1. Short title This Act may be cited as the Federal Student Loan Refinancing Act . 2. Student loan consolidation Section 459B of the Higher Education Act of 1965 ( 20 U.S.C. 1087i–2 ) is amended— (1) in subsection (a)(3), by striking section and inserting subsection ; (2) in subsection (b), by striking this section and inserting subsection (a) each place the term appears; and (3) by inserting at the end the following: (c) Temporary Loan Consolidation Authority for certain loans made after July 1, 2006 (1) Loan consolidation authority (A) In General A borrower who has 1 or more loans in a category described in subparagraph (B) may consolidate all of the loans of the borrower that are described in subparagraph (B) into a Federal Direct Consolidation Loan during the period described in subparagraph (C). (B) Categories of loans that may be consolidated The categories of loans that may be consolidated under subparagraph (A) are loans made on or after July 1, 2006, that are— (i) loans made under this part; (ii) loans purchased by the Secretary pursuant to section 459A; and (iii) loans made under part B that are held by an eligible lender, as such term is defined in section 435(d). (C) Time period in which loans may be consolidated (i) Federal Direct Loans In the case of a borrower who has 1 or more loans described under subparagraph (B)(i), the Secretary shall— (I) consolidate the loans described under subparagraph (B)(i) not later than 90 days after the date of enactment of the Federal Student Loan Refinancing Act ; and (II) notify the borrower, in writing, prior to such consolidation that— (aa) the borrower's loans under this part have been consolidated at a lower interest rate