LOAN Act

This bill makes several changes to federal student aid programs. It increases the maximum Pell Grant award and lets graduate students use leftover Pell Grant eligibility toward their first graduate degree. It also makes it easier to get Public Service Loan Forgiveness by requiring fewer monthly payments and dropping the rule that borrowers must still be working in a public service job when their loans are forgiven. The bill allows Dreamer students who meet certain criteria to receive federal financial aid, sets up programs to refinance federal and private student loans, creates a new repayment plan based on income, removes certain loan fees, and undoes education-related changes that were made by a previous law known as the One Big Beautiful Bill Act.

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