3.0.0 300 2025-04-21T12:24:17Z 2025-04-21T12:24:17Z Senate S S 2023-02-07 118 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred To 2023-02-07T22:22:45Z 2023-02-07 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2023-02-07 Introduced in Senate IntroReferral 10000 9 Library of Congress R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL N Education Education 2023-03-01T14:01:45Z

00 2023-02-07 Introduced in Senate 2023-05-26T14:47:58Z <p><b>Leveraging Opportunities for Americans Now Act of 2023 or the LOAN Act of </b><strong></strong><b>2023</b></p> <p>This bill revises interest rates and repayment plans for federal student loans.</p> <p>Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2024, at 0% and replace the interest with a one-time financing fee.</p> <p>Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee.</p> <p>In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan.</p> <p>ED must calculate annual repayment amounts and provide annual statements to borrowers. </p> <p>The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.</p>

Display Title 45 2024-07-24T15:23:53Z Short Title(s) as Introduced 101 2024-05-24T13:42:39Z Introduced in Senate IS Short Title(s) as Introduced 101 2024-05-24T13:42:39Z Introduced in Senate IS Official Title as Introduced 6 2023-02-22T08:28:49Z Introduced in Senate IS Introduced in Senate 2023-02-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s300is/xml/BILLS-118s300is.xml 2023-02-07 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. 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.