Student Loan Interest Elimination Act
The Student Loan Interest Elimination Act would eliminate interest on existing Federal Direct student loans and set the interest rate for new Federal Direct student loans to zero starting July 1, 2026. The bill also establishes an Education Affordability Trust Fund financed by loan repayments to fund these zero-interest loans and provide additional Pell Grants. Under the program, borrowers could opt out of automatic interest elimination and refinancing, and the bill includes provisions for calculating qualifying payments toward loan forgiveness programs.
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
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
upper
Mar 24, 2026
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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