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S. 953: Student Loan Affordability Act

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S. 953: Student Loan Affordability Act

113th Congress · introduced 2013-05-14 · Taxation · Latest: Cloture on the motion to proceed to measure not invoked in Senate by Yea-Nay Vote. 51 - 46. Record Vote Number: 143. (consideration: CR S3977-3978)

federal

Follow this bill, step by step

  1. Where it came from: introduced 2013-05-14 · official record
  2. Who proposed it: Sen. Reed, Jack [D-RI] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: Senate vote 143 (2013): On the Cloture Motion, S953 (2013-06-06), Cloture Motion Rejected. See all
  4. Where it stands now: Cloture on the motion to proceed to measure not invoked in Senate by Yea-Nay Vote. 51 - 46. Record Vote Number: 143. (consideration: CR S3977-3978) 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

Student Loan Affordability Act

Plain summary

Student Loan Affordability Act - Amends the Higher Education Act of 1965 to extend until June 30, 2015, existing interest rates for loans made to undergraduate students under the Federal Direct Stafford Loan program. Amends the Internal Revenue Code to modify rules for required distributions from tax-exempt pension plans to an employee who dies before such employee's entire interest is distributed to require such interest to be distributed within five years after the death of such employee, subject to exceptions for an eligible designated beneficiary and surviving spouse of such employee. Defines "eligible designated beneficiary" to include a disabled or chronically-ill individual. Exempts from such modification a binding annuity contract in effect on the enactment date of this Act. Amends the Internal Revenue Code to: (1) limit the deductibility of interest payments made by a corporation which is an expatriated entity to a related person; (2) expand the definition of "crude oil" for purposes of the excise tax on petroleum to include crude oil condensates, natural gasoline, any bitumen or bituminous mixture, and any oil derived from a bitumen or bituminous mixture; (3) eliminate the requirement that such crude oil be produced in a well located in the United States; and (4) make permanent the Oil Spill Liability Trust Fund financing rate. Exempts the budgetary effects of this Act from the requirements of specified PAYGO scorecards.

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

Student Loan Affordability Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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

Officials and money

Sponsor: Sen. Reed, Jack [D-RI] · 28 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Patty Murray (D-WA), Tammy Baldwin (D-WI), Charles E. Schumer (D-NY), Christopher Murphy (D-CT), Richard J. Durbin (D-IL), Kirsten E. Gillibrand (D-NY), Sheldon Whitehouse (D-RI), Tim Kaine (D-VA), Elizabeth Warren (D-MA), Amy Klobuchar (D-MN), Brian Schatz (D-HI), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Martin Heinrich (D-NM), Ron Wyden (D-OR), Bernard Sanders (I-VT)

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.

Recorded votes

Words on this page, explained (1)
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong113-s953 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113