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.
Summary
Starting July 1 2026, the bill stops interest from accruing on both existing and new federal student loans. The Education Department must modify Direct Loans and refinance other federal loans into interest‑free consolidation loans, while borrowers can opt out. All loan payments would be deposited into a new Education Affordability Trust Fund, which can also fund a supplemental Pell Grant program.
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