DC Student Loan Authority Establishment Act of 2026

The DC Student Loan Authority Establishment Act of 2026 (B 26-0569) creates a public lending institution to provide new student loans and refinance existing debt for District of Columbia residents. It directly affects D.C. residents by offering loans with no application fees, 0% interest on the first $5,000, monthly payments capped at 10% of discretionary income, and repayment terms up to 30 years. Borrowers who complete 10 years of full-time public service (including education roles) may qualify for remaining debt discharge. The Authority, overseen by a 7-member board, must keep loan servicing in-house and publish annual financial reports. This replaces high-cost private loans with a public alternative focused on affordability and flexibility.