No Student Loan Interest Act

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3751 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3751

To amend the Higher Education Act of 1965 to provide for the relief of 
               interest on certain Federal student loans.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 15, 2019

 Mr. Swalwell of California (for himself and Ms. Eshoo) introduced the 
 following bill; which was referred to the Committee on Education and 
                                 Labor

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                                 A BILL


 
To amend the Higher Education Act of 1965 to provide for the relief of 
               interest on certain Federal student loans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Student Loan Interest Act''.

SEC. 2. ZERO-INTEREST RATES FOR BORROWERS OF FEDERAL STUDENT LOANS.

    (a) Interest Rate for Part B Loans.--Section 427A of the Higher 
Education Act of 1965 (20 U.S.C. 1077a) is amended to read as follows:

``SEC. 427A. APPLICABLE INTEREST RATES.

    ``Notwithstanding any other provision of law, beginning on the date 
of the enactment of the No Student Loan Interest Act, the Secretary 
shall annually cancel or repay the interest on each loan made or 
insured under this part.''.
    (b) Interest Rate for Part D Loans.--Section 455(b) of the Higher 
Education Act of 1965 (20 U.S.C. 1087e(b)) is amended to read as 
follows:
    ``(b) Interest Rates.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, loans made to borrowers under this part shall have an 
        applicable rate of interest equal to zero.
            ``(2) Rate.--The applicable rate of interest described in 
        paragraph (1) shall be fixed for the period of the loan.
            ``(3) Rule for loans disbursed before date of enactment.--
        In the case of a loan made under this part for which the first 
        disbursement was made before the date of the enactment of the 
        No Student Loan Interest Act, the Secretary shall--
                    ``(A) cancel all interest due on such a loan; and
                    ``(B) adjust the interest rate of such loan in 
                accordance with paragraph (1).''.
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