S. 300 · 118th Congress · Education
LOAN Act of 2023
- IntroducedFeb 7, 2023 Done
- CommitteeDied Jan 3, 2025 Stopped here
- Senate floorNot yet Not reached yet
- House floorNot yet Not reached yet
- Chambers agreeNot yet Not reached yet
- PresidentNot yet Not reached yet
What it does
This bill revises interest rates and repayment plans for federal student loans.
Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2024, at 0% and replace the interest with a one-time financing fee.
Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee.
In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan.
ED must calculate annual repayment amounts and provide annual statements to borrowers.
The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.
Congressional Research Service · summary of “Introduced in Senate” version · Feb 7, 2023
Who lobbies on it
No lobbying filing on file names S. 300.
Organizations that named S. 300 in a quarterly lobbying report. Covers organizations with a PAC on file; reports from organizations without one aren’t loaded yet. Spend is the organization’s total across all issues: reports don’t split spending by bill. Source: Senate lobbying disclosures (LD-2) from lda.gov; quotes are word for word from the “specific lobbying issues” field.
Actions
2 actions · newest first- Feb 7, 2023Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Feb 7, 2023Introduced in Senate