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S Amdt 2153 - Prohibits Increase in Interest Rates for Student Loans (Lamar Bill) - National Key Vote

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Title: Prohibits Increase in Interest Rates for Student Loans (Lamar Bill)

Vote Smart's Synopsis:

Vote to adopt an amendment to S 2343 that extends current interest rates for undergraduate student loans until July 1, 2013.

Highlights:

  • Extends the following interest rates for undergraduate Federal Direct Stafford Loans from July 1, 2012 to July 1, 2013 (Sec. 2):
    • 6.8 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2006 but before July 1, 2008;
    • 6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2008 but before July 1, 2009;
    • 5.6 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2009 but before July 1, 2010;
    • 4.5 percent on the unpaid principal balance of the loan if the first disbursement was made on or after July 1, 2010 but before July 1, 2011; and
    • 3.4 percent on the unpaid principal balance of the loan if the first disbursement was made on or after  July 1, 2011 but before July 1, 2013.
  • Repeals the Prevention and Public Health Fund established by the Patient Protection and Affordable Care Act and rescinds all unspent funds appropriated to the Prevention and Public Health Fund (Sec. 3).

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

Full Bill Text

Title: Prohibits Increase in Interest Rates for Student Loans (Lamar Bill)

Full Bill Text

NOTE: THIS IS A SUBSTITUTE AMENDMENT, WHICH REPLACES THE ENTIRE TEXT OF THE LEGISLATION WITH A NEW TEXT. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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