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senate Bill S. 953

Student Loan Affordability Act

bill Progress

  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
    IntroducedMay 14th, 2013

Bill Details

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Student Loan Affordability Act

Official Title

A bill to amend the Higher Education Act of 1965 to extend the reduced interest rate for undergraduate Federal Direct Stafford Loans, to modify required distribution rules for pension plans, to limit earnings stripping by expatriated entities, to provide for modifications related to the Oil Spill Liability Trust Fund, and for other purposes.


Student Loan Affordability Act - Amends the Higher Education Act of 1965 to extend until June 30, 2015, existing interest rates for loans made to undergraduate students under the Federal Direct Stafford Loan program. Amends the Internal Revenue Code to modify rules for required distributions from tax-exempt pension plans to an employee who dies before such employee's entire interest is distributed to require such interest to be distributed within five years after the death of such employee, subject to exceptions for an eligible designated beneficiary and surviving spouse of such employee. Defines "eligible designated beneficiary" to include a disabled or chronically-ill individual. Exempts from such modification a binding annuity contract in effect on the enactment date of this Act. Amends the Internal Revenue Code to: (1) limit the deductibility of interest payments made by a corporation which is an expatriated entity to a related person; (2) expand the definition of "crude oil" for purposes of the excise tax on petroleum to include crude oil condensates, natural gasoline, any bitumen or bituminous mixture, and any oil derived from a bitumen or bituminous mixture; (3) eliminate the requirement that such crude oil be produced in a well located in the United States; and (4) make permanent the Oil Spill Liability Trust Fund financing rate. Exempts the budgetary effects of this Act from the requirements of specified PAYGO scorecards.

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