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H.R. 2003 119th Congress House

Affordable Loans for Students Act

Official title: To amend the Higher Education Act of 1965 to lower the interest rate on Federal student loans to 2 percent.

Introduced: March 10, 2025 Introduced by: Michael Lawler Republican · New York See on congress.gov
Education Congressional oversightGovernment lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costs
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 10, 2025
Referred to the House Committee on Education and Workforce.
Mar 10, 2025
Introduced in House
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What's happening now March 10, 2025

Referred to the House Committee on Education and Workforce.

 Plain-English summary Congressional Research Service

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 8

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 8 filings →
 Cosponsors 7
All 7 Democratic 3 Republican 4
R
Salazar, Maria Elvira
Florida · Sep 24, 2026
 D
Riley, Josh
New York · Sep 8, 2026
 D
Figures, Shomari
Alabama · Aug 24, 2026
 R
Miller-Meeks, Mariannette
Iowa · Jan 22, 2026
 R
Van Drew, Jefferson
New Jersey · Sep 15, 2025
 R
Luna, Anna Paulina
Florida · Mar 10, 2025
 D
Moskowitz, Jared
Florida · Mar 10, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2003: Affordable Loans for Students Act. 119th Congress. Open America. https://openamerica.io/bill/119-HR-2003/
MLA
"H.R. 2003: Affordable Loans for Students Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-2003/.
Bluebook (legal)
H.R. 2003, 119th Cong. (2026), https://openamerica.io/bill/119-HR-2003/.
Markdown link
[H.R. 2003: Affordable Loans for Students Act](https://openamerica.io/bill/119-HR-2003/)
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