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Eliminating Student Loan Interest and New Loan Rules

This bill aims to eliminate interest on federal student loans, both existing and new ones disbursed after July 1, 2024. It also increases student loan limits and establishes a new trust fund, financed by loan repayments, to support educational programs, including supplemental Pell Grants.
Key points
No interest on federal student loans starting July 1, 2024, for both existing and new loans.
Option to refinance certain non-federal student loans into federal direct consolidation loans with no interest.
Increased annual and aggregate limits for federal student loans.
Creation of an Education Affordability Trust Fund, funded by loan repayments, to support educational programs and supplemental Pell Grants.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_4986
Sponsor: Rep. Courtney, Joe [D-CT-2]
Process start date: 2023-07-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Interest Elimination Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4986.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-27.

What are the main provisions?

Key points include:

  • No interest on federal student loans starting July 1, 2024, for both existing and new loans.
  • Option to refinance certain non-federal student loans into federal direct consolidation loans with no interest.
  • Increased annual and aggregate limits for federal student loans.
  • Creation of an Education Affordability Trust Fund, funded by loan repayments, to support educational programs and supplemental Pell Grants.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Courtney, Joe [D-CT-2].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Education Benefits Economy