119th Congress Education
H.R. 2003: Affordable Loans for Students Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill sets the interest rate at 2% for new and existing federal student loans. (Currently, interest rates on federal student loans range from 6.53% to 9.08%, depending on the loan type.)
Specifically, the bill directs the Department of Education (ED) to establish and implement procedures to modify the terms of federal student loans held by ED so the applicable rate of interest shall be 2% on the unpaid principal balance of the loan. ED must modify the interest rate without any action from the borrower.
Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not held by ED (e.g., privately held Federal Family Education Loans and Perkins Loans) as consolidation 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 by setting the interest rate at 2% on these loans.
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The bill applies the 2% interest rate to new loans (i.e., federal student loans made beginning on the first July 1 after the bill's enactment) and also applies this rate retroactively to existing loans.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Anna Luna R-FLOriginal
- Jared Moskowitz D-FLOriginal
- Jefferson Van Drew R-NJ
- Mariannette Miller-Meeks R-IA
- Shomari Figures D-AL
- Josh Riley D-NY
- Maria Salazar R-FL
Who scored on this bill
- 1Michael Lawler SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the House by Michael Lawler.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Education and Workforce.