United States 119th Congress Status: In Committee 6 D cosponsors

HR 8045 — Student Loan Interest Elimination Act

Last action — Referred to the Committee on Education and Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced March 24, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 26% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 6 sponsors

    1 primary, 5 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (6 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Student Loan Interest Elimination ActThis bill eliminates interest on existing and new federal student loans beginning on July 1, 2026. Specifically, for existing federal student loans, the bill directs the Department of Education (ED) to establish and implement procedures to (1) modify the terms of Federal Direct Loans so that beginning on July 1, 2026, no interest shall accrue on such a loan; and (2) allow a borrower to opt out of this loan modification.Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not Federal Direct Loans (e.g., privately held Federal Family Education Loans and Perkins Loans), and (2) allow a borrower to opt out of this loan refinancing. The bill outlines the terms and conditions of these refinanced loans, including by prohibiting ED from charging origination fees and specifying that no interest shall accrue on these loans.For new federal student loans made on or after July 1, 2026, the bill sets the applicable interest rate at 0%.The bill establishes the Education Affordability Trust Fund. ED must deposit all payments made on federal student loans into this trust fund. The Education Affordability Trust Fund Board, as established by this bill, must transfer the assets from investments of this trust fund to ED to pay for the administrative costs of carrying out federal student loan programs.The bill allows ED to use excess amounts of funds in the trust fund to carry out a Supplemental Pell Grant Program.

Bill Text

How this bill changes current law

7 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes new procedures for federal student loans, eliminating interest on loans and creating a new Education Affordability Trust Fund, while modifying existing loan terms and limits.

  • 20 U.S.C. 1087a(a)

    There are hereby made available → After using funds available from the Education Affordability Trust Fund in accordance with section 494A, there are hereby made available

    This specifies that the funds made available for loans will first utilize the resources from the new Education Affordability Trust Fund.

  • 20 U.S.C. 1087a(a)

    and (2) → (2)

    This simplifies the list by removing the conjunction before an item in the series.

  • 20 U.S.C. 1087a(a)

    ; and (3) to make loans under section 460A(b)

    This adds a provision to allow loans under a new section 460A(b) regarding loan modifications.

  • 20 U.S.C. 1087e(e)

    (9) Special rule for refinanced loans.--For purposes of paragraph (7), the period of time during which a borrower of a Federal Direct Consolidation Loan made under section 460A(b) has made monthly payments shall be calculated in the manner described in section 493C(f).

    This introduces a special calculation rule for borrowers of refinanced loans under the new section 460A.

  • 20 U.S.C. 1087e(q)(1)

    (H) For purposes of subparagraph (E), the period of time during which a borrower of a Federal Direct Consolidation Loan made under section 460A(b) has made monthly payments shall be calculated in the manner described in section 493C(f).

    This establishes the same calculation rule for repayment assistance plans related to loans under section 460A.

  • 20 U.S.C. 1098e(a)(2)(B)

    does not include → a Federal Direct Consolidation Loan under section 460A, and does not include

    This clarifies that certain loans made under the new section 460A are excluded from being considered as excepted consolidation loans.

  • 20 U.S.C. 1098e

    (f) Special Rule for Refinanced Loans.--

    This creates a new section outlining rules specifically for loans refinanced under section 460A.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the Committee on Education and Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  4. Referred to the Committee on Education and Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 5 co-sponsors · 541 not signed on

Sponsors (1)

Co-sponsors (5)

Not signed on (541)

541 members have not signed on to this bill.

Show all 541 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 8045 do?
Student Loan Interest Elimination ActThis bill eliminates interest on existing and new federal student loans beginning on July 1, 2026. Specifically, for existing federal student loans, the bill directs the Department of Education (ED) to establish and implement procedures to (1) modify the terms of Federal Direct Loans so that beginning on July 1, 2026, no interest shall accrue on such a loan; and (2) allow a borrower to opt out of this loan modification.Additionally, ED must establish and implement procedures to (1) refinance eligible loans that are not Federal Direct Loans (e.g., privately held Federal Family Education Loans and Perkins Loans), and (2) allow a borrower to opt out of this loan refinancing. The bill outlines the terms and conditions of these refinanced loans, including by prohibiting ED from charging origination fees and specifying that no interest shall accrue on these loans.For new federal student loans made on or after July 1, 2026, the bill sets the applicable interest rate at 0%.The bill establishes the Education Affordability Trust Fund. ED must deposit all payments made on federal student loans into this trust fund. The Education Affordability Trust Fund Board, as established by this bill, must transfer the assets from investments of this trust fund to ED to pay for the administrative costs of carrying out federal student loan programs.The bill allows ED to use excess amounts of funds in the trust fund to carry out a Supplemental Pell Grant Program.
Who sponsors HR 8045?
HR 8045 is sponsored by Norton, Eleanor Holmes (Democratic), Evans, Dwight (Democratic), Lieu, Ted (Democratic), Levin, Mike (Democratic), Pingree, Chellie (Democratic), and Courtney, Joe (Democratic).
What is the current status of HR 8045?
This bill is in committee in the House. Introduced March 24, 2026. It must pass committee before a floor vote.
Where can I track HR 8045?
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