Student Loan Interest Elimination Act
This bill would eliminate interest on all existing and future Federal student loans starting in 2026, directly affecting current borrowers and future students. It requires the Department of Education to automatically modify eligible Federal Direct loans to stop interest accrual and allows borrowers to refinance other Federal loans into zero-interest consolidation loans without origination fees. The legislation also creates a new Education Affordability Trust Fund that would use loan repayments to fund these interest-free loans and potentially provide additional Pell Grants, while establishing a six-member board to oversee investments in government bonds.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2026
Committee Review
Floor Vote
President
Introduced Mar 24, 2026
Last action Mar 24, 2026
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 24, 2026
Committee
Referred to the Committee on Education and 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 24, 2026
Introduced
Introduced in House
lower
1 primary · 8 co-sponsors
Sponsors
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