Vote Smart's Synopsis:

Vote to pass a bill that extends current interest rates for undergraduate student loans until July 1, 2013.

Highlights:

• Extends the following interest rates for Federal Direct Stafford Loans made to undergraduates from July 1, 2012 to July 1, 2013 (Sec. 2):
• 6.8 percent on the unpaid principal balance of the loan if the first disbursement is made on or after July 1, 2006 but before July 1, 2008;
• 6 percent on the unpaid principal balance of the loan if the first disbursement is made on or after July 1, 2008 but before July 1, 2009;
• 5.6 percent on the unpaid principal balance of the loan if the first disbursement is made on or after July 1, 2009 but before July 1, 2010;
• 4.5 percent on the unpaid principal balance of the loan if the first disbursement is made on or after July 1, 2010 but before July 1, 2011; and
• 3.4 percent on the unpaid principal balance of the loan if the first disbursement is made on or after July 1, 2011 but before July 1, 2012.

• Repeals the Prevention and Public Health Fund established by the Patient Protection and Affordable Care Act and rescinds all unspent funds appropriated to the Prevention and Public Health Fund (Sec. 3).

Full Bill Text

Full Bill Text