Affordable Loans for Students Act

This bill would lower the interest rate on federal student loans to 2% for both new and existing loans. Right now, interest rates on federal student loans range from 6.53% to 9.08%. The Department of Education would be required to automatically lower the rate on loans it holds without borrowers needing to do anything, and it would also set up a process to refinance certain privately held federal loans at the same 2% rate, though borrowers could choose not to participate. The bill also says the Department of Education cannot charge fees for refinancing these loans.

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