Sec. 4. Capping interest rates for all Federal Direct loans
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Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended— by redesignating paragraphs
(9)and
(10)as paragraphs
(10)and (11), respectively; and by inserting after paragraph
(8)the following: Notwithstanding any other provision of this Act, with respect to a loan under this part for which the first disbursement of principal is made (or in the case of a Federal Direct Consolidation Loan, for which the application is received) on or after October 1, 2018, or the date of enactment of the Student Loan Fairness Act , whichever is later, the applicable rate of interest shall not exceed 3.4 percent. .
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Sec. 4
Capping interest rates for all Federal Direct loans
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