3.0.0 4986 2025-12-05T09:11:32Z 2025-12-05T09:11:32Z House H HR 2023-07-27 118 https://www.congress.gov/bill/118th-congress/house-bill/4986 <pre>[Congressional Record Volume 169, Number 130 (Thursday, July 27, 2023)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. COURTNEY:H.R. 4986.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:To amend the Higher Education Act of 1965 to eliminateinterest on student loans and establish the EducationAffordability Trust Fund[Page H4144]</pre> hsbu00 Budget Committee House Standing Referred To 2023-07-27T14:04:00Z hsed00 Education and Workforce Committee House Standing Referred To 2023-07-27T14:03:50Z 118 2557 S 2023-07-27 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2023-07-27 Referred to the Committee on Education and the 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. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2023-07-27 Referred to the Committee on Education and the 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. IntroReferral H11100 2 House floor actions hsed00 Education and Workforce Committee 2023-07-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-07-27 Introduced in House IntroReferral 1000 9 Library of Congress C001069 Rep. Courtney, Joe [D-CT-2] Joe Courtney D CT 2 N S001193 Rep. Swalwell, Eric [D-CA-14] Eric Swalwell D CA 14 2023-07-27 True E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 2023-07-27 True T000472 Rep. Takano, Mark [D-CA-39] Mark Takano D CA 39 2023-07-27 True P000597 Rep. Pingree, Chellie [D-ME-1] Chellie Pingree D ME 1 2023-07-27 True W000808 Rep. Wilson, Frederica S. [D-FL-24] Frederica Wilson D FL S. 24 2023-07-27 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2023-07-27 True C001125 Rep. Carter, Troy [D-LA-2] Troy Carter D LA 2 2023-07-27 True A000370 Rep. Adams, Alma S. [D-NC-12] Alma Adams D NC S. 12 2023-07-27 True T000487 Rep. Tokuda, Jill N. [D-HI-2] Jill Tokuda D HI N. 2 2023-07-27 True T000482 Rep. Trahan, Lori [D-MA-3] Lori Trahan D MA 3 2023-07-27 True H001081 Rep. Hayes, Jahana [D-CT-5] Jahana Hayes D CT 5 2023-07-27 True L000593 Rep. Levin, Mike [D-CA-49] Mike Levin D CA 49 2023-07-27 True N000188 Rep. Norcross, Donald [D-NJ-1] Donald Norcross D NJ 1 2023-07-27 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2023-07-27 True M001206 Rep. Morelle, Joseph D. [D-NY-25] Joseph Morelle D NY D. 25 2023-07-27 True P000618 Rep. Porter, Katie [D-CA-47] Katie Porter D CA 47 2023-07-27 True C001130 Rep. Crockett, Jasmine [D-TX-30] Jasmine Crockett D TX 30 2023-07-27 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2023-08-01 False M001223 Rep. Magaziner, Seth [D-RI-2] Seth Magaziner D RI 2 2023-08-01 False W000826 Rep. Wild, Susan [D-PA-7] Susan Wild D PA 7 2023-08-01 False L000582 Rep. Lieu, Ted [D-CA-36] Ted Lieu D CA 36 2023-08-15 False S001150 Rep. Schiff, Adam B. [D-CA-30] ADAM SCHIFF D CA B. 28 2023-08-15 False C001127 Rep. Cherfilus-McCormick, Sheila [D-FL-20] Sheila Cherfilus-McCormick D FL 20 2023-09-13 False C001090 Rep. Cartwright, Matt [D-PA-8] Matt Cartwright D PA 8 2023-10-03 False N000002 Rep. Nadler, Jerrold [D-NY-12] JERROLD NADLER D NY 12 2023-10-17 False K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2024-09-17 False F000477 Rep. Foushee, Valerie P. [D-NC-4] Valerie Foushee D NC P. 4 2024-10-29 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] Eleanor Norton D DC Holmes 0 2024-10-29 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] Janice Schakowsky D IL D. 9 2024-11-20 False Education Education 2023-09-12T20:15:18Z

00 2023-07-27 Introduced in House 2024-07-17T14:31:52Z <p><strong>Student Loan Interest Elimination Act</strong></p><p>This bill makes changes to federal student loans, including to interest rates.&nbsp;</p><p>Specifically, the bill directs the Department of Education (ED) to establish and implement procedures to (1) modify the terms of Federal Direct Loans so that beginning on July 1, 2024, no interest shall accrue on such a loan; and (2) allow a borrower to opt out of this loan modification.</p><p>Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not Federal Direct Loans (e.g., privately held Federal Family Education Loans and Perkins Loans), and (2) allow a borrower to opt out of this loan refinancing. The bill outlines the terms and conditions of these refinanced loans, including by prohibiting ED from charging origination fees and specifying that no interest shall accrue on these loans.</p><p>Next, the bill creates a tiered interest rate (based on the borrower's total adjusted available income) for federal student loans made on or after July 1, 2024. The bill caps this interest rate at 4%.</p><p>The bill establishes the Education Affordability Trust Fund. ED must deposit all payments made on federal student loans into this trust fund. The Trust Fund Board, as established by this bill, must transfer the profits from investments of this trust fund to ED to pay for the administrative costs of carrying out federal student loan programs.</p><p>The bill allows ED to use excess amounts of funds in the trust fund to carry out a Supplemental Pell Grant Program.</p>

Display Title 45 2024-07-24T15:20:43Z Short Title(s) as Introduced 101 2024-05-24T13:37:13Z Introduced in House IH Official Title as Introduced 6 2024-03-18T21:15:53Z Introduced in House IH Introduced in House 2023-07-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr4986ih/xml/BILLS-118hr4986ih.xml 2023-07-27 Referred to the Committee on Education and the 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.