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89
HOUSE BILL
SENATE BILL
COMMENTS
1
(1) in subparagraph (A), by striking "or
2
(C)";
3
(B) by amending subparagraph (B) to read
4
as follows:
5
"(B) A consolidation loan made on or after
61. The Senate bill, but not the House bill, changes the
6
October 1, 1993, shall bear interest on the un-
interest rate for consolidation loans to the 91-day t-bill plus
7
3.1 percent, with a maximum of 9 percent.
paid principal balance of the loan, during any
8
12-month period beginning on July 1 and end-
9
ing on June 30, determined on the preceding
10
June 1, which interest shall be equal to-
11
"(i) the bond equivalent rate of 91-
12
day Treasury bills auctioned at the final
13
auction held prior to such June 1; plus
14
"(ii) 3.10 percent,
15
except that such rate shall not exceed 9 per-
16
cent."; and
17
(C) by striking subparagraph (C); and
18
(2) by adding at the end the following new sub-
19
section:
20
"(f) INTEREST PAYMENT REBATE FEE.-
62. The Senate bill, but not the House bill, requires holders
21
"(1) IN GENERAL-Each holder of a consolida-
of consolidation loans to pay the Secretary an annual rebate
fee (calculated and paid on a monthly basis) of 0.7 percent of
22
tion loan under this section shall pay to the Sec-
the principal plus accrued interest on the consolidation loan.
23
retary, on a monthly basis and in such manner as
24
the Secretary shall prescribe, a rebate fee calculated
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