S. 2343: Stop the Student Loan Interest Rate Hike Act of2012

112th Congress · introduced 2012-04-24 · Education · Latest: Returned to the Calendar. Calendar No. 365.

federal

Follow this bill, step by step

Where it came from: introduced 2012-04-24 · official record
Who proposed it: Sen. Reid, Harry [D-NV] · what a sponsor is
What happened next: 3 recorded votes in our records. Latest: Senate vote 112 (2012): On the Amendment, S2343 (2012-05-24), Amendment Rejected. See all
Where it stands now: Returned to the Calendar. Calendar No. 365. 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

Stop the Student Loan Interest Rate Hike Act of2012

Plain summary

Stop the Student Loan Interest Rate Hike Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to make the 3.4% interest rate on Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2012, applicable to Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2013. Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require certain shareholders of a subchapter S corporation engaged as a partner in a professional service business to include income or loss attributable to such business in their net earnings from self-employment for employment tax purposes. Restricts such tax treatment to shareholders whose modified adjusted gross income exceeds a specified amount that varies based on their tax filing status. Defines a "professional service business" as any trade or business providing services in the fields of health, law, lobbying, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, investment advice or management, or brokerage services.

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

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Stop the Student Loan Interest Rate Hike Act of2012

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Sen. Reid, Harry [D-NV] · 22 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jack Reed (D-RI), Richard J. Durbin (D-IL), Patty Murray (D-WA), Kirsten E. Gillibrand (D-NY), Bernard Sanders (I-VT), Sheldon Whitehouse (D-RI), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Charles E. Schumer (D-NY)

Recorded votes

Senate vote 89 (2012): On Cloture on the Motion to Proceed, S2343 (2012-05-08): Cloture on the Motion to Proceed Rejected
Senate vote 112 (2012): On the Amendment, S2343 (2012-05-24): Amendment Rejected
Senate vote 113 (2012): On Passage of the Bill, S2343 (2012-05-24): Bill Defeated

Words on this page, explained (1)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.

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-112s2343.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s2343 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112