Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Summary
The Student Loan Interest Elimination Act stops interest from accruing on existing federal Direct loans and on any new federal student loans made after July 1, 2026. It also lets borrowers opt out of loan modifications or refinancing, raises loan limits, and directs all loan repayments into a new Education Affordability Trust Fund that can fund administrative costs and a supplemental Pell Grant program. The bill is currently referred to the Senate Health, Education, Labor, and Pensions Committee.
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