S. 1266: Refinancing Education Funding to Invest (REFI) for the Future Act of 2013

113th Congress · introduced 2013-06-27 · 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 2013-06-27 · 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.

What does this mean?

Official title

Refinancing Education Funding to Invest (REFI) for the Future Act of 2013

Plain summary

Refinancing Education Funding to Invest (REFI) for the Future Act of 2013 - Directs the Secretary of the Treasury, upon determining that borrowers are unable to secure adequate credit accommodations with existing private education loans, to establish credit facilities to: (1) accommodate reasonable loan adjustments that reduce the likelihood that borrowers become delinquent or default on their loans, (2) benefit borrowers that are most likely to have private student debt service obligations that represent a disproportionate share of their income, and (3) ensure that borrowers pay lower interest rates that are commensurate with credit risk so that they can pursue more economically productive activities. Requires the decision that borrowers are unable to secure adequate credit accommodations to be made by the Secretary jointly with the Secretary of Education and the Bureau of Consumer Financial Protection (CFPB). Prohibits the establishment of such credit mechanisms from resulting in any net cost to the federal government. Directs the Secretary of the Treasury to conduct a national awareness campaign to alert all private education loan borrowers who may benefit from those credit facilities or programs. Terminates any activities initiated through such a credit facility three years after such facility is established or not later than five years after this Act's enactment. Expresses the sense of the Congress that federal financial institutions and federally chartered private entities should consider the timely use of their available authorities to assist borrowers of private education loans in refinancing such loans in a manner that results in no increased costs to taxpayers.

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

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What does this mean? (plain words)

Official text

Refinancing Education Funding to Invest (REFI) for the Future Act of 2013

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. Brown, Sherrod [D-OH] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Patty Murray (D-WA), Kirsten E. Gillibrand (D-NY)

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 (1)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

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-113s1266.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s1266 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113