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S. 1066: Federal Student Loan Refinancing Act

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S. 1066: Federal Student Loan Refinancing Act

113th Congress · introduced 2013-05-23 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2013-05-23 · official record
  2. Who proposed it: Sen. Gillibrand, Kirsten E. [D-NY] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. 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.
  5. 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

Federal Student Loan Refinancing Act

Plain summary

Federal Student Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans. Directs the Secretary of Education to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this Act's enactment. Gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to the Secretary if they wish to consolidate their loans. Sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation. Adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated. Reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender. Prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.

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

Federal Student Loan Refinancing Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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

Officials and money

Sponsor: Sen. Gillibrand, Kirsten E. [D-NY] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Cory A. Booker (D-NJ), Brian Schatz (D-HI)

Sponsor's campaign money: Sen. Gillibrand, Kirsten E. [D-NY] reported raising $3.5 million (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.

Sources

Record fed-us-cong113-s1066 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113