Lowering Student Loans Act

House Bill

H.R. 7810

119th Congress

Lowering Student Loans Act

In Committee

Introduced:Mar 4, 2026

Primary Sponsor

Mike Thompson

D - CA

Cosponsors

0

Quick Stats

Summary

This bill would set federal student loan interest rates at a fixed 2% for all new loans issued starting July 1, 2026. Currently, federal student loan rates vary annually based on market conditions and typically range from 5-8%, meaning this legislation could save borrowers thousands of dollars over the life of their loans.

Latest Action

Referred to the House Committee on Education and Workforce.

Introduced3/4/2026

StatusReferred to the House Committee on Education and Workforce.

ChamberHouse

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Vote Prediction

Lowering Student Loans Act

This bill would set federal student loan interest rates at a fixed 2% for all new loans issued starting July 1, 2026. Currently, federal student loan rates vary annually based on market conditions and typically range from 5-8%, meaning this legislation could s

Community Breakdown

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This bill would set federal student loan interest rates at a fixed 2% for all new loans issued starting July 1, 2026. Currently, federal student loan rates vary annually based on market conditions and typically range from 5-8%, meaning this legislation could save borrowers thousands of dollars over the life of their loans.

Bill Number: 7810
Introduced: 3/4/2026
Status: Referred to the House Committee on Education and Workforce.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Lowering Student Loans Act
Bill Number: 7810
Sponsor: No sponsor
Status: Referred to the House Committee on Education and Workforce.
Introduced: 3/4/2026
Summary: This bill would set federal student loan interest rates at a fixed 2% for all new loans issued starting July 1, 2026. Currently, federal student loan rates vary annually based on market conditions and typically range from 5-8%, meaning this legislation could save borrowers thousands of dollars over

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would set federal student loan interest rates at a fixed 2% for all new loans issued starting July 1, 2026. Currently, federal student loan rates vary annually based on market conditions and typically range from 5-8%, meaning this legislation could save borrowers thousands of dollars over the life of their loans.

Last updated: 3/5/2026

Key Points

Main provisions of the bill

Caps federal student loan interest rates at 2% for all new loans made after July 1, 2026—significantly lower than current rates which hover between 5-8%
Could save the average undergraduate borrower approximately $3,000-$5,000 in interest payments over a standard 10-year repayment period
Would not apply to existing loans already issued before July 1, 2026, only affecting future borrowers
Represents an effort to reduce the overall cost of higher education and make college more affordable for middle-class families
Has no cosponsors yet and faces an uncertain path in a divided Congress, where education funding priorities often face partisan disagreement

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit future college students and their families by dramatically reducing borrowing costs for federal student loans. High school students graduating in 2026 and beyond who need loans to pay for college would see significantly lower monthly payments and total repayment amounts. However, current borrowers struggling with existing loans would not receive relief under this proposal, and taxpayers might see changes in federal education program costs.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

7810, 119th Congress (2026). "Lowering Student Loans Act". Source: Voter's Right Platform. https://votersright.org/bills/119-hr-7810

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