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House bill · H.R. 8045 (119th Congress)

Student Loan Interest Elimination Act

U.S. House of Representatives

Latest action Mar 24, 2026

Sponsor: Joe Courtney (U.S. Representative, CT-2, Democratic)

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From Congress.gov and official rosters. This record was last updated Aug 1, 2026. About our data

Summary

Student Loan Interest Elimination Act 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%. The bill establishes the Education Affordability Trust Fund. ED must deposit all payments made on federal student loans into this trust fund. The Education Affordability Trust Fund Board, as established by this bill, must transfer the assets from investments of this trust fund to ED to pay for the administrative costs of carrying out federal student loan programs. The bill allows ED to use excess amounts of funds in the trust fund to carry out a Supplemental Pell Grant Program.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Assigned to a committee for review.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

House Committee on Education and Workforce · U.S. House of Representatives

Also referred to House Committee on the Budget · U.S. House of Representatives, Senate Committee on the Budget · U.S. Senate.

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Cosponsors

6

Cosponsors listed on Congress.gov, shown A to Z.

  • Democratic6

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Related bills

As identified by Congress.gov.

Full history

  1. Mar 24, 2026

    Introduced

    Introduced in House

    U.S. House of Representatives

  2. Mar 24, 2026

    Introduced

    Introduced in U.S. House

    U.S. House

  3. Mar 24, 2026

    Referred to committee

    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.

  4. Mar 24, 2026

    Referred to committee

    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.

  5. Mar 24, 2026

    Referred to committee

    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.

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