To allow borrowers consolidating student loans to choose a variable or fixed interest rate, and for other purposes.
Last action on Apr 29, 2005Referred to the Subcommittee on 21st Century Competitiven...
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Summary
Amends the Higher Education Act of 1965 (HEA) to allow borrowers consolidating student loans to choose: (1) a variable or fixed interest rate; and (2) the loan consolidator.
Provides for the Federal Government's recapture of excess interest charged by lenders, under HEA provisions for special allowances for lenders of student loans.
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