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Bipartisan Student Loan Certainty Act of 2013: Difference between revisions

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{{Infobox United States federal proposed legislation
| name = Bipartisan Student Loan Certainty Act of 2013; Smarter Solutions for Students Act
| fullname = To amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.
| acronym =
| nickname =
| introduced in the = 113th
| sponsored by = [[John Kline (politician)|Rep. John Kline (R, MN-2)]]
| number of co-sponsors =
| public law url = 113-28
| cite public law =
| cite statutes at large =
| acts affected = [[Higher Education Act of 1965]]
| acts repealed =
| title affected =
| sections created =
| sections affected = {{USCSub|20|1087e|b}}
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| authorizationsofappropriations =
| appropriations =
| leghisturl = {{USBill|113|H.R.|1911}}
| introducedin = House
| introducedbill = {{USBill|113|hr|1911}}
| introducedby = [[John Kline (politician)|Rep. John Kline]] (R,[[Republican MN-2Party (United States)|R]] –[[Minnesota|MN]])
| introduceddate = May 9, 2013
| committees = [[United States House Committee on Education and the Workforce]], [[United States House Committee on the Budget]],
| passedbody1 = House
| passeddate1 = May 23, 2013
| passedvote1 = [http://clerk.house.gov/evs/2013/roll183.xml Roll Call Vote 183]: 221-198
| passedbody2 = Senate
| passedas2 = Bipartisan Student Loan Certainty Act of 2013
| passeddate2 = July 24, 2013
| passedvote2 = 81-18
| conferencedate =
| passedbody3 = House
| passeddate3 = July 31, 2013
| passedvote3 = 392-31
| agreedbody3 =
| agreeddate3 =
| agreedvote3 =
| agreedbody4 =
| agreeddate4 =
| agreedvote4 =
| passedbody4 =
| passeddate4 =
| passedvote4 =
| signedpresident = [[Barack Obama]]
| signeddate = August 9, 2013
| unsignedpresident =
| unsigneddate =
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| enacted by =
}}
 
The '''Bipartisan Student Loan Certainty Act of 2013''' was a bill signed into law by President [[Barack Obama]] on August 9, 2013,<ref>[httphttps://wwwobamawhitehouse.whitehousearchives.gov/photos-and-video/video/2013/08/14/win-students-signing-bipartisan-student-loan-certainty-act-2013/ Obama Signs | whitehouse.gov]</ref> which, after more than a month of contentious debate between both parties about higher education and how the government should distribute loans, sets federal student loan rates to financial markets on all DIRECT student loans disbursed on or after July 1, 2013. There are maximum rate caps for Undergrad, Graduate PLUS and Parent PLUS loans.<ref name=InterestRate/> [[Democratic Party (United States)|Democrats]] had originally planned to extend the low 3.4% rate for another 1–2 years but the bill, sponsored by Sen. [[Jack Reed (Rhode Island politician)|Jack Reed]] (D-RI), was filibustered. Republicans in the House created a market-based approach, and the two sides eventually reconciled, after Sen. [[Joe Manchin]] (D-WV) and Sen. [[Angus King]] (I-ME) broke away from the Democratic Caucus to side up with the Republican bill, to prevent undesired gridlock.<ref name=InterestRate>[http://studentaid.ed.gov/About/announcements/interest-rate/ Interest Rate | studentaid.ed.gov]</ref>
 
== Market-Based Federal Student Loan Rates ==
The new loan rates apply only to Direct Undergraduate (subsidized and unsubsidized) Loans, Direct Graduate [[PLUS Loan]]s and Direct Parent PLUS Loans. The rates are based on the [[10-year T-Bill]] plus fixed rates for each loan type: 2.05% for undergraduate students, 3.6% for graduate students and 4.6% for parent loans.<ref name="gladvisor.com">[http://www.gladvisor.com/bipartisan-student-loan-certainty-act-of-2013.aspx/ Bipartisan Student Loan Certainty Act | gladvisor.com]</ref>
 
== Student Loan Maximum Limits ==
Maximum limits for Direct undergraduate, Direct gradate and Direct Parent Plus are set respectively at 8.5%, 9.5%, 10.5%.<ref name="gladvisor.com"/>
 
==References==
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==External links==
*[http://studentaid.ed.gov/About/announcements/interest-rate/ Student Aid]
*[httphttps://wwwobamawhitehouse.whitehousearchives.gov/photos-and-video/video/2013/08/14/win-students-signing-bipartisan-student-loan-certainty-act-2013/ White House]
 
[[Category:EducationStudent financeloans in the United States]]
[[Category:Acts of the 113th United States Congress]]
Retrieved from "https://en.wikipedia.org/wiki/Bipartisan_Student_Loan_Certainty_Act_of_2013"