HR 3024 117th Congress House Education

Zero-Percent Student Loan Refinancing Act

Introduced: May 7, 2021 Introduced by: Courtney, Joe Democratic · Connecticut See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 7, 2021

Referred to the House Committee on Education and Labor.

May 7, 2021

Introduced in House

Plain-English summary Congressional Research Service

Zero-Percent Student Loan Refinancing Act

This bill establishes a temporary program through which the Department of Education (ED) must make interest-free refinancing loans to borrowers of federal student loans from August 1, 2021, through December 31, 2024.

The bill requires ED to automatically refinance Federal Direct Loans and notify each borrower of the refinancing.

Borrowers who have other types of eligible loans (i.e., Federal Family Education Loans, Federal Perkins Loans, and certain health profession and nursing loans) must apply for refinancing. ED and the Consumer Financial Protection Bureau must carry out a campaign to notify borrowers of these types of loans that they are eligible to apply for refinancing under the program.

What's happening now May 7, 2021

Referred to the House Committee on Education and Labor.

Committees of jurisdiction 1