Affordable Loans for Students Act
Latest action · Mar 10, 2025 Referred to the House Committee on Education and Workforce.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 10, 2025
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Mar 10, 2025 to Sep 24, 2026, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Anna Paulina Luna | Original | Mar 10, 2025 |
| D-FL | Jared Moskowitz | Original | Mar 10, 2025 |
| R-NJ | Jefferson Van Drew | Sep 15, 2025 | |
| R-IA | Mariannette Miller-Meeks | Jan 22, 2026 | |
| D-AL | Shomari Figures | Aug 24, 2026 | |
| D-NY | Josh Riley | Sep 8, 2026 | |
| R-FL | Maria Elvira Salazar | Sep 24, 2026 |
Actions 2
Everything that happened, newest first.
- Mar 10, 2025Introduced in House
- Mar 10, 2025Referred to the House Committee on Education and Workforce.
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- Mar 10, 2025Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
