Zero-Percent Student Loan Refinancing Act
Summary
Zero-Percent Student Loan Refinancing Act This bill establishes temporary refinancing programs for federal and private student loans. Specifically, the bill establishes a program through which the Department of Education (ED) must make interest-free refinancing loans to borrowers of federal student loans from August 1, 2022, through December 31, 2025. The bill requires ED to automatically refinance Federal Direct Loans and notify each borrower of the refinancing. Borrowers who have other types of eligible loans (i.e., Federal Family Education Loans, Federal Perkins Loans, and certain health profession and nursing loans) must apply for refinancing. The bill also creates the Federal Direct Refinanced Private Loan to allow certain borrowers to refinance their private student loans. Borrowers must apply for refinancing between August 1, 2022, and December 31, 2025.
Bill status
in committee
1 of 4 stages cleared
Introduction
May 2022
Committee Review
Floor Vote
President
Introduced May 26, 2022
Last action May 26, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
May 26, 2022
Committee
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
upper
May 26, 2022
Introduced
Introduced in Senate
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Sheldon Whitehouse
DDemocratic
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