H.R. 4603 (116th)

LOAN Act of 2019

referredUnited States· United States Congress· EN

Introduced

4 October 2019

Last action

4 October 2019 · Introduced

Status

Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, 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.

Summary

Leveraging Opportunities for Americans Now Act of 2019 or the LOAN Act of 2019 This bill revises interest rates and repayment plans for federal student loans. Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2021, at 0% and replace the interest with a one-time financing fee. The bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee. The bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan. ED must calculate annual repayment amounts and provide annual statements to borrowers. The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

4 October 2019
Introduced
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, 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.
Source: IntroReferral
4 October 2019
Introduced
Introduced in House
Source: IntroReferral
4 October 2019
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in House · 4 October 2019 · Official file

Documents

3 official files

Introduced in House (text)

View file Download file

Introduced in House (text)
Introduced in House · EN · 4 October 2019
View Download Open at official source
Introduced in House (PDF)
Introduced in House · EN · 4 October 2019
View Download Open at official source
Introduced in House
summary · EN · 4 October 2019
Open at official source

Related records

related to → LOAN Act of 2019

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/116th-congress/house-bill/4603
Open data entity: https://api.congress.gov/v3/bill/116/hr/4603
us · 116-hr-4603 · source updated 5 December 2025