3.0.0 2003 2026-09-25T08:06:24Z 2026-09-25T08:06:24Z House H HR 2025-03-10 119 https://www.congress.gov/bill/119th-congress/house-bill/2003 [Congressional Record Volume 171, Number 44 (Monday, March 10, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LAWLER:H.R. 2003.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18 of the U.S. Constitution[Page H1068]]]> hsed00 Education and Workforce Committee House Standing Referred To 2025-03-10T16:03:20Z 2025-03-10 Referred to the House Committee on Education and Workforce. IntroReferral H11100 2 House floor actions hsed00 Education and Workforce Committee 2025-03-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-03-10 Introduced in House IntroReferral 1000 9 Library of Congress L000599 Rep. Lawler, Michael [R-NY-17] Michael Lawler R NY 17 N L000596 Rep. Luna, Anna Paulina [R-FL-13] Anna Paulina Luna R FL 13 2025-03-10 True M001217 Rep. Moskowitz, Jared [D-FL-23] Jared Moskowitz D FL 23 2025-03-10 True V000133 Rep. Van Drew, Jefferson [R-NJ-2] Jefferson Van Drew R NJ 2 2025-09-15 False M001215 Rep. Miller-Meeks, Mariannette [R-IA-1] Mariannette Miller-Meeks R IA 1 2026-01-22 False F000481 Rep. Figures, Shomari [D-AL-2] Shomari Figures D AL 2 2026-08-24 False R000622 Rep. Riley, Josh [D-NY-19] Josh Riley D NY 19 2026-09-08 False S000168 Rep. Salazar, Maria Elvira [R-FL-27] Maria Salazar R FL Elvira 27 2026-09-24 False Education Congressional oversight 2026-02-23T14:28:01Z Government lending and loan guarantees 2026-02-23T14:28:01Z Higher education 2026-02-23T14:28:01Z Interest, dividends, interest rates 2026-02-23T14:28:01Z Student aid and college costs 2026-02-23T14:28:01Z Education 2025-03-26T14:45:54Z 00 2025-03-10 Introduced in House 2026-07-30T16:30:29Z Affordable Loans for Students Act

This bill sets the interest rate at 2% for new and existing federal student loans. (Currently, interest rates on federal student loans range from 6.53% to 9.08%, depending on the loan type.)

Specifically, the bill directs the Department of Education (ED) to establish and implement procedures to modify the terms of federal student loans held by ED so the applicable rate of interest shall be 2% on the unpaid principal balance of the loan. ED must modify the interest rate without any action from the borrower.

Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not held by ED (e.g., privately held Federal Family Education Loans and Perkins Loans) as consolidation 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 by setting the interest rate at 2% on these loans.

The bill applies the 2% interest rate to new loans (i.e., federal student loans made beginning on the first July 1 after the bill's enactment) and also applies this rate retroactively to existing loans.

]]> Affordable Loans for Students Act Display Title 45 Affordable Loans for Students Act 2026-09-09T14:52:41Z Short Title(s) as Introduced 101 Affordable Loans for Students Act 2025-03-26T02:08:19Z Introduced in House IH Official Title as Introduced 6 To amend the Higher Education Act of 1965 to lower the interest rate on Federal student loans to 2 percent. 2025-03-26T02:03:52Z Introduced in House IH Introduced in House 2025-03-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr2003ih/xml/BILLS-119hr2003ih.xml 2025-03-10 Referred to the House Committee on Education and Workforce. 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.