Student Loan Interest Cap Act
HR 9441, the Student Loan Interest Cap Act, would cap the maximum interest rate for certain new federal student loans at 3% starting July 1, 2024. It directly affects borrowers receiving new Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, or Federal Direct PLUS Loans on or after that date. The bill also sets a 3% cap on interest rates for Federal Direct Consolidation Loans with applications received after July 1, 2024, regardless of the rates on the loans being consolidated. This policy change reduces the interest burden for new borrowers on these specific federal loan types.
Bill status
in committee
1 of 4 stages cleared
Introduction
Aug 2024
Committee Review
Floor Vote
President
Introduced Aug 30, 2024
Last action Aug 30, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Aug 30, 2024
Committee
Referred to the House Committee on Education and the Workforce.
lower
Aug 30, 2024
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Jared Moskowitz
DDemocratic
Co
Anna Paulina Luna
RRepublican
Co
Brandon Williams
RRepublican
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