HR 4986
Student Loan Interest Elimination Act
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- Passed House
- Passed Senate
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Bill overview
The Student Loan Interest Elimination Act aims to significantly change federal student loan terms and reduce the cost of borrowing. It proposes to eliminate interest accrual on Direct Loans starting in 2024, establish an Education Affordability Trust Fund to generate revenue, and refinance existing loans, including those not directly held by the Department of Education. The bill also introduces a tiered interest rate system based on borrowers’ income, capped at 4%, and creates a Supplemental Pell Grant Program funded by the Trust Fund. Finally, it terminates interest subsidies on new Stafford Loans after June 30, 2024.
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