118th Congress · SENATE BILLBILL

S. 2557 — Student Loan Interest Elimination Act

“A bill to amend the Higher Education Act of 1965 to eliminate interest on student loans, establish the Education Affordability Trust Fund, increase annual and aggregate loan limits, and for other purposes.”

Education

Introduced Jul 27, 2023

Last action Jul 27, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 27, 2023

Step 2

Referred

Jul 27, 2023

HELP

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill makes changes to federal student loans, including to interest rates. Specifically, 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, 2024, 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, i...

Provisions · 10 sectionsIntroduced in Senate

2 provisions

3 provisions

1 provision

Timeline · 2 actions

Jul 27, 2023

Introduced in Senate

Jul 27, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.