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Student Loan Interest Elimination Act
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vs 5,674 other S bills in the 119th — cohort avg 32d
Student Loan Interest Elimination Act This bill eliminates interest on existing and new federal student loans beginning on July 1, 2026. Specifically, for existing federal student loans, the bill directs the Department of Education (ED) to establish and implement procedures to (1) modify the terms of Federal Direct Loans so that beginning on July 1, 2026, no interest shall accrue on such a loan; and (2) allow a borrower to opt out of this loan modification. Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not Federal Direct Loans (e.g., privately held Federal Family Education Loans and Perkins Loans), and (2) allow a borrower to opt out of this loan refinancing. The bill outlines the terms and conditions of these refinanced loans, including by prohibiting ED from charging origination fees and specifying that no interest shall accrue on these loans. For new federal student loans made on or after July 1, 2026, the bill sets the applicable interest rate at 0%. The bill establishes the Education Affordability Trust Fund. ED must deposit all payments made on federal student loans into this trust fund. The Education Affordability Trust Fund Board, as established by this bill, must transfer the assets from investments of this trust fund to ED to pay for the administrative costs of carrying out federal student loan programs. The bill allows ED to use excess amounts of funds in the trust fund to carry out a Supplemental Pell Grant Program.
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Filing registrants (1)
2026 · third_quarter · Education
Department of Education Interagency Agreements Secure Rural Schools Native American Schools/Forest County Schools E-Rate Child Nutrition Graduated Corporate Tax Act S 4297/HR 8800, FY27 National Defense Authorization Act HR 2003, Affordable Loans for Students Act HR 9260, Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 2027 HR 7259, Military Dependents School Meal Eligibility Act S 4504/HR 8752, Full-Service Community School Expansion Act HR 9607, Less Bureaucracy, Better Workforce Development Act HR 9610, Less Bureaucracy, Better K-12 Education Act HR 9611, Less Bureaucracy, Better Higher Education Act HR 9605, Less Bureaucracy, Better Foreign Medical Accreditation Act HR 9604, Less Bureaucracy, Better Tribal Education Act HR 9606, Less Bureaucracy, Better Child Care for Student Parents Act HR 9603, Less Bureaucracy, Better International Educational Oversight Act HR 9602, Less Bureaucracy, Better Foreign Gift Transparency Act HR 9608, Less Bureaucracy, Better Family Engagement Act HR 9609, Less Bureaucracy, Better Student Aid Act HR 8781 Title IX Clarification Act S 5046, Prohibit transferring specified Department of Education offices and functions to other federal agencies HR 8045/S 4169, Student Loan Interest Elimination Act HR 2003, Affordable Loans for Students Act HR 9289, Keep Public Funds in Public Schools Act HR 4986, Parents Opt-In Protection Act HR 8747, K-12 AI Literacy & Readiness Act HR 9723, Fit Future Act S 2511, College Transparency Act S 4097, State-Based Loan Awareness Act HR 10251, Back-to-School Supplies Affordability Act S 5110 Improving America's Literacy Act S 5480, School Infrastructure Modernization Act HR 10518/S 5431, DIVERSIFY Act HR 10206, Restoring Opportunities for Advanced Education Act HR 10315, AI LABS Act HR 4450/S 2310, NEA Charter Repeal Act HR 4658/S 2428, STUDENT Act S 2516, TEACH Act HR 5753/S 5460, Healthy Meals Help Kids Learn Act HR 10551/S 5566, Public Service Educational Assistance Act
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in Senate
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Sources: Congress.gov
Client expense: $670,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE