Rep. Thompson Introduces the Lowering Student Loans Act to Cap Interest Rates at 2%
This bill is currently sitting in the House Committee on Education and Workforce where it was sent on March 3, 2026. No action has been taken on the proposal since that date, which means it has been stalled for four months. The committee must review the bill before it can move forward, but most bills do not receive a vote at this stage.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Current and future college students who take out federal loans would benefit from significantly lower borrowing costs. A student taking out $30,000 in loans at 2% instead of 5-6% could save tens of thousands of dollars in interest over a standard 10-year repayment period. This reduces the long-term financial burden of attending college and could make higher education more accessible.
“for Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct PLUS Loans (including such a loan made to a parent on behalf of a dependent student) for which the first disbursement is made on or after July 1, 2026, the applicable rate of interest shall be 2 percent on the unpaid principal balance of the loan.”
Referred to the House Committee on Education and Workforce.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Lowering Student Loans Act
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