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.

Full Bill Text

Full Bill Text