S. 1873: Protect Student Borrowers Act of 2013
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S. 1873: Protect Student Borrowers Act of 2013
113th Congress · introduced 2013-12-19 · 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 2013-12-19 · official record
- Who proposed it: Sen. Reed, Jack [D-RI] · 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
Protect Student Borrowers Act of 2013
Plain summary
Protect Student Borrowers Act of 2013 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) participating in the William D. Ford Federal Direct Loan program to accept specified risk-sharing requirements. Requires an IHE, for any fiscal year in which at least 25% of the IHE's student body is participating in the Direct Loan program, to remit, at such times as the Secretary of Education specifies, a risk-sharing payment set at: 20% of the total amount of its defaulted Direct loans if its cohort default rate is 30% or higher, 15% of the total amount of its defaulted Direct loans if its cohort default rate is lower than 30% but not lower than 25%, 10% of the total amount of its defaulted Direct loans if its cohort default rate is lower than 25% but not lower than 20%, and 5% of the total amount of its defaulted Direct loans if its cohort default rate is lower than 20% but not lower than 15%. Directs the Secretary to make specified modifications to such risk-sharing requirements if an IHE develops and implements a student loan management plan that is approved by the Secretary. Requires that plan to include individualized financial aid counseling for students and strategies to minimize student loan default and delinquency. Allows the Secretary to waive or reduce an IHE's risk-sharing payments in certain other instances. Prohibits IHEs from denying admission or financial aid to a student based on a perception that the student may be at risk for defaulting on a Direct loan. Authorizes the Secretary to enter into contracts or cooperative agreements for: (1) statewide or institutionally-based programs for the prevention of federal student loan delinquency and default at IHEs that have a high cohort default rate or serve large numbers or percentages of students who have a higher risk of defaulting on student loans under title IV, and (2) increasing the number of borrowers who successfully rehabilitate defaulted loans Establishes a separate account in the Treasury for the deposit of the risk-sharing payments, of which: (1) up to 50% are to be used by the Secretary to enter into the contracts or cooperative agreements for delinquency and default prevention or rehabilitation, and (2) the remainder are to be used to offset any future shortfalls in funding under the Federal Pell Grant program. Makes an IHE's ability to meet its obligation to make risk-sharing payments part of the determination of its eligibility to participate in title IV programs.
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
Protect Student Borrowers 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. Reed, Jack [D-RI] · 3 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Richard J. Durbin (D-IL), Elizabeth Warren (D-MA), Christopher Murphy (D-CT)
Sponsor's campaign money: Sen. Reed, Jack [D-RI] reported raising $3.7 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.
Words on this page, explained (2)
- Fiscal year
- The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
- 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-113s1873.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>
Record fed-us-cong113-s1873 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113