Student Loan Interest Elimination Act
To amend the Higher Education Act of 1965 to eliminate interest on student loans, establish the Education Affordability Trust Fund, increase annual and aggregate loan limits, and for other purposes.
HB8045, also known as the Student Loan Interest Elimination Act, proposes to change the Higher Education Act of 1965 by eliminating interest on student loans. It also aims to create the Education Affordability Trust Fund, which would help manage these changes. Additionally, the bill seeks to increase both annual and overall loan limits for students. This would directly benefit students who have taken out loans for their education by potentially lowering their repayment amounts.
This bill would primarily impact students who are currently in debt or those who will take out loans in the future. By eliminating interest, these students would save money over the life of their loans, making it easier to repay their debt. The establishment of the Education Affordability Trust Fund aims to ensure that the financial mechanisms supporting these changes are stable and sustainable.
HB8045 was introduced on March 24, 2026, and was referred to the House Committee on Education and Workforce, as well as the Committee on the Budget for further review. This marks the initial step in the legislative process, where the bill will be examined, discussed, and potentially amended before any further action is taken.
