Looks like it applies to new subsidized student loans and to parent loans, but not refinancing (bill summary here).

In the article Jason found, I thought this statement by soon-to-be-former Chairman McKeon was interesting:

"I'll be as blunt as possible: you will never convince me -- never -- that the federal bureaucracy can do a better job than the private sector in managing the student loan program," Republican Rep. Howard "Buck" McKeon, the outgoing chairman of the House education committee, said in a recent speech to bankers.