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S Amdt 1778 - Limits Interest Rates for Certain Federal Student Loans - National Key Vote

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Title: Limits Interest Rates for Certain Federal Student Loans

Vote Smart's Synopsis:

Vote to adopt an amendment to S Amdt 1773 to HR 1911 that limits interest rates for certain federal student loans.

Highlights:

  • Limits the interest rate for Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans issued to undergraduate students to the lesser of the following:
    • 6.8 percent; or
    • A rate equal to the high yield of the 10 year Treasury note auctioned prior to June plus 2.05 percent.
  • Limits the interest rate for Federal Direct Unsubsidized Loans issued to graduate or professional students to the lesser of the following:
    • 6.8 percent; or
    • A rate equal to the high yield of the 10 year Treasury note auctioned prior to June plus 3.6 percent.
  • Limits the interest rate for Federal Direct PLUS loans to the lesser of the following:
    • 7.9 percent; or
    • A rate equal to the high yield of the 10 year Treasury note auctioned prior to June plus 4.6 percent.
  • Establishes a 0.55 percent tax on any amount of modified adjusted gross income of an individual taxpayer that exceeds $1 million.

NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.

Title: Limits Interest Rates for Certain Federal Student Loans

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