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This bill would change the interest rates for students borrowing through the William D. Ford Federal Direct Loan program.

Student loan borrowers would be authorized to modify the interest rate on their loans, meaning that the loans would now carry the interest rate that they would have had if they were first disbursed at the time of modification.

This would allow borrowers to reduce their debt burden by lowering the amount of interest that accumulates, and also would likely reduce their monthly payments.

The new interest rate would be fixed for the life of the loan — unless the borrower chooses to change the rate, and they can do so at any time.

","official_title":"To authorize borrowers of loans under the William D. Ford Federal Direct Loan Program to modify the interest rate of such loans to be equal to the interest rate for such loans at the time of modification.","short_title":"Student Loan Refinancing Act","popular_title":null,"short_summary":"Student Loan Refinancing Act\n\nAmends title IV (Student Assistance) of the Higher Education Act of 1965 to allow a borrower of a loan under the William D. Ford Federal Direct Loan program to modify the interest rate on such a loan so that its interest rate is equal to the interest rate it would bear if first disbursed at the time of modification.\n\nFixes that interest rate for the life of the loan, unless the borrower elects to modify it again.","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable. ","impact":"People who have borrowed student loans through the William D. 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Should College Students Be Able To Refinance Their Loans?