Bills · HR 4862
IN COMMITTEE· 119TH CONGRESS
House BillHR 4862Education
LOAN Act
INTRO AUG 1· LAST ACTION AUG 1
READING
104MIN
COSPONSORS
27
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill addresses some of the most pressing financial challenges facing American families: the rising cost of college and the burden of student loan debt. By substantially increasing Pell Grants and guaranteeing their funding, it could significantly expand access to higher education for low-income students, potentially allowing more individuals to pursue degrees without accumulating crippling debt. This could lead to a more educated workforce and greater economic mobility.
Improvements to the Public Service Loan Forgiveness program could incentivize more people to enter and stay in critical public service fields, such as education, healthcare, and government, where staffing shortages can be an issue. Reducing interest rates and offering refinancing options would provide tangible financial relief to millions of borrowers, freeing up disposable income and potentially boosting the economy. If this bill passes, it could mean a future with less student debt, a more accessible higher education system, and a stronger public service sector. If it fails, the current trajectory of escalating college costs and student debt is likely to continue, impacting individuals' financial futures and the nation's economic health.
KEY PROVISIONS
5AI-extractedPROVISION 01
Doubles Federal Pell Grant awards and funds them mandatorily, increasing the maximum award to $14,000 by 2031-2032, adjusted for inflation, and ensuring funding automatically.
Provides substantially more guaranteed financial aid to low-income students, making college more affordable and predictable.
PROVISION 02
Streamlines the Public Service Loan Forgiveness (PSLF) program by improving terms, adding an online database for public service jobs, and clarifying treatment of consolidated/refinanced loans.
Makes it significantly easier and clearer for individuals working in public service to have their student loans forgiven, supporting essential professions.
PROVISION 03
Reduces student loan interest rates and allows refinancing for both federal and private student loans starting July 1, 2026.
Lowers the overall cost of borrowing for college and provides relief for existing borrowers burdened by high interest.
PROVISION 04
Eliminates interest capitalization, preventing unpaid interest from being added to the principal balance of federal student loans in various situations.
Stops loan balances from growing due to capitalized interest, making it easier for borrowers to manage and pay down their debt.
PROVISION 05
Restores the total semesters a student can receive a Pell Grant, allows Pell Grants for graduate students, and makes Dreamer students eligible for federal aid.
Broadens access to financial assistance for more students, including those pursuing advanced degrees and undocumented students.
SPONSORSHIP
1 + 27
D· Virginia
YRS IN OFFICE
33
BILLS LED
18
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 27 REP 0 IND 0
ACTION TIMELINE
2 EVENTSAUG 1
Introduced in House
AUG 1
Referred to the Committee on Education and Workforce, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
BILL INFO
TypeHouse Bill
NumberHR 4862
Congress119th
StatusIn Committee
IntroducedAug 1, 2025
Last actionAug 1, 2025
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IN COMMITTEE· 119TH CONGRESS · BUDGET COMMITTEE · INTRODUCED AUG 1, 2025
House BillHR 4862Education
LOAN Act
INTRODUCED AUG 1, 2025· LAST ACTION AUG 1, 2025
PASSAGE CHANCES
—%
READING
104 min
COSPONSORS
27
COMPLEXITY
Moderate
