Student Loan Interest Elimination Act

This bill would stop the government from charging interest on all federal student loans starting July 1, 2026, including loans that already exist and new ones made after that date. For existing loans that aren't already Direct Loans, the government would refinance them into new loans with no interest and no fees, and borrowers could choose not to participate if they prefer. The bill also creates a new fund called the Education Affordability Trust Fund, where all student loan payments would be deposited and used to cover the costs of running federal student loan programs. Any extra money left in the fund could be used to provide additional Pell Grants to students.

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