S. 1541: Private Student Loan Debt Swap Act of 2009
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S. 1541: Private Student Loan Debt Swap Act of 2009
111th Congress · introduced 2009-07-30 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
federal
Follow this bill, step by step
- Where it came from: introduced 2009-07-30 · official record
- Who proposed it: Sen. Brown, Sherrod [D-OH] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. 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.
Official title
Private Student Loan Debt Swap Act of 2009
Plain summary
Private Student Loan Debt Swap Act of 2009 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to implement a Private Education Loan Debt Swap program. Requires the Secretary, under such program, to refinance the private education loans of certain borrowers who: (1) after July 1, 1994, were eligible for unsubsidized Stafford Loans under the Federal Family Education Loan (FFEL) program, or, after July 1, 2006, were eligible for FFEL PLUS Loans for graduate or professional education; (2) are not in default on a loan made, insured, or guaranteed under title IV; and (3) have made at least two consecutive payments on the private education loan to be refinanced and are not more than 90 days delinquent on such loan. Makes the program applicable only to private education loans incurred after July 1, 1994, and before July 1, 2010, which were used for the cost of enrolling at institutions of higher education eligible to participate in title IV programs. Sets the interest rate on such refinanced loans at the rate applicable to: (1) unsubsidized Stafford loans, for borrowers who were eligible for such loans; and (2) Federal Direct PLUS loans, for borrowers who were eligible for those loans. Gives refinanced loans the same repayment terms, conditions, and benefits as Consolidation Loans under the Direct Loan program. Directs the Secretary carry out a national awareness campaign on the availability and benefits of refinancing private education loans under this program.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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Official text
Private Student Loan Debt Swap Act of 2009
Source: Congressional Research Service summary (Introduced in Senate)
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Officials and money
Sponsor: Sen. Brown, Sherrod [D-OH] · 0 cosponsors
Cost estimate: No cost estimate published yet.
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.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s1541.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>
Record fed-us-cong111-s1541 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111