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S. 2292, Bank on Students Emergency Loan Refinancing Act 1 (June 4, 2014)

handle is hein.congrec/cbo1724 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 June 4, 2014 Honorable Elizabeth Warren United States Senate Washington, DC 20510 Dear Senator: As you requested, CBO and the staff of the Joint Committee on Taxation (JCT) have analyzed S. 2292, the Bank on Students Emergency Loan Refinancing Act, as introduced on May 6, 2014. The bill would allow most individuals with student loans (both federal and private) to refinance those loans into new federal direct loans at interest rates specified in the bill. Additionally, the legislation would amend the Internal Revenue Code to impose a new minimum tax-called the Fair Share Tax-on certain high- income taxpayers. CBO and JCT estimate that enacting the bill would increase direct spending by about $51 billion over the 2015-2024 period and increase revenues by about $72 billion over the same period. On net, CBO and JCT estimate that enacting the bill would increase deficits over the 2015-2019 period by about $19 billion but reduce deficits over the 2015-2024 period by about $22 billion. (For this estimate, CBO assumes that S. 2292 will be enacted early in fiscal year 2015. As a result, there would be no budgetary effects in fiscal year 2014.) Details of the estimate are provided below and shown in the enclosed table. Student Loans Under S. 2292, eligible individuals could apply to have the Department of Education refinance outstanding federal student loans (direct or guaranteed) or private student loans (not federally guaranteed) that were incurred before July 1, 2013, at rates specified in the legislation. The Secretary of Education would have the authority to limit refinancing to individuals based on income levels and debt-to-income ratios that would be established by the Secretary.

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