Coronavirus Emergency Student Loan Refinancing Act
Latest action. Referred to the House Committee on Education and Labor.
Coronavirus Emergency Student Loan Refinancing Act
This bill establishes refinancing programs for federal and private student loans.
Specifically, the bill establishes a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. Such refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.
In addition, the bill creates the Federal Direct Refinanced Private Loan as a new type of loan. Such loans allow qualified borrowers to refinance their private education loans.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on March 26, 2020. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on March 26, 2020: Referred to the House Committee on Education and Labor.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 116th Congress (2019-20), 344 of the 14,345 bills and joint resolutions introduced became law, about 2.4 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Joe Courtney (D-CT) introduced it on March 26, 2020, and 60 members have since signed on as cosponsors.
They are 60 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 26, 2020, 2359 days ago. The most recent recorded action was 2359 days ago, on March 26, 2020.
Measures do not carry over. Anything the 116th Congress has not finished by January 3, 2021 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers