HR 1731 United States House · 118th Congress

LOAN Act

The LOAN Act (HR 1731) makes significant changes to federal student financial aid programs. It doubles the maximum Federal Pell Grant amount for eligible students, expands Pell Grant eligibility to graduate students and "Dreamer" students (undocumented individuals who came to the U.S. as children), and restores the total semesters of Pell Grant eligibility from 12 to 18. The bill also eliminates interest capitalization on federal student loans, repeals origination fees, and creates automatic enrollment in income-driven repayment plans for borrowers who are delinquent or rehabilitating defaulted loans. Additionally, it establishes new refinancing programs for both federal and private student loans with interest rates capped at 5.0% for new loans.

Issues: ✓ Education ✓ Immigration

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2023

Committee Review

Floor Vote

President

Introduced Mar 22, 2023 Last action Mar 22, 2023

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Full legislative history

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Committee

Mar 22, 2023

Committee

Referred to the Committee on Education and the Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Mar 22, 2023

Introduced

Introduced in House

lower

1 primary · 9 co-sponsors