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New Federal Student Loan Refinancing and Interest Rules

This act introduces a program to refinance federal student loans, potentially lowering monthly payments through new, reduced interest rates. It also eliminates origination fees for new loans and prevents interest capitalization on deferred payments, making student debt more manageable.
Key points
Ability to refinance existing federal student loans to lower, fixed interest rates, potentially reducing monthly burdens.
Elimination of origination fees for new federal student loans starting July 1, 2024, leading to lower costs for future students.
Changes to interest accrual: interest will no longer be added to the loan principal in many situations, potentially reducing the total repayment cost.
Improvements to public service loan forgiveness and income-driven repayment programs, counting prior payments towards eligibility.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_5710
Sponsor: Rep. Garamendi, John [D-CA-8]
Process start date: 2023-09-26
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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 Refinancing and Recalculation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5710.

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 2023-09-26.

What are the main provisions?

Key points include:

  • Ability to refinance existing federal student loans to lower, fixed interest rates, potentially reducing monthly burdens.
  • Elimination of origination fees for new federal student loans starting July 1, 2024, leading to lower costs for future students.
  • Changes to interest accrual: interest will no longer be added to the loan principal in many situations, potentially reducing the total repayment cost.
  • Improvements to public service loan forgiveness and income-driven repayment programs, counting prior payments towards eligibility.
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. Garamendi, John [D-CA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and the Workforce.

Is this summary verified?

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

CATEGORIES

Education