If It's Good Enough For the Banks, It's Good Enough For Students Act

If It's Good Enough For the Banks, It's Good Enough For Students Act

This bill establishes a program that allows qualified borrowers to refinance their Federal Direct Loans down to the lower interest rates offered to banks by the Federal Reserve System (i.e., through the discount window). The refinanced interest rate is fixed for the period of the loan.

The bill also directs the Department of Education and the Consumer Financial Protection Bureau to carry out a campaign to notify qualified borrowers who are not in default on their loans that they are eligible to apply for refinancing under the program within a two-year period.