S.768: Bank on Students Emergency Loan Refinancing Act
The Bank on Students Emergency Loan Refinancing Act (S.768) would amend title IV of the Higher Education Act to establish a program that allows eligible students with loans under the Federal Direct Loan program to refinance their loans down to the lower rates offered to new federal borrowers in and after the 2016-2017 school year under certain circumstances. The bill would also allow student borrowers to refinance their private loans into the Federal Direct Loan program.
To fund this program, the Internal Revenue Code would require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer’s adjusted gross income over the taxpayer’s modified charitable contribution deduction for the taxable year.
H.R. 1707 is the House companion billView Full Overview