Sec. 2. Zero-interest rates for borrowers of Federal student loans
175 words·~1 min read·
/bill/116/hr/3751/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 427A of the Higher Education Act of 1965 ( 20 U.S.C. 1077a ) is amended to read as follows: Notwithstanding any other provision of law, beginning on the date of the enactment of the No Student Loan Interest Act, the Secretary shall annually cancel or repay the interest on each loan made or insured under this part. . Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ) is amended to read as follows: Notwithstanding any other provision of law, loans made to borrowers under this part shall have an applicable rate of interest equal to zero. The applicable rate of interest described in paragraph
(1)shall be fixed for the period of the loan. In the case of a loan made under this part for which the first disbursement was made before the date of the enactment of the No Student Loan Interest Act, the Secretary shall— cancel all interest due on such a loan; and adjust the interest rate of such loan in accordance with paragraph (1). .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources