HR 8045In committeeEducationhouse

Student Loan Interest Elimination Act

Introduced Mar 24, 2026 by Rep. Joe Courtney

IntroducedCommitteeFloorCongressLaw

It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.

Latest action · Mar 24, 2026

Referred to the Committee on Education and 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.

Read it on Congress.gov

What it does

This bill eliminates interest on existing and new federal student loans beginning on July 1, 2026.

Specifically, for existing federal student loans, 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, 2026, no interest shall accrue on such a loan; and (2) allow a borrower to opt out of this loan modification.

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.

For new federal student loans made on or after July 1, 2026, the bill sets the applicable interest rate at 0%.

Read the full summary on Congress.gov

Summary by the Congressional Research Service.

Roll-call votes

No floor votes yet — it hasn't reached the floor of either chamber.