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SECTION 1. PRIVATE EDUCATION LOAN REFINANCING.

Title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et
seq.) is amended by adding at the end the following:

''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 provisions 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 section, the term
'private education loan' has the meaning given the term
'qualified education loan' in section 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 requirements:
''(1) The individual is participating in a residency
program, approved by the Accreditation Council 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 refinance a private
education loan in accordance with this section for an
individual who is eligible for private education loan
refinancing pursuant to subsection (b). Such refinancing loans
shall have the same terms and conditions as a Federal Direct
Consolidation Loan, except as provided in paragraphs (4) and
(5).
''(2) Types of loans eligible to be refinanced.--A private
education loan is eligible to be refinanced under this section
if the loan was incurred 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 eligible
for loan consolidation under this title;
''(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 section.
''(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 Secretary shall report to
Congress annually on the volume and repayment status of private
education loans refinanced under this section.''.
Output:
Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to refinance the private education loans of individuals who are participating in a residency program in: (1) family medicine; (2) obstetrics/gynecology; (3) general internal medicine; (4) gerontology; (5) general pediatrics; or (6) general psychiatry.

Sets the interest rate on the refinanced loans at 8.25%.

Requires the refinanced loans to have the same terms and conditions as a Direct Consolidation Loan, except they are made ineligible for: (1) consolidation with another loan eligible for consolidation under title IV; (2) income-based repayment terms under title IV; or (3) any loan forgiveness or cancellation under title IV or the Public Health Service Act, except in the case of death or permanent and total disability.