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H.R. 1911, Bipartisan Student Loan Certainty Act of 2013 [i] (July 22, 2013)

handle is hein.congrec/cbo11222 and id is 1 raw text is: CBO Estimate of the Budgetary Effects of the Bipartisan Student Loan Certainty Act of 2013a,b Draft Legislation for a Senate Proposal Provided to CBO on July 18, 2013 [BOM13458] (Millions of dollars, by fiscal year) 2013- 20: 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2018 2( CHANGES IN DIRECT SPENDING Estimated Budget Authority 14,290 14,400 6,940 785 -4,130 -6,035 -6,180 -5,910 -5,705 -5,560 -5,375 26,250 -2,4 Estimated Outlays 8,080 12,670 8,465 2,600 -2,100 -4,740 -5,430 -5,325 -5,125 -4,980 -4,830 24,975 - Source: Congressional Budget Office (CBO). Notes: Components may not sum to totals because of rounding. Estimates are relative to CBO's May 2013 baseline. a. The draft legislation would amend the Higher Education Act to change the interest rate on all new subsidized, unsubsidized, gradPLUS, and parent loans made on or after July 2013. All interest rates would be a fixed rate set for the academic year during which the loan is made and it would be based on the 10-year Treasury rate. The interest rate fo subsidized loans and unsubsidized loans to undergraduate students would be the 10-year Treasury rate plus 2.05 percentage points, but capped at 8.25 percent; the interest f unsubsidized loans to graduate students would be the 10-year Treasury rate plus 3.60 percentage points, but capped at 9.50 percent; and the interest rate for gradPLUS and parent loans would be the 10-year rate plus 4.60 percentage points, but capped at 10.50 percent. In addition, the interest rate on consolidation loans would not be capped. Under current law, subsidized and unsubsidized student loans have a fixed rate of 6.80 percent and gradPLUS and parent loans have a fixed rate of 7.90 percent and the intere rates on consolidation loans is the lesser of weighted average rates on the loans consolidated rounded, upward to the nearest one-eighth or 8.25 percent, which ever is lower b. Assuming the availability of appropriated funds, implementing the bill would have discretionary costs for the Government Accountability Office to conduct a study on the cost administering the federal student loan programs. 13- )23 180 715 ir :or ?st of July 22, 2013

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