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S 4645 United States Senate · 118th Congress

Servicemember Student Loan Affordability Act of 2024

The Servicemember Student Loan Affordability Act of 2024 caps the interest rate at 6 percent per year for student loan consolidation or refinancing debt incurred during military service, but only for loans taken out *before* the servicemember joined the military. This applies to active-duty servicemembers (and their spouses jointly) who use military service period funds to consolidate or refinance pre-service student loans. The bill does not affect new loans taken during service or other types of debt. The interest rate cap is effective for the entire duration of the servicemember's active duty.
Issues: ✓ EducationSupports EducationCaps interest rates on pre-service student loans, enhancing higher education affordability for servicemembers.90% confidence ✓ VeteransSupports VeteransCaps interest rates on pre-service student loans for veterans, reducing financial burden and expanding benefits.95% confidence
Sub-Topics: Student Financial Aid Veteran Education
Bill status in committee 1 of 4 stages cleared
Introduction
Jul 2024
Committee Review
Floor Vote
President
Introduced Jul 9, 2024 Last action Jul 9, 2024
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Jul 9, 2024
Committee
Read twice and referred to the Committee on Veterans' Affairs. (text: CR S4269)
upper
Jul 9, 2024
Introduced
Introduced in Senate
upper
1 primary · 3 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Richard J. Durbin
Richard J. Durbin
DDemocratic
IL
n/a
Co
Photo of Laphonza R. Butler
Laphonza R. Butler
DDemocratic
CA
n/a
Co
Photo of Michael F. Bennet
Michael F. Bennet
DDemocratic
CO
n/a
Co
Photo of Tammy Duckworth
Tammy Duckworth
DDemocratic
IL
n/a