HR2003Referred to Committee

Affordable Loans for Students Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-03-10
Introduced
7
Cosponsors
HR
ⓘ
Type

Sponsor

Michael Lawler
Michael Lawler
Republican · NY · Representative
Votes with party: 92.1% (661 recorded votes)
Top industries funding sponsor:
  • Abortion Rights$3k

Full profile: /officials/L000599

Source: Congress.gov · FEC

Cosponsors (7)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

7 cosponsors on record at Congress.gov. The named list is syncing into Govwatch and will appear here shortly — view on Congress.gov in the meantime.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Education and Workforce.

2025-03-10

Source: Congress.gov

Committee Activity

Currently in

Plain-English 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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Education
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Related legislation

Bills by the same sponsor or covering overlapping subjects.