To permit refinancing of Federal student consolidation loans, and to permit students freedom to select a student loan consolidator.

Student Loan Fairness Act of 2003 - Amends the Higher Education Act of 1965 to revise student aid requirements for consolidation loans. Repeals a prohibition against refinancing consolidation loans. Allows borrowers to select lenders of consolidation loans. Requires lenders and institutions to provide certain information on consolidation loans to applicants. Revises interest rates on consolidated and reconsolidated loans.