1. Short title This Act may be cited as the Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Act of 2017 . 2. Refinancing program (a) Program authority Part C of title I of the Higher Education Act of 1965 is amended by adding at the end the following: 138A. Refinancing certain Federal student loans (a) In general To enable State, private and nonprofit lenders to make loans at lower market-based variable interest rates to all eligible borrowers for the purpose of refinancing existing student loan debt incurred pursuant to parts B, D, and E, of title IV, there are hereby made available, in accordance with the provisions of this title and title IV, such sums as may be necessary to insure a portion of each loan, as set forth in this part, and to otherwise make payments consistent with the terms in this part. (b) Discrimination by creditors prohibited No agency, organization, institution, bank, credit union, corporation, or other lender who regularly extends, renews, or continues credit or provides insurance under this part shall exclude from receipt or deny the benefits of, or discriminate against any borrower or applicant in obtaining, such credit or insurance on the basis of race, national origin, religion, sex, marital status, age, or handicapped status. (c) Designation (1) In general The program established under this part shall be referred to as the Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Program . (2) Refinancing loans Notwithstanding any other provision of this part, loans made to borrowers under this part that, except as otherwise specified in this part, have the same terms, conditions, and benefits as loans made to borrowers under section 428C, shall be known as Refinancing Loans . 138B. Refinancing certain Federal student loans (a) In general Beginning not later than 180 days after the date of enactment of the Student Loan Lower Interest Rate and Lower Monthly Payment Refinancing Act, the Secretary shall establish a process under which eligible lenders