cost of borrowing that would allow the Federal Government to effectively administer and cover the cost of the Federal student programs authorized under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) under the scoring rules outlined in the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.); (B) provide the information described in this section in a way that separates out administrative costs, interest rate, and other loan terms and conditions; and (C) set forth clear recommendations to the relevant authorizing committees of Congress as to how future legislation can incorporate the results of the study described in this section to allow for the administration of the Federal student loan programs authorized under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.) without generating any additional revenue to the Federal Government except revenue that is needed to carry out such programs; and (2) prepare and submit a report to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and the Workforce of the House of Representatives setting forth the conclusions of the study described in this section in such a manner that the recommendations included in the report can inform future reauthorizations of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).

Secretary

tv_txt: II Calendar No. 139 113th CONGRESS 1st Session H. R. 1911 IN THE SENATE OF THE UNITED STATES June 3, 2013 Received July 17, 2013 Read the first time July 18, 2013 Read the second time and placed on the calendar AN ACT To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013, to direct the Secretary of Education to convene the Advisory Committee on Improving Postsecondary Education Data to conduct a study on improvements to postsecondary education transparency at the Federal level, and for other purposes.

1. Table of Contents The table of contents for this Act is as follows: Sec. 1. Table of Contents. Title I—Smarter Solutions for Students Act Sec. 101. Short title. Sec. 102. Student loan interest rates. Sec. 103. Budgetary effects. Title II—Improving Postsecondary Education Data for Students Act Sec. 201. Short title. Sec. 202. Study on improvements to postsecondary education transparency at the Federal level. I Smarter Solutions for Students Act 101. Short title This title may be cited as the Smarter Solutions for Students Act . 102. Student loan interest rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting , and before July 1, 2013 after 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7), the following: (8) Interest rate provision for new loans on or after July 1, 2013 (A) Rates for fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 2.5 percent, except that such rate shall not exceed 8.5 percent. (B) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for any Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to— (i) the high-yield 10-year Treasury notes auctioned at the final auction held prior to such June 1; plus (ii) 4.5 percent, except that such rate shall not exceed 10.5 percent. (C) Consolidation Loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. . 103. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress). II Improving Postsecondary Education Data for Students Act 201. Short title This title may be cited as the Improving Postsecondary Education Data for Students Act . 202. Study on improvements to postsecondary education transparency at the Federal level (a) Formation of Advisory Committee on Improving Postsecondary Education Data (1) In general Not later than 30 days after the date of enactment of this Act, the Secretary of Education shall convene the Advisory Committee on Improving Postsecondary Education Data (in this Act referred to as the Advisory Committee ), which shall be comprised of 15 members who represent economically, racially, and geographically diverse populations appointed by the Secretary in consultation with the Commissioner for Education Statistics, including— (A) individuals representing different sectors of institutions of higher education, including individuals representing undergraduate and graduate education; (B) experts in the field of higher education policy; (C) State officials; (D) students and other stakeholders from the higher education community; (E) representatives from the business community; (F) experts in choice in consumer markets; (G) privacy experts; (H) college and career counselors at secondary schools; (I) experts in data policy, collection, and use; and (J) experts in labor markets. (2) Chairperson The Secretary shall appoint the Chairperson of the Advisory Committee. (b) Study required The Advisory Committee shall conduct a study examining— (1) the types of information, including information related to costs of postsecondary education, sources of financial assistance (including Federal student loans), student outcomes, and postgraduation earnings, the Federal Government should collect and report on institutions of higher education to assist students and families in their search for an institution of higher education; (2) how such information should be collected and reported, including how to disaggregate information on student outcomes by subgroups of students, such as full-time students, part-time students, nontraditional students, first generation college students, students who are veterans, and Federal Pell Grant recipients under subpart 1 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070a ); and (3) the ways in which the Federal Government may make such information more readily available to— (A) students and their families in a format that is easily accessible and understandable, and will aid students and their families in making decisions; and (B) States, local governments, secondary schools, individual or groups of institutions of higher education, and private-sector entities. (c) Scope of study In conducting the study under this Act, the Advisory Committee shall, at a minimum, examine— (1) whether the current Federal transparency initiatives on postsecondary education— (A) are reporting consistent information about individual institutions of higher education across Federal agencies; and (B) are similar to transparency initiatives on postsecondary education carried out by States, individual or groups of institutions of higher education, or private-sector entities; (2) whether— (A) the collection and reporting of postgraduation earnings by the Federal Government is feasible, and if feasible, the options for collecting and reporting such information; (B) collecting and reporting such information would improve the use of Federal transparency initiatives and ease decisionmaking for students and their families; and (C) collecting and reporting such information would have an impact on student privacy, and if so, how such impact may be minimized; (3) whether any other information, including information relating to student outcomes or identified under the review required under subsection (d) , should be collected and reported by the Federal Government to improve the utility of such initiatives for students and their families, and if so, how such information may be collected and reported, including whether the information should be disaggregated by subgroups of students; (4) whether any information currently collected and reported by the Federal Government on institutions of higher education is not useful for students and their families and should not be so collected and reported; (5) the manner in which the information from Federal transparency initiatives is made available to students and their families, and whether format changes may help the information become more easily understood and widely utilized by students and their families; (6) any activities being carried out by the Federal Government, States, individual or groups of institutions of higher education, or private-sector entities to help inform students and their families of the availability of Federal transparency initiatives; (7) the cost to institutions of higher education of reporting to the Federal Government the information that is being collected and reported through Federal transparency initiatives, and how such cost may be minimized; and (8) the relevant research described in subsection (d) . (d) Review of relevant research In conducting the study under this Act, the Advisory Committee shall review and consider— (1) research and studies, if any, that have been conducted to determine questions most frequently asked by students and families to help inform their search for an institution of higher education; (2) the types of information students seek before enrolling in an institution of higher education; (3) whether the availability to students and their families of additional information on institutions of higher education will be beneficial or confusing; (4) results, if any, that are available from consumer testing of Federal, State, institution of higher education, and private-sector transparency initiatives on postsecondary education that have been made publicly available on or after the date that is 10 years before the date of enactment of this Act; and (5) any gaps in the research, studies, and results described in paragraphs (1) and (4) relating to the types of information students seek before enrolling in an institution of higher education. (e) Consultation (1) In general In conducting the study under this Act, the Advisory Committee shall— (A) hold public hearings to consult with parents and students; and (B) consult with a broad range of interested parties in higher education, including appropriate researchers, representatives of secondary schools (including college and career counselors) and institutions of higher education from different sectors of such institutions (including undergraduate and graduate education), State administrators, and Federal officials. (2) Consultation with the authorizing committees The Advisory Committee shall consult on a regular basis with the authorizing committees in conducting the study under this Act. (f) Reports to authorizing committees (1) Interim report Not later than 180 days after the date of enactment of this Act, the Advisory Committee shall prepare and submit to the authorizing committees and the Secretary an interim report describing the progress made in conducting the study under this Act and any preliminary findings on the topics identified under subsection (c) . (2) Final report (A) In general Not later than 1 year after the date of enactment of this Act, the Advisory Committee shall prepare and submit to the authorizing committees and the Secretary a final report on the study, including— (i) recommendations for legislative, regulatory, and administrative actions based on findings related to the topics identified under subsection (c) ; and (ii) a summary of the research described in subsection (d) . (B) Consultation with 0NCES The Advisory Committee shall consult with the Commissioner of Education Statistics prior to making recommendations under subparagraph (A)(i) with respect to improving the information being collected and reported by the Federal Government on institutions of higher education. (g) Availability of funds The amount necessary to conduct the study under this Act shall be made available from amounts available to the Secretary for administrative expenses of the Department of Education. (h) Definitions For purposes of this Act: (1) Authorizing committees The term authorizing committees has the meaning given the term in section 103 of the Higher Education Act of 1965 (20 U.S.C. 1003). (2) First generation college student The term first generation college student has the meaning given the term in section 402A(h) of the Higher Education Act of 1965 (20 U.S.C. 1070a–11(h)). (3) Institution of higher education The term institution of higher education has the meaning given the term in section 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1002 ), except that such term does not include institutions described in subsection (a)(1)(C) of such section 102. (4) Secondary school The term secondary school has the meaning given the term in section 9101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7801). (5) Secretary The term Secretary means the Secretary of Education. (6) State The term State has the meaning given the term in section 103 of the Higher Education Act of 1965 (20 U.S.C. 1003). (7) Student The term student includes— (A) a prospective student; (B) a student enrolled in an institution of higher education; (C) a nontraditional student (as defined in section 803(j)(2) of the Higher Education Act of 1965 (20 U.S.C. 1161c(j)(2))); and (D) a veteran (as defined in section 480(c)(1) of such Act ( 20 U.S.C. 1087vv(c)(1) )) who is a student or prospective student.

Passed the House of Representatives May 23, 2013. Karen L. Haas, Clerk.

July 18, 2013 Read the second time and placed on the calendar

tv_txt: IB One Hundred Thirteenth Congress of the United States of America At the First Session Begun and held at the City of Washington on Thursday, the third day of January, two thousand and thirteen H. R. 1911 AN ACT To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013, to direct the Secretary of Education to convene the Advisory Committee on Improving Postsecondary Education Data to conduct a study on improvements to postsecondary education transparency at the Federal level, and for other purposes.

1. Short title This Act may be cited as the Bipartisan Student Loan Certainty Act of 2013 . 2. Interest Rates (a) Interest Rates Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— (1) in paragraph (7)— (A) in the paragraph heading, by inserting and before July 1, 2013 after on or after july 1, 2006 ; (B) in subparagraph (A), by inserting and before July 1, 2013, after on or after July 1, 2006, ; (C) in subparagraph (B), by inserting and before July 1, 2013, after on or after July 1, 2006, ; and (D) in subparagraph (C), by inserting and before July 1, 2013, after on or after July 1, 2006, ; (2) by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively; and (3) by inserting after paragraph (7) the following: (8) Interest rate provisions for new loans on or after July 1, 2013 (A) Rates for undergraduate fdsl and fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 2.05 percent; or (ii) 8.25 percent. (B) Rates for graduate and professional fdusl Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Unsubsidized Stafford Loans issued to graduate or professional students, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 3.6 percent; or (ii) 9.5 percent. (C) PLUS Loans Notwithstanding the preceding paragraphs of this subsection, for Federal Direct PLUS Loans, for which the first disbursement is made on or after July 1, 2013, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 plus 4.6 percent; or (ii) 10.5 percent. (D) Consolidation loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. (E) Consultation The Secretary shall determine the applicable rate of interest under this paragraph after consultation with the Secretary of the Treasury and shall publish such rate in the Federal Register as soon as practicable after the date of determination. (F) Rate The applicable rate of interest determined under this paragraph for a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct PLUS Loan shall be fixed for the period of the loan. . (b) Effective Date The amendments made by subsection (a) shall take effect as if enacted on July 1, 2013. 3. Budgetary effects (a) Paygo scorecard The budgetary effects of 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. (b) Senate paygo scorecard The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress). 4. Study on the actual cost of administering the Federal student loan programs Not later than 120 days after the date of enactment of this Act, the Comptroller General of the United States shall— (1) complete a study that determines the actual cost to the Federal Government of carrying out the Federal student loan programs authorized under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ), which shall— (A) provide estimates relying on accurate information based on past, current, and projected data as to the appropriate index and mark-up rate for the Federal Government's cost of borrowing that would allow the Federal Government to effectively administer and cover the cost of the Federal student programs authorized under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) under the scoring rules outlined in the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq. ); (B) provide the information described in this section in a way that separates out administrative costs, interest rate, and other loan terms and conditions; and (C) set forth clear recommendations to the relevant authorizing committees of Congress as to how future legislation can incorporate the results of the study described in this section to allow for the administration of the Federal student loan programs authorized under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) without generating any additional revenue to the Federal Government except revenue that is needed to carry out such programs; and (2) prepare and submit a report to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and the Workforce of the House of Representatives setting forth the conclusions of the study described in this section in such a manner that the recommendations included in the report can inform future reauthorizations of the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq. ).

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.