Student Loan Refinancing and Recalculation Act
This bill amends the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs) in order to give a borrower a fixed interest rate equal to the 10-year Treasury note rate plus one percentage point.
In addition, the bill allows borrowers in medical or dental internship or residency programs to defer student loan payments until the completion of their programs.
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