Student Loan Interest Elimination Act

This bill would stop the government from charging interest on all federal student loans starting July 1, 2026. For loans that already exist, the Department of Education would change the loan terms so no more interest builds up, and borrowers who have certain older types of federal loans could refinance them into new interest-free loans without extra fees. Borrowers could choose not to participate if they prefer. The bill also creates a special fund where all student loan payments would go, which would be used to cover the costs of running federal student loan programs, and any leftover money could be used to provide extra Pell Grant funding for students.

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