Affordable Future Loan Program Act of 2024

This bill establishes the Affordable Future Loan Program, a new government-guaranteed student loan program for undergraduate students attending eligible institutions of higher education. It requires the government to pay 98% of principal and interest on defaulted loans to eligible lenders, creates income-driven repayment plans based on discretionary income (capped at 15% of income above 150% of poverty level), and prohibits discrimination in lending based on race, gender, or other protected characteristics. The program limits annual loan amounts to $19,000 (adjusted for inflation), sets interest rates tied to 10-year Treasury notes (capped at 6.28%), and includes provisions for loan rehabilitation after default. It directly affects undergraduate students seeking financial assistance for college costs by creating more accessible loan terms and protections.