Miller's plan to halve the interest rate on student loans would apply only to the subsidized loans, which last year accounted for 5.7 million of the program's loans. Officials estimate that a move to reduce the interest rate to 3.4 percent would cost $18 billion over five years.

The trust collateral of approximately $1.2 billion consists entirely of FFELP consolidation loans authorized for origination under the Higher Education Act of 1965 and all subsequent amendments. The loans are guaranteed to at least 97% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and are reinsured by the U.S. Department of Education up to the same amounts. JPMorgan Chase Bank, National Association ('JPMorgan Chase Bank') will act as master servicer and CFS-Suntech Servicing LLC ('CFS-SunTech') will act as subservicer for the loan portfolio. CFS-SunTech is a wholly owned indirect subsidiary of JPMorgan Chase Bank.

Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.