I 

118TH CONGRESS 

1ST SESSION H. R. 4986 

To amend the Higher Education Act of 1965 to eliminate interest on student 

loans, establish the Education Affordability Trust Fund, increase annual 

and aggregate loan limits, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 27, 2023 

Mr. COURTNEY (for himself, Mr. SWALWELL, Mr. EVANS, Mr. TAKANO, Ms. 

PINGREE, Ms. WILSON of Florida, Mr. GRIJALVA, Mr. CARTER of Louisiana, Ms. ADAMS, Ms. TOKUDA, Mrs. TRAHAN, Mrs. HAYES, Mr. 

LEVIN, Mr. NORCROSS, Mr. LARSON of Connecticut, Mr. MORELLE, Ms. 

PORTER, and Ms. CROCKETT) introduced the following bill; which was referred to the Committee on Education and the 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 

A BILL 

To amend the Higher Education Act of 1965 to eliminate 

interest on student loans, establish the Education Affordability Trust Fund, increase annual and aggregate loan 

limits, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Student Loan Interest Elimination Act’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—LOAN MODIFICATION AND REFINANCING FOR EXISTING 

FEDERAL STUDENT LOANS 

Sec. 101. Program authority. 

Sec. 102. Program for the loan modification of eligible Federal Direct loans, 

and refinancing of other Federal student loan. 

TITLE II—TERMS AND CONDITIONS FOR NEW FEDERAL 

STUDENT LOANS 

Sec. 201. Applicable rates of interest for loans made on or after July 1, 2024. 

Sec. 202. Termination of interest subsidized loans. 

Sec. 203. Annual and aggregate loan limits. 

TITLE III—TRUST FUND 

Sec. 301. Supplemental Federal Pell Grant Program. 

Sec. 302. Use of funds from the repayment of Federal student loans. 

Sec. 303. Education Affordability Trust Fund. 

TITLE IV—GENERAL PROVISIONS 

Sec. 401. Implementation. 

3 TITLE I—LOAN MODIFICATION 

4 AND REFINANCING FOR EX5 ISTING FEDERAL STUDENT 

6 LOANS 

7 SEC. 101. PROGRAM AUTHORITY. 

8 Section 451(a) of the Higher Education Act of 1965 

9 (20 U.S.C. 1087a(a)) is amended— 

10 (1) by striking ‘‘There are hereby made avail11 able’’ and inserting ‘‘After using funds available 

12 from the Education Affordability Trust Fund in ac13 cordance with section 494A, there are hereby made 

14 available’’; 


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1 (2) by striking ‘‘and (2)’’ and inserting ‘‘(2)’’; 

2 and 

3 (3) by inserting ‘‘; and (3) to make loans under 

4 section 460A(b)’’ after ‘‘section 459A’’. 

5 SEC. 102. PROGRAM FOR THE LOAN MODIFICATION OF ELI6 GIBLE FEDERAL DIRECT LOANS, AND REFI7 NANCING OF OTHER FEDERAL STUDENT 

8 LOANS. 

9 (a) LOAN MODIFICATION AND REFINANCING.—Part 

10 D of title IV of the Higher Education Act of 1965 (20 

11 U.S.C. 1087a et seq.) is amended by adding at the end 

12 the following: 

13 ‘‘SEC. 460A. PROGRAM FOR THE LOAN MODIFICATION OF 

14 ELIGIBLE FEDERAL DIRECT LOANS, AND RE15 FINANCING OF OTHER FEDERAL STUDENT 

16 LOANS. 

17 ‘‘(a) FEDERAL DIRECT LOAN MODIFICATION.—The 

18 Secretary shall establish and implement, with respect to 

19 each borrower of an eligible Federal direct loan, proce20 dures to— 

21 ‘‘(1) modify, without any action from the bor22 rower, the terms of such loan so that beginning on 

23 July 1, 2024, no interest shall accrue on such loan; 

24 and 


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1 ‘‘(2) allow the borrower, at any time, to opt out 

2 of the loan modification under paragraph (1) for 

3 such loan. 

4 ‘‘(b) REFINANCING ELIGIBLE NON-FEDERAL DI5 RECT LOANS AS FEDERAL DIRECT CONSOLIDATION

6 LOANS.— 

7 ‘‘(1) IN GENERAL.—The Secretary shall estab8 lish and implement, with respect to each borrower of 

9 an eligible non-Federal direct loan, procedures to— 

10 ‘‘(A) refinance such loan in accordance 

11 with procedures listed in paragraph (2); and 

12 ‘‘(B) allow the borrower, at any time, to 

13 opt out of the loan refinancing under subpara14 graph (A) for such loan. 

15 ‘‘(2) PROCEDURES.—In refinancing an eligible 

16 non-Federal direct loan with respect to a borrower 

17 of such loan, the Secretary shall carry out the fol18 lowing: 

19 ‘‘(A) The Secretary shall make a Federal 

20 Direct Consolidation Loan under this sub21 section, in an amount equal to the sum of the 

22 unpaid principal, accrued unpaid interest, and 

23 late charges of the eligible non-Federal direct 

24 loan. 


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1 ‘‘(B) The Secretary shall pay the proceeds 

2 of such Federal Direct Consolidation Loan to 

3 the holder of the eligible non-Federal direct 

4 loan, in order to discharge the borrower from 

5 any remaining obligation with respect to such 

6 eligible non-Federal direct loan. 

7 ‘‘(3) TERMS AND CONDITIONS OF REFINANCED

8 LOANS.— 

9 ‘‘(A) IN GENERAL.—A Federal Direct Con10 solidation Loan made under this subsection 

11 shall have the same terms and conditions as a 

12 Federal Direct Consolidation Loan that was not 

13 made under this subsection, except— 

14 ‘‘(i) that the Secretary may adjust 

15 such terms and conditions as necessary to 

16 enable the borrower to access loan forgive17 ness or other benefits available to the bor18 rower under the loan before refinancing 

19 under this subsection, in any case where 

20 such benefits are more generous than pro21 vided under a Federal Direct Consolidation 

22 Loan; and 

23 ‘‘(ii) as otherwise provided in this sub24 section. 


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1 ‘‘(B) NO ORIGINATION FEES.—Notwith2 standing section 455(c), the Secretary may not 

3 charge a borrower of a loan made under this 

4 subsection an origination fee for such loan. 

5 ‘‘(C) INTEREST RATES.—No interest shall 

6 accrue on a loan that is made under this sub7 section. 

8 ‘‘(D) NO AUTOMATIC EXTENSION OF RE9 PAYMENT PERIOD.—A loan made under this 

10 subsection shall not result in the extension of 

11 the duration of the repayment period of the 

12 original loan, and the borrower shall retain the 

13 same repayment term that was in effect on the 

14 original loan. Nothing in this paragraph shall 

15 be construed to prevent a borrower from elect16 ing a different repayment plan at any time in 

17 accordance with section 455(d)(3). 

18 ‘‘(E) RULE OF CONSTRUCTION.—Nothing 

19 in this section shall be construed to prevent a 

20 borrower of a Federal student loan described in 

21 subparagraph (B) or (C) of subsection (d)(2) 

22 from consolidating such loans with other loans 

23 eligible for consolidation under this section, or 

24 to require such a borrower to consolidate such 


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1 loans with other Federal student loans into a 

2 single consolidation loan under this section. 

3 ‘‘(c) REPORT.—Not later than 1 year after the date 

4 of the enactment of Student Loan Interest Elimination 

5 Act, and on an annual basis thereafter, the Secretary shall 

6 submit a report to the authorizing committees that in7 cludes— 

8 ‘‘(1) the total number of borrowers whose loans 

9 have been modified or refinanced under this section 

10 during the preceding year; and 

11 ‘‘(2) the number of such borrowers who are de12 linquent in making payments on such a loan. 

13 ‘‘(d) DEFINITIONS.—In this section: 

14 ‘‘(1) ELIGIBLE FEDERAL DIRECT LOAN.—The 

15 term ‘eligible Federal direct loan’ means a— 

16 ‘‘(A) a loan made under this part, and first 

17 disbursed before July 1, 2024; 

18 ‘‘(B) a loan made, insured, or guaranteed 

19 under part B, and which is held by the Sec20 retary; 

21 ‘‘(C) a loan made under part E, and which 

22 is held by the Secretary; or 

23 ‘‘(D) a loan made under subpart 1 of part 

24 A of title VII of the Public Health Service Act 


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1 (42 U.S.C. 292 et seq.), and which is held by 

2 the Secretary. 

3 ‘‘(2) ELIGIBLE NON-FEDERAL DIRECT LOAN.— 

4 The term ‘eligible non-Federal direct loan’ means a 

5 loan— 

6 ‘‘(A) made, insured, or guaranteed under 

7 part B, and which is not held by the Secretary; 

8 ‘‘(B) made under part E, and which is not 

9 held by the Secretary; or 

10 ‘‘(C) made under— 

11 ‘‘(i) subpart I of part A of title VII of 

12 the Public Health Service Act (42 U.S.C. 

13 292 et seq.), and which is not held by the 

14 Secretary; 

15 ‘‘(ii) subpart II of part A of title VII 

16 of the Public Health Service Act (42 

17 U.S.C. 292q et seq.), and in the case of a 

18 loan made under section 723 of such Act 

19 (42 U.S.C. 292s), only if the borrower of 

20 the loan has completed the full period of 

21 service, practice, or training that was im22 posed as a condition on receipt of such 

23 loan; or 

24 ‘‘(iii) part E of title VIII of the Public 

25 Health Service Act (42 U.S.C. 297a et 


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1 seq.), and in the case of a loan made under 

2 section 846A of such Act (42 U.S.C. 

3 297n—1), only if the borrower has com4 pleted the 4-years of full-time employment 

5 as a faculty member at a school of nursing 

6 as described in subsection (c)(3) of such 

7 section 846A. 

8 ‘‘(3) ORIGINAL LOAN.—The term ‘original 

9 loan’, used with respect to a Federal Direct Consoli10 dation Loan made under subsection (b), means a 

11 loan for which a borrower’s liability is discharged by 

12 such Federal Direct Consolidation Loan.’’. 

13 (b) INCOME-CONTINGENT REPAYMENT.—Section 

14 455(e) of the Higher Education Act of 1965 (20 U.S.C. 

15 1087e(e)) is amended by adding at the end the following 

16 new paragraph: 

17 ‘‘(9) SPECIAL RULE FOR REFINANCED

18 LOANS.—For purposes of paragraph (7), the period 

19 of time during which a borrower of a Federal Direct 

20 Consolidation Loan made under section 460A(b) has 

21 made monthly payments shall be calculated in the 

22 manner described in section 493C(f).’’. 

23 (c) INCOME-BASED REPAYMENT.—Section 493C of 

24 the Higher Education Act of 1965 (20 U.S.C. 1098e) is 

25 amended by adding at the end the following: 


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1 ‘‘(f) SPECIAL RULE FOR REFINANCED LOANS.— 

2 ‘‘(1) REFINANCED FEDERAL DIRECT CONSOLI3 DATION LOANS.—In calculating the period of time 

4 during which a borrower of a Federal Direct Con5 solidation Loan that is made under section 460A(b) 

6 has made monthly payments for the purposes of sub7 section (b)(7), the Secretary shall— 

8 ‘‘(A) review the borrower’s payment his9 tory to identify each component loan of such 

10 Federal Direct Consolidation Loan; 

11 ‘‘(B) for each such component loan— 

12 ‘‘(i) calculate the weighted factor of 

13 the component loan, which shall be the fac14 tor that represents the portion of such 

15 Federal Direct Consolidation Loan that is 

16 attributable to such component loan; and 

17 ‘‘(ii) determine the number of quali18 fying monthly payments made on such 

19 component loan before consolidation; 

20 ‘‘(C) calculate the number of qualifying 

21 monthly payments determined under subpara22 graph (B)(ii) with respect to a component loan 

23 that shall be deemed as qualifying monthly pay24 ments made on the Federal Direct Consolida25 tion Loan by multiplying— 


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1 ‘‘(i) the weighted factor of such com2 ponent loan as determined under subpara3 graph (B)(i); by 

4 ‘‘(ii) the number of qualifying monthly 

5 payments made on such component loan as 

6 determined under subparagraph (B)(ii); 

7 and 

8 ‘‘(D) calculate and inform the borrower of 

9 the total number of qualifying monthly pay10 ments with respect to the component loans of 

11 the Federal Direct Consolidation Loan that 

12 shall be deemed as qualifying monthly payments 

13 made on the refinanced Federal Consolidation 

14 Loan, by— 

15 ‘‘(i) adding together the result of each 

16 calculation made under subparagraph (C) 

17 with respect to each such component loan; 

18 and 

19 ‘‘(ii) rounding the number determined 

20 under clause (i) to the nearest whole num21 ber. 

22 ‘‘(2) COMPONENT LOAN DEFINED.—In this 

23 subsection, the term ‘component loan’, used with re24 spect to a Federal Direct Consolidation Loan, means 

25 a loan for which the liability was discharged by the 


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1 proceeds of such Federal Direct Consolidation 

2 Loan.’’. 

3 (d) CONFORMING AMENDMENTS.—The Higher Edu4 cation Act of 1965 (20 U.S.C. 1001 et seq.) is amended— 

5 (1) in section 428C(a)(3)(B)(i)(V) (20 U.S.C. 

6 1078–3(3)(B)(i)(V))— 

7 (A) by striking the period at the end of 

8 item (cc) and inserting a semicolon; 

9 (B) by striking the period at the end of 

10 item (dd) and inserting ‘‘; or’’; and 

11 (C) by adding at the end the following: 

12 ‘‘(ee) for the purpose of ob13 taining a Federal Direct Consoli14 dation Loan under section 

15 460A(b).’’. 

16 TITLE II—TERMS AND CONDI17 TIONS FOR NEW FEDERAL 

18 STUDENT LOANS 

19 SEC. 201. APPLICABLE RATES OF INTEREST FOR LOANS 

20 MADE ON OR AFTER JULY 1, 2024. 

21 Section 455(b)(8) of the Higher Education Act of 

22 1965 (20 U.S.C. 1087e(b)(8)) is amended— 

23 (1) in the paragraph heading, by inserting 

24 ‘‘AND BEFORE JULY 1, 2024’’ after ‘‘JULY 1, 2013’’; 


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1 (2) in subparagraph (A), by inserting ‘‘and be2 fore July 1, 2024’’ after ‘‘July 1, 2013’’; 

3 (3) in subparagraph (B), by inserting ‘‘and be4 fore July 1, 2024’’ after ‘‘July 1, 2013’’; 

5 (4) in subparagraph (C), by inserting ‘‘and be6 fore July 1, 2024’’ after ‘‘July 1, 2013’’; 

7 (5) in subparagraph (D), by inserting ‘‘and be8 fore July 1, 2024’’ after ‘‘July 1, 2013’’; 

9 (6) by redesignating subparagraph (F) as sub10 paragraph (G); and 

11 (7) by inserting after subparagraph (E) the fol12 lowing: 

13 ‘‘(F) NEW LOANS ON OR AFTER JULY 1, 

14 2024.— 

15 ‘‘(i) IN GENERAL.—Notwithstanding 

16 the preceding subparagraphs of this para17 graph, for Federal Direct Unsubsidized 

18 Stafford Loans, Federal Direct PLUS 

19 Loans, and Federal Direct Consolidation 

20 Loans for which the first disbursement is 

21 made, or the application is received, on or 

22 after July 1, 2024, the applicable rate of 

23 interest shall be as follows: 

24 ‘‘(I) ZERO PERCENT.—For a 

25 loan that is disbursed to a borrower 


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1 with a total adjusted available income 

2 (as determined for the most recent 

3 award year for which data is avail4 able) that is not more than 400 per5 cent of the applicable area median in6 come, 0 percent on the unpaid prin7 cipal balance of the loan. 

8 ‘‘(II) ONE PERCENT.—For a loan 

9 that is disbursed to a borrower with a 

10 total adjusted available income (as de11 termined for the most recent award 

12 year for which data is available) that 

13 is more than 400 percent of the appli14 cable area median income, but not 

15 more than 500 percent of such appli16 cable median income, 1 percent on the 

17 unpaid principal balance of the loan. 

18 ‘‘(III) TWO PERCENT.—For a 

19 loan that is disbursed to a borrower 

20 with a total adjusted available income 

21 (as determined for the most recent 

22 award year for which data is avail23 able) that is more than 500 percent of 

24 the applicable area median income, 

25 but not more than 600 percent of 


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1 such applicable median income, 2 per2 cent on the unpaid principal balance 

3 of the loan. 

4 ‘‘(IV) THREE PERCENT.—For a 

5 loan that is disbursed to a borrower 

6 with a total adjusted available income 

7 (as determined for the most recent 

8 award year for which data is avail9 able) that is more than 600 percent of 

10 the applicable area median income, 

11 but not more than 700 percent of 

12 such applicable median income, 3 per13 cent on the unpaid principal balance 

14 of the loan. 

15 ‘‘(V) FOUR PERCENT.—For a 

16 loan that is disbursed to a borrower 

17 with a total adjusted available income 

18 (as determined for the most recent 

19 award year for which data is avail20 able) that is more than 700 percent of 

21 the applicable area median income, 4 

22 percent on the unpaid principal bal23 ance of the loan. 


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1 ‘‘(ii) APPLICABLE AREA MEDIAN IN2 COME.—The term ‘applicable area median 

3 income’— 

4 ‘‘(I) when used with respect to 

5 an independent student, means the 

6 area median income for the area in 

7 which the student resides; and 

8 ‘‘(II) when used with respect to a 

9 dependent student, means— 

10 ‘‘(aa) except as otherwise 

11 specified in items (bb) through 

12 (ee), the area median income for 

13 the area in which the parents of 

14 the student reside; 

15 ‘‘(bb) in a case in which the 

16 parents of the student are di17 vorced or living in different 

18 areas, the area median income 

19 for the area of the parent who 

20 provides the greater portion of 

21 the student’s financial support, 

22 as determined based on criteria 

23 described in section 475(f); 

24 ‘‘(cc) in a case in which one 

25 parent has died, the area median 


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1 income for the area of the sur2 viving parent; 

3 ‘‘(dd) in a case in which 

4 both parents have died, the area 

5 median income for the area in 

6 which the student resides; or 

7 ‘‘(ee) in a case in which a 

8 parent has remarried, the loca9 tion of that parent’s spouse (if 

10 different from the location of the 

11 remarried parent) has no impact 

12 on the determination of area me13 dian income under this subclause. 

14 ‘‘(iii) AREA MEDIAN INCOME.—The 

15 term ‘area median income’ means the me16 dian family income for an area, as deter17 mined for purposes of the United States 

18 Housing Act of 1937 (42 U.S.C. 1437 et 

19 seq.). 

20 ‘‘(iv) TOTAL ADJUSTED AVAILABLE

21 INCOME DEFINED.—The term ‘total ad22 justed available income’, for purposes of 

23 award year 2024–2025, and each subse24 quent award year— 


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1 ‘‘(I) when used with respect to a 

2 dependent student, means the amount 

3 equal to, with respect to such student, 

4 the sum of— 

5 ‘‘(aa) the assessment of par6 ents’ adjusted available income 

7 computed under section 

8 475(b)(1); 

9 ‘‘(bb) the student’s total in10 come (determined in accordance 

11 with section 480); and 

12 ‘‘(cc) the student’s assets 

13 computed under section 475(h); 

14 ‘‘(II) when used with respect to 

15 an independent student without de16 pendents, means the amount equal to, 

17 with respect to such student, the sum 

18 of— 

19 ‘‘(aa) the family’s available 

20 income computed under section 

21 476(b)(1)(A); and 

22 ‘‘(bb) the family’s available 

23 assets computed under section 

24 476(c)(1); and 


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1 ‘‘(III) when used with respect to 

2 an independent student with depend3 ents, means the amount equal to, with 

4 respect to such student, the adjusted 

5 available income computed under sec6 tion 477(a)(1)(A).’’. 

7 SEC. 202. TERMINATION OF INTEREST SUBSIDIZED LOANS. 

8 (a) PROGRAM AUTHORITY.—Section 451(a) of the 

9 Higher Education Act of 1965 (20 U.S.C. 1087a(a)) is 

10 amended by adding at the end the following: ‘‘No new 

11 Federal Direct Stafford Loans, as referenced under sec12 tion 455(a)(2)(A), may be made under this part after 

13 June 30, 2024, and no funds are authorized to be appro14 priated, or may be expended, under this Act or any other 

15 Act to make such Federal Direct Stafford Loans for which 

16 the first disbursement is after June 30, 2024.’’. 

17 (b) TERMINATION OF AUTHORITY.—Section 455(a) 

18 of the Higher Education Act of 1965 (20 U.S.C. 

19 1087e(a)) is amended by adding at the end the following: 

20 ‘‘(4) TERMINATION OF AUTHORITY TO MAKE

21 INTEREST SUBSIDIZED LOANS TO ANY STUDENT.— 

22 Notwithstanding any provision of this part or part 

23 B, for any period of instruction beginning on or 

24 after July 1, 2024— 


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1 ‘‘(A) a student shall not be eligible to re2 ceive a Federal Direct Stafford loan under this 

3 part; and 

4 ‘‘(B) the maximum annual amount of Fed5 eral Direct Unsubsidized Stafford loans such a 

6 student may borrow in any academic year (as 

7 defined in section 481(a)(2)) or its equivalent 

8 shall be the maximum annual amount for such 

9 student determined under section 428H, plus 

10 an amount equal to the amount of Federal Di11 rect Stafford loans the student would have re12 ceived in the absence of this paragraph.’’. 

13 SEC. 203. ANNUAL AND AGGREGATE LOAN LIMITS. 

14 Section 455(a) of the Higher Education Act of 1965 

15 (20 U.S.C. 1087e(a)) is further amended by adding at the 

16 end the following: 

17 ‘‘(5) ANNUAL AND AGGREGATE LOAN LIMITS.— 

18 ‘‘(A) IN GENERAL.—Subject to subpara19 graph (B), for academic year 2024–2025 and 

20 each succeeding academic year, section 428H(d) 

21 shall be applied— 

22 ‘‘(i) in paragraph (2)(A)— 

23 ‘‘(I) in clause (i), by substituting 

24 ‘$14,550’ for ‘$12,000’; and 

25 ‘‘(II) in clause (ii)— 


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1 ‘‘(aa) in subclause (I), by 

2 substituting ‘$8,250’ for 

3 ‘$7,000’; and 

4 ‘‘(bb) in subclause (II), by 

5 substituting ‘$8,250’ for 

6 ‘$7,000’; 

7 ‘‘(ii) in paragraph (3)— 

8 ‘‘(I) in subparagraph (A), by 

9 substituting ‘$2,550, in the case of a 

10 student described in clause (i) of sec11 tion 428(b)(1)(A), $2,650, in the case 

12 of a student described in clause (ii) of 

13 such section, and $2,750, in the case 

14 of a student described in clause (iii) of 

15 such section’ for ‘$2,000’; and 

16 ‘‘(II) in subparagraph (B), by 

17 substituting ‘$34,100’ for ‘$31,000’; 

18 and 

19 ‘‘(iii) in paragraph (4)— 

20 ‘‘(I) in subparagraph (A)— 

21 ‘‘(aa) in clause (i)(I), by 

22 substituting ‘$6,950 for the first 

23 year such year and $7,050 for 

24 the second such year’ for 

25 ‘$6,000’; 


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1 ‘‘(bb) in clause (ii)(I), by 

2 substituting ‘$8,250’ for 

3 ‘$7,000’; and 

4 ‘‘(cc) in clause (iii)— 

5 ‘‘(AA) in subclause (I), 

6 by substituting ‘‘$6,850’ for 

7 ‘$6,000’; and 

8 ‘‘(BB) in subclause 

9 (II), by substituting ‘$7,962’ 

10 for ‘$7,000’; and 

11 ‘‘(II) in subparagraph (B), by 

12 substituting ‘$63,250’ for ‘$57,500’. 

13 ‘‘(B) ADJUSTMENT FOR INFLATION.— 

14 ‘‘(i) IN GENERAL.—Each amount 

15 specified in subparagraph (A) for academic 

16 year 2025–2026 and each succeeding aca17 demic year shall be deemed increased by a 

18 percentage equal to the annual adjustment 

19 percentage. 

20 ‘‘(ii) ANNUAL ADJUSTMENT PERCENT21 AGE DEFINED.—In this subparagraph, the 

22 term ‘annual adjustment percentage’, as 

23 applied to an academic year, means the es24 timated percentage change in the Con25 sumer Price Index (as determined by the 


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1 Secretary, using the definition in section 

2 478(f) or the most recent calendar year 

3 ending prior to the beginning of that aca4 demic year.’’. 

5 TITLE III—TRUST FUND 

6 SEC. 301. SUPPLEMENTAL FEDERAL PELL GRANT PRO7 GRAM. 

8 Section 401(b) of the Higher Education Act of 1965 

9 (20 U.S.C. 1070a(b)), as amended by section 703 of the 

10 FAFSA Simplification Act (title VII of division FF of 

11 Public Law 116–260) and the FAFSA Simplification Act 

12 Technical Corrections Act (Public Law 117–103), is fur13 ther amended by adding at the end the following: 

14 ‘‘(10) SUPPLEMENTAL PELL GRANTS USING EX15 CESS TRUST FUND AMOUNTS.—For any award year 

16 for which the Secretary elects to use the excess 

17 amounts (or a portion of such excess amounts) de18 scribed in section 494A(c) to carry out a Supple19 mental Pell Grant Program under this paragraph, 

20 the Secretary shall— 

21 ‘‘(A) award each student that receives a 

22 Federal Pell grant under this subpart for such 

23 award year, an additional Federal Pell Grant in 

24 an amount that— 


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1 ‘‘(i) bears the same relationship to 

2 such excess amount (or such portion) as 

3 the amount of the Federal Pell Grant such 

4 student receives under this subpart (ex5 cluding this paragraph) for such award 

6 year bears to the total amount awarded in 

7 Federal Pell Grants under this subpart 

8 (excluding this paragraph) for such award 

9 year; and 

10 ‘‘(ii) may— 

11 ‘‘(I) exceed the total maximum 

12 Federal Pell Grant available for such 

13 award year; and 

14 ‘‘(II) be lower than the minimum 

15 Federal Pell Grant (as defined in sec16 tion (a)(2)(F)) for such award year; 

17 and 

18 ‘‘(B) ensure that— 

19 ‘‘(i) in the case of a student awarded 

20 an additional Federal Pell Grant under 

21 subparagraph (A) for an award year, the 

22 total amount of Federal Pell Grants 

23 awarded to such student under this sub24 part (including such additional Federal 

25 Pell Grant) for such award year may exVerDate Sep 11 2014 01:54 Aug 15, 2023 Jkt 039200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H4986.IH H4986

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1 ceed the total maximum Federal Pell 

2 Grant available for such award year; and 

3 ‘‘(ii) any period of study covered by 

4 an additional Federal Pell Grant awarded 

5 under subparagraph (A) shall not be in6 cluded in determining a student’s duration 

7 limit under subsection (d)(5).’’. 

8 SEC. 302. USE OF FUNDS FROM THE REPAYMENT OF FED9 ERAL STUDENT LOANS. 

10 Part G of title IV of the Higher Education Act of 

11 1965 (20 U.S.C. 1088 et seq.) is amended by adding at 

12 the end the following: 

13 ‘‘SEC. 494A. USE OF FUNDS FROM THE REPAYMENT OF FED14 ERAL STUDENT LOANS. 

15 ‘‘(a) IN GENERAL.—The Secretary of Education 

16 shall, without further appropriation, deposit all amounts 

17 repaid on loans made, insured, or guaranteed under this 

18 title into the Education Affordability Trust Fund estab19 lished under section 494B (referred to in this section as 

20 the ‘Trust Fund’). 

21 ‘‘(b) USE OF TRUST FUND ASSETS.— 

22 ‘‘(1) IN GENERAL.—The Trust Fund Board 

23 shall transfer the profits from the investments of the 

24 Trust Fund to the Secretary of Education, to pay 

25 for the administrative costs of the Department of 


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1 Education in making loans under part D, including 

2 loans under section 460A(b), to all eligible students 

3 (and the eligible parents of such students) in attend4 ance at participating institutions of higher education 

5 selected by the Secretary, to enable such students to 

6 pursue their courses of study at such institutions, in 

7 the following amounts: 

8 ‘‘(A) During any period of time when the 

9 Trust Fund has assets under management of 

10 $500,000,000 or more over a 180 day period, 

11 100 percent of such profits. 

12 ‘‘(B) During any period of time when the 

13 Trust Fund has profits of less than 

14 $500,000,000, but more than or equal to 

15 $400,000,000 over a 180 day period, 40 per16 cent of such profits. 

17 ‘‘(C) During any period of time when the 

18 Trust Fund has profits of less than 

19 $400,000,000 but more than or equal to 

20 $300,000,000 over a 180 day period, 10 per21 cent of such profits. 

22 ‘‘(D) During any period of time when the 

23 Trust Fund has profits of less than 

24 $300,000,000 over a 180 day period, 0 percent 

25 of such profits. 


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1 ‘‘(2) PROFITS DEFINED.—In this subsection, 

2 the term ‘profits’ means the amount that the return 

3 on investment from bond investments made by the 

4 Trust Fund exceeds the amount repaid on loans and 

5 deposited into the Trust Fund under subsection (a). 

6 ‘‘(c) USE OF EXCESS AMOUNTS.—If the amounts re7 quired to be transferred under subsection (b) are in excess 

8 of the amounts needed to pay for the costs of the Depart9 ment of Education described under subsection (b), the 

10 Secretary of Education may elect to use such excess 

11 amounts (or a portion of such excess amounts)— 

12 ‘‘(1) to carry out the Supplemental Federal Pell 

13 Grant Program under section 401(b)(10); and 

14 ‘‘(2) for the Postsecondary Student Success 

15 Program authorized under part B of title VII and 

16 for which the Department issued a notice inviting 

17 applications in the Federal Register on August 12, 

18 2022 (87 Fed. Reg. 49811 et. seq.), except that, 

19 notwithstanding the terms and condition of such 

20 program described in the notice— 

21 ‘‘(A) any institution of higher education 

22 defined in section 101 or 102(a)(1)(B) is eligi23 ble to receive a grant under the program if— 

24 ‘‘(i) the average cost of tuition to at25 tend such institution for the 3 most recent 


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1 academic years has not increased by more 

2 than 3 percent; 

3 ‘‘(ii) the institution provides an assur4 ance that the average cost of tuition to at5 tend such institution for the succeeding 3 

6 academic years will not increase by more 

7 than 3 percent; or 

8 ‘‘(iii) the size of the endowment fund 

9 (as defined in section 312(c)) of the insti10 tution on the first day of the previous cal11 endar year was not greater than 

12 $100,000,000; and 

13 ‘‘(B) grants under the program will be 

14 awarded on a competitive basis, and the amount 

15 of any such grant will be not less than 

16 $600,000, and not more than $1,000,000. 

17 ‘‘(d) REPORT AND TESTIMONY TO CONGRESS.—If 

18 the Secretary of Education elects to use excess amounts 

19 described under subsection (c) the Secretary shall provide 

20 to Congress a report on the use of such amounts (and 

21 provide testimony on such use) not later than 180 days 

22 after making use of such funds.’’. 


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1 SEC. 303. EDUCATION AFFORDABILITY TRUST FUND. 

2 Part G of title IV of the Higher Education Act of 

3 1965 (20 U.S.C. 1088 et seq.) is further amended by add4 ing at the end the following: 

5 ‘‘SEC. 494B. EDUCATION AFFORDABILITY TRUST FUND. 

6 ‘‘(a) ESTABLISHMENT.—There is established within 

7 the Department a trust fund to be known as the ‘Edu8 cation Affordability Trust Fund’ (referred to in this sec9 tion as the ‘Trust Fund’). 

10 ‘‘(b) BOARD.— 

11 ‘‘(1) IN GENERAL.—The head of the Trust 

12 Fund shall be a 6-member Education Affordability 

13 Trust Fund Board (referred to in this section as the 

14 ‘Board’). 

15 ‘‘(2) APPOINTMENT OF MEMBERS.—The mem16 bers of the Board shall be appointed by the Presi17 dent, by and with the advice and consent of the Sen18 ate, from among individuals who— 

19 ‘‘(A) have experience and expertise in the 

20 management of financial investments; 

21 ‘‘(B) have at least 10 years of experience 

22 in the financial investment field; 

23 ‘‘(C) at least 3 of which have experience 

24 working with rural lenders, historically 

25 disenfranchised groups, or low-income commu26 nities; and 


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1 ‘‘(D) are not currently an elected official. 

2 ‘‘(3) DISQUALIFICATIONS FOR APPOINT3 MENTS.— 

4 ‘‘(A) LOBBYING.—No individual required 

5 to register as a lobbyist under section 4 of the 

6 Lobbying Disclosure Act of 1995 (2 U.S.C. 

7 1603) may be appointed to, or serve on, the 

8 Board. 

9 ‘‘(B) INCOMPATIBLE OFFICE.—No member 

10 of the Board may hold or may have held the po11 sition of Member of the House of Representa12 tives or Senator, may hold the position of offi13 cer or employee of the House of Representa14 tives, Senate, or instrumentality or other entity 

15 of the legislative branch, or may have held such 

16 a position within 4 years of the date of appoint17 ment. 

18 ‘‘(4) TERM.— 

19 ‘‘(A) IN GENERAL.—The members of the 

20 Board shall serve 6-year terms, staggered such 

21 that the terms of 2 members ends every 2 

22 years. 

23 ‘‘(B) POLITICAL AFFILIATION.—The 2 

24 members serving terms that end at the same 


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1 time may not be members of the same political 

2 party. 

3 ‘‘(C) MEMBERS TAKE OFFICE TO4 GETHER.—With respect to the 2 individuals ap5 pointed to fill terms ending at the same time, 

6 neither individual may begin serving as a mem7 ber of the Board until both have been appointed 

8 and confirmed by the Senate. 

9 ‘‘(D) AUTHORITY TO SERVE UNTIL A SUC10 CESSOR IS APPOINTED.—Upon the expiration of 

11 a term of a member of the Board, that member 

12 shall continue to serve until a successor is ap13 pointed. 

14 ‘‘(E) LIMITATION.—An individual may 

15 only serve as a member of the Board for a max16 imum of 2 terms. 

17 ‘‘(F) REMOVAL FOR CAUSE.—The Presi18 dent may remove a member of the Board only 

19 for inefficiency, neglect of duty, or malfeasance 

20 in office. 

21 ‘‘(5) DEADLINE FOR INITIAL APPOINTMENTS.— 

22 The initial members of the Board shall be appointed 

23 no later than 90 days after the date of enactment 

24 of this section. 


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1 ‘‘(6) CHAIR.—Each member of the Board shall 

2 serve as the Chair of the Board during the final year 

3 of the term for which the member is appointed. 

4 ‘‘(7) CONFLICTS OF INTEREST.—Each member 

5 of the Board shall, with respect to entities in which 

6 the Trust Fund invests, either divest any interest in 

7 such entities or place such interests into a blind 

8 trust. 

9 ‘‘(8) MEETINGS.— 

10 ‘‘(A) IN GENERAL.—The Board shall meet 

11 no less than once per quarter. 

12 ‘‘(B) PARTICIPATION BY FUND MAN13 AGERS.—The fund manager appointed under 

14 subsection (c) shall attend not less than 2 meet15 ings of the Board each year, to discuss fore16 casting and current investment performance. 

17 ‘‘(C) EMERGENCY MEETING REQUIRE18 MENT.—If, once the assets under management 

19 of the Trust Fund have reached 

20 $500,000,000,000, the assets under manage21 ment of the Trust Fund drops below 

22 $300,000,000,000, the Board shall immediately 

23 hold an emergency meeting to discuss ensuring 

24 the long-term solvency of the Trust Fund. 


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1 ‘‘(9) VOTING.—Investment guidelines shall be 

2 adopted by a unanimous vote of the entire Board. 

3 All other decisions of the Board shall be decided by 

4 a majority vote. All decisions of the Board shall be 

5 entered upon the records of the Board. 

6 ‘‘(10) COMPENSATION.—While serving on the 

7 business of the Board (including travel time), a 

8 member of the Board shall be entitled to compensa9 tion at the per diem equivalent of the rate provided 

10 for level IV of the Executive Schedule under section 

11 5315 of title 5, United States Code, and while so 

12 serving away from home and the member’s regular 

13 place of business, a member may be allowed travel 

14 expenses, as authorized by the Chair of the Board. 

15 ‘‘(c) POWERS AND RESPONSIBILITIES OF THE

16 BOARD.— 

17 ‘‘(1) APPOINTMENT OF FUND MANAGERS.— 

18 ‘‘(A) IN GENERAL.—The Board shall ap19 point independent fund managers from among 

20 individuals who have met such ethics vetting re21 quirements as the Board may establish. 

22 ‘‘(B) FAILURE TO MAKE A UNANIMOUS AP23 POINTMENT.—If the Board fails to make an ap24 pointment under subparagraph (A), the Chair 


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1 shall, not later 10 days after the date of such 

2 failure, make the appointment. 

3 ‘‘(C) INITIAL FUND MANAGERS.—The 

4 Board shall make the initial appointment of 

5 independent fund managers under subpara6 graph (A) not later than 60 days after the date 

7 on which all members of the Board are first ap8 pointed. 

9 ‘‘(2) OTHER DUTIES.—The Board shall— 

10 ‘‘(A) retain independent advisers to assist 

11 it in the formulation and adoption of its invest12 ment guidelines; 

13 ‘‘(B) pay the administrative expenses of 

14 the Trust Fund from the assets in the Trust 

15 Fund; and 

16 ‘‘(C) discharge their duties (including the 

17 voting of proxies) with respect to the assets of 

18 the Trust Fund solely in the interest of the 

19 Trust Fund and through it, the participants 

20 and beneficiaries of the programs funded under 

21 this Act— 

22 ‘‘(i) for the exclusive purpose of— 

23 ‘‘(I) providing zero-interest Fed24 eral student loans to existing and fu25 ture borrowers; and 


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1 ‘‘(II) defraying reasonable ex2 penses of administering the functions 

3 of the Trust Fund; 

4 ‘‘(ii) with the care, skill, prudence, 

5 and diligence under the circumstances then 

6 prevailing that a prudent person acting in 

7 a like capacity and familiar with such mat8 ters would use in the conduct of an enter9 prise of a like character and with like 

10 aims; 

11 ‘‘(iii) by diversifying investments so as 

12 to minimize the risk of large losses and to 

13 avoid disproportionate influence over a 

14 particular industry or firm, unless under 

15 the circumstances it is clearly prudent not 

16 to do so; and 

17 ‘‘(iv) in accordance with Trust Fund 

18 governing documents and instruments in19 sofar as such documents and instruments 

20 are consistent with this Act. 

21 ‘‘(3) PROHIBITIONS WITH RESPECT TO MEM22 BERS OF THE BOARD.—No member of the Board 

23 shall— 


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1 ‘‘(A) deal with the assets of the Trust 

2 Fund in the member’s own interest or for the 

3 member’s own account; 

4 ‘‘(B) in an individual or in any other ca5 pacity act in any transaction involving the as6 sets of the Trust Fund on behalf of a party (or 

7 represent a party) whose interests are adverse 

8 to the interests of the Trust Fund or the inter9 ests of borrowers; or 

10 ‘‘(C) receive any consideration for the 

11 member’s own personal account from any party 

12 dealing with the assets of the Trust Fund. 

13 ‘‘(4) AUDIT AND REPORT.— 

14 ‘‘(A) AUDIT.—The Board shall annually 

15 engage an independent qualified public account16 ant to audit the financial statements of the 

17 Trust Fund. 

18 ‘‘(B) REPORT TO CONGRESS.— 

19 ‘‘(i) IN GENERAL.—The Board shall 

20 submit an annual management report to 

21 the Secretary of Education, the Secretary 

22 of the Treasury, the President, and the 

23 Congress not later than 180 days after the 

24 end of each fiscal year, including— 


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1 ‘‘(I) a statement of financial po2 sition, including the total amount in 

3 the Trust Fund; 

4 ‘‘(II) a statement of operations; 

5 ‘‘(III) a statement of cash flows; 

6 ‘‘(IV) a breakdown of the invest7 ments made by the Trust Fund, in8 cluding by type; 

9 ‘‘(V) a statement on internal ac10 counting and administrative control 

11 systems; 

12 ‘‘(VI) the report resulting from 

13 an audit of the financial statements of 

14 the Trust Fund conducted under sub15 paragraph (A); and 

16 ‘‘(VII) any other comments and 

17 information necessary to inform the 

18 Congress about the operations and fi19 nancial condition of the Trust Fund. 

20 ‘‘(ii) PUBLIC AVAILABILITY OF RE21 PORT.—The Board shall make each report 

22 required under this subparagraph available 

23 to the public, including on the website of 

24 the Department of Education. 


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1 ‘‘(5) RULES AND ADMINISTRATIVE POWERS.— 

2 The Board shall have the authority to make rules to 

3 govern the operations of the Trust Fund, employ 

4 professional staff, and contract with outside advisers 

5 to provide legal, accounting, investment advisory, or 

6 other services necessary for the proper administra7 tion of this section. In the case of contracts with in8 vestment advisory services, compensation for such 

9 services may be on a fixed contract fee basis or on 

10 such other terms and conditions as are customary 

11 for such services. 

12 ‘‘(6) FINANCIAL DISCLOSURE REPORTS.—Each 

13 Member and employee of the Board shall file with 

14 the Secretary of Education and appropriate commit15 tees of Congress financial disclosure reports that 

16 comply with the requirements under subchapter I of 

17 chapter 131 of title 5, United States Code. 

18 ‘‘(7) FUNDING.—The expenses of the Trust 

19 Fund and the Board incurred under this section 

20 shall be paid from the Trust Fund. 

21 ‘‘(d) DUTIES OF THE FUND MANAGERS.— 

22 ‘‘(1) IN GENERAL.—The fund managers shall 

23 invest the assets of the Trust Fund in a manner 

24 consistent with the investment guidelines adopted by 

25 the Board. 


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1 ‘‘(2) INSTRUMENTS.—The fund managers shall 

2 invest the amounts in the Trust Fund in bonds that 

3 consist of the following: 

4 ‘‘(A) Municipal bonds. 

5 ‘‘(B) Bonds issued by the Department of 

6 the Treasury, which may not make up more 

7 than 40 percent of the total investments of the 

8 Trust Fund. 

9 ‘‘(C) Other Federal bonds. 

10 ‘‘(D) Bonds issued by the Federal Home 

11 Loan Mortgage Corporation, the Federal Na12 tional Mortgage Association, or a Federal 

13 Home Loan Bank. 

14 ‘‘(E) International bonds, which may not 

15 make up more than 10 percent of the total in16 vestments of the Trust Fund. 

17 ‘‘(F) Corporate bonds, which may not 

18 make up more than 10 percent of the total in19 vestments of the Trust Fund. 

20 ‘‘(3) INVESTMENT REQUIREMENTS.— 

21 ‘‘(A) RATINGS.—The investments of the 

22 Trust Fund shall consist— 

23 ‘‘(i) only of investments rated at least 

24 Baa1 or BBB+ by Moody’s, S&P, or Fitch 

25 Ratings; 


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1 ‘‘(ii) at least 80 percent of invest2 ments rated at least A3 or A- by Moody’s, 

3 S&P, or Fitch Ratings; 

4 ‘‘(iii) at least 60 percent of invest5 ments rated at least Aa1 or AA+ by 

6 Moody’s, S&P, or Fitch Ratings; and 

7 ‘‘(iv) at least 40 percent of invest8 ments rated at least Aaa or AAA by 

9 Moody’s, S&P, or Fitch Ratings. 

10 ‘‘(B) DIVERSIFICATION.—The investments 

11 of the Trust Fund shall be diversified to mini12 mize the risk of large losses and to avoid dis13 proportionate influence over a particular region, 

14 industry, or firm, unless under the cir15 cumstances it is clearly prudent not to do so. 

16 ‘‘(C) LIMITATION ON INVESTING IN CER17 TAIN COUNTRIES.—The Trust Fund may not 

18 invest in entities or subsidiaries of entities that 

19 are— 

20 ‘‘(i) based in any country that does 

21 not have diplomatic relations with the 

22 United States; 

23 ‘‘(ii) based in any country, the govern24 ment of which is subject to sanctions by 

25 the United States; or 


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1 ‘‘(iii) on a sanctions list of the De2 partment of the Treasury. 

3 ‘‘(4) SHORT-TERM INITIAL INVESTMENTS.— 

4 During the 10-year period beginning on the date of 

5 enactment of this section, the fund managers shall 

6 prioritize investments in bonds with a maturity date 

7 of less than 10 years. 

8 ‘‘(e) MEANS OF FINANCING.—For purposes of the 

9 Congressional Budget Act of 1974 (2 U.S.C. 621 et seq.), 

10 the Balanced Budget and Emergency Deficit Control Act 

11 of 1985 (2 U.S.C. 900 et seq.), and chapter 11 of title 

12 31, United States Code, and notwithstanding section 20 

13 of Office of Management and Budget Circular No. A–11, 

14 or any successor thereto, earnings of the Trust Fund shall 

15 be calculated on an accrual basis.’’. 

16 TITLE IV—GENERAL 

17 PROVISIONS 

18 SEC. 401. IMPLEMENTATION. 

19 In carrying out the amendments made by titles I, II, 

20 and III, the Secretary of Education may waive the applica21 tion of— 

22 (1) the master calendar requirements under 

23 section 482 of the Higher Education Act of 1965 

24 (20 U.S.C. 1089); and 


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1 (2) negotiated rulemaking under section 492 of 

2 the Higher Education Act of 1965 (20 U.S.C. 

3 1098a). 

Æ 


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