S. 2573: Reverse the Raid on Student Aid Act of 2006

109th Congress · introduced 2006-04-06 · Education · Latest: Sponsor introductory remarks on measure. (CR S6552-6553)

federal

Follow this bill, step by step

Where it came from: introduced 2006-04-06 · official record
Who proposed it: Sen. Durbin, Richard J. [D-IL] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR S6552-6553) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Reverse the Raid on Student Aid Act of 2006

Plain summary

Reverse the Raid on Student Aid Act of 2006 - Amends the Higher Education Act of 1965 to cut student loan interest rates to 3.4% for student borrowers and 4.25% for parent borrowers under the Federal Family Education Loan (FFEL) and William D. Ford Direct Loan programs for loans whose first disbursement is made on or after July 1, 2006. Maintains the current 6.8% interest rate, however, for unsubsidized Stafford loans for middle-income borrowers under such programs. Authorizes and appropriates the funds necessary to award eligible students with Pell Grants up to specified maximum increasing amounts from academic year 2007 to 2012, with increases thereafter gauged to the Consumer Price Index. Allows students to consolidate loans under the FFEL program while still in school. Sets limits on funds available for administrative expenses under the FFEL and Direct Loan programs for FY2007-2012. Eliminates the current FY2007-2011 authorization of appropriations for the administrative costs of such programs. Repeals the single holder rule which requires borrowers to apply to their current lenders for FFEL consolidation loans.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Reverse the Raid on Student Aid Act of 2006

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Durbin, Richard J. [D-IL] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Durbin, Richard J. [D-IL] reported raising $84,084 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109s2573.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/s>

Record fed-us-cong109-s2573 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109