Legis Daily

LOAN Act of 2023

USA118th CongressS-300| Senate 
| Updated: 2/7/2023
Marco Rubio

Marco Rubio

Republican Senator

Florida

Health, Education, Labor, and Pensions Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Leveraging Opportunities for Americans Now Act of 2023 or the LOAN Act of 2023 This bill revises interest rates and repayment plans for federal student loans. Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2024, at 0% and replace the interest with a one-time financing fee. Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee. In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan. ED must calculate annual repayment amounts and provide annual statements to borrowers. The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.
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Timeline

Bill from Previous Congress

S 116-1292
LOAN Act of 2019

Bill from Previous Congress

S 117-2596
LOAN Act of 2021
Feb 7, 2023
Introduced in Senate
Feb 7, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jul 21, 2023

Latest Companion Bill Action

HR 118-4677
Referred to the Subcommittee on Energy, Climate and Grid Security.
  • Bill from Previous Congress

    S 116-1292
    LOAN Act of 2019


  • Bill from Previous Congress

    S 117-2596
    LOAN Act of 2021


  • February 7, 2023
    Introduced in Senate


  • February 7, 2023
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.


  • July 21, 2023

    Latest Companion Bill Action

    HR 118-4677
    Referred to the Subcommittee on Energy, Climate and Grid Security.

Education

LOAN Act of 2023

USA118th CongressS-300| Senate 
| Updated: 2/7/2023
Leveraging Opportunities for Americans Now Act of 2023 or the LOAN Act of 2023 This bill revises interest rates and repayment plans for federal student loans. Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2024, at 0% and replace the interest with a one-time financing fee. Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee. In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan. ED must calculate annual repayment amounts and provide annual statements to borrowers. The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-1292
LOAN Act of 2019

Bill from Previous Congress

S 117-2596
LOAN Act of 2021
Feb 7, 2023
Introduced in Senate
Feb 7, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jul 21, 2023

Latest Companion Bill Action

HR 118-4677
Referred to the Subcommittee on Energy, Climate and Grid Security.
  • Bill from Previous Congress

    S 116-1292
    LOAN Act of 2019


  • Bill from Previous Congress

    S 117-2596
    LOAN Act of 2021


  • February 7, 2023
    Introduced in Senate


  • February 7, 2023
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.


  • July 21, 2023

    Latest Companion Bill Action

    HR 118-4677
    Referred to the Subcommittee on Energy, Climate and Grid Security.
Marco Rubio

Marco Rubio

Republican Senator

Florida

Health, Education, Labor, and Pensions Committee

Education

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted