This legislation would remove the current restrictions on refinancing and allow anyone with a subsidized or unsubsidized federal Stafford loan, or a federal direct PLUS loan, to refinance their student loans whenever borrowing rates are reduced. These loan programs are administered by the U.S. Department of Education. At present, refinancing is only available from private lenders.
: Rep. Mark Pocan (D-Wis.-2) introduced H.R. 649
on Feb. 2, 2015, and it was referred to the House Committee on Education and the Workforce. On April 29, 2015, the bill was referred to the Subcommittee on Higher Education and Workforce Training.