Zero-Percent Student Loan Refinancing Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (May 26, 2022)
Zero-Percent Student Loan Refinancing Act
This bill establishes temporary refinancing programs for federal and private student loans.
Specifically, the bill establishes a program through which the Department of Education (ED) must make interest-free refinancing loans to borrowers of federal student loans from August 1, 2022, through December 31, 2025.
The bill requires ED to automatically refinance Federal Direct Loans and notify each borrower of the refinancing.
Borrowers who have other types of eligible loans (i.e., Federal Family Education Loans, Federal Perkins Loans, and certain health profession and nursing loans) must apply for refinancing.
The bill also creates the Federal Direct Refinanced Private Loan to allow certain borrowers to refinance their private student loans. Borrowers must apply for refinancing between August 1, 2022, and December 31, 2025.
What just happenedMay 26, 2022
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Who’s behind it
- Introduced in SenateMay 26, 2022
- May 26, 2022IntroReferral
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Health, Education, Labor, and Pensions Committee - May 26, 2022IntroReferral10000
Introduced in Senate