The Student Loan Interest Elimination Act (H.R. 4986/S. 2557) would allow current federal student loan borrowers to refinance the interest rates of their current federal student loans to 0% and establish a need-based sliding scale for future borrowers capped at 4%.

This bill would also create an Education Affordability Trust Fund to support the administration of the federal student loan program and offset the cost of eliminating and reducing interest on federal student loans. Through investments in bonds, the Trust Fund would a) cover the cost of administering federal student loans and b) use any additional revenue to increase the value of Pell Grants that provide critical funding for low-income students and provide competitive grants to support college completion and retention programs.

ASHA strongly supports policy solutions that ensure college remains affordable for current and future students and that provide relief options for borrowers who have graduated. Refinancing current student loans to 0% interest and capping interest payments at 4% for future borrowers based on need will help make college more affordable and accessible for a greater number of students and lower the overall cost of communication sciences and disorders degrees.

Download the Issue Brief [PDF] to learn more. 

Please complete the form to email your representative and senators and ask them to cosponsor H.R. 4986/S. 2557.

Questions? Contact Eric Masten, ASHA’s director of federal affairs, education, at emasten@asha.org.

Thank you for being an ASHA Advocate!