Bipartisan Student Loan Certainty Act of 2013

The Bipartisan Student Loan Certainty Act of 2013 was a bill signed into law by President Barack Obama on August 9, 2013,[1] which, after more than a month of contentious debate between both parties about higher education and how the government should distribute loans, sets federal student loan rates to financial markets on all DIRECT student loans disbursed on or after July 1, 2013. There are maximum rate caps for Undergrad, Graduate PLUS and Parent PLUS loans.[2] Democrats had originally planned to extend the low 3.4% rate for another 1–2 years but the bill, sponsored by Sen. Jack Reed (D-RI), was filibustered. Republicans in the House created a market-based approach, and the two sides eventually reconciled, after Sen. Joe Manchin (D-WV) and Sen. Angus King (I-ME) broke away from the Democratic Caucus to side up with the Republican bill, to prevent undesired gridlock.[2]

Bipartisan Student Loan Certainty Act of 2013; Smarter Solutions for Students Act
Full titleTo amend the Higher Education Act of 1965 to establish interest rates for new loans made on or after July 1, 2013.
Introduced in113th United States Congress
Introduced onMay 9, 2013
Sponsored byRep. John Kline (R, MN-2)
Effects and codifications
Act(s) affectedHigher Education Act of 1965
U.S.C. section(s) affected20 U.S.C. § 1087e(b)
[H.R. 1911 Legislative history]
  • Introduced in the House as H.R. 1911 by Rep. John Kline (R, MN-2) on May 9, 2013
  • Committee consideration by: United States House Committee on Education and the Workforce, United States House Committee on the Budget,
  • Passed the House on May 23, 2013 (Roll Call Vote 183: 221-198)
  • Passed the Senate as the Bipartisan Student Loan Certainty Act of 2013 on July 24, 2013 (81-18)
  • Reported by the joint conference committee on ; agreed to by the House on July 31, 2013 (392-31) and by the on ()
  • Signed into law by President Barack Obama on August 9, 2013

References
  1. Obama Signs | whitehouse.gov
  2. Interest Rate | studentaid.ed.gov
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