Student Loan Fairness Consolidation Act of 2005 - Amends the Higher Education Act of 1965 to revise student aid requirements for Federal consolidation loans under the Federal Family Education Loan program, and establish parallel requirements under a Federal Direct Consolidation Loan program, to: (1) allow borrowers to refinance existing consolidation loans (except those for repaying Federal PLUS loans to parents of students); and (2) make available variable interest rate consolidation loans (but, again, not for PLUS loans).
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