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I
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.
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
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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘No Student Loan In-
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terest Act’’.
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SEC. 2. ZERO-INTEREST RATES FOR BORROWERS OF FED-
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ERAL STUDENT LOANS.
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(a) INTEREST RATE FOR PART B LOANS.—Section
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427A of the Higher Education Act of 1965 (20 U.S.C.
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1077a) is amended to read as follows:
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•HR 3751 IH
‘‘SEC. 427A. APPLICABLE INTEREST RATES.
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‘‘Notwithstanding any other provision of law, begin-
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ning on the date of the enactment of the No Student Loan
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Interest Act, the Secretary shall annually cancel or repay
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the interest on each loan made or insured under this
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part.’’.
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(b) INTEREST RATE FOR PART D LOANS.—Section
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455(b) of the Higher Education Act of 1965 (20 U.S.C.
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1087e(b)) is amended to read as follows:
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‘‘(b) INTEREST RATES.—
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‘‘(1) IN GENERAL.—Notwithstanding any other
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provision of law, loans made to borrowers under this
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part shall have an applicable rate of interest equal
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to zero.
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‘‘(2) RATE.—The applicable rate of interest de-
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scribed in paragraph (1) shall be fixed for the period
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of the loan.
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‘‘(3) RULE
FOR
LOANS
DISBURSED
BEFORE
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DATE OF ENACTMENT.—In the case of a loan made
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under this part for which the first disbursement was
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made before the date of the enactment of the No
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Student Loan Interest Act, the Secretary shall—
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‘‘(A) cancel all interest due on such a loan;
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and
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‘‘(B) adjust the interest rate of such loan
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in accordance with paragraph (1).’’.
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