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118-s-4926Committee
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Affordable Future Loan Program Act of 2024

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Summary

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The Affordable Future Loan Program Act of 2024 establishes a new federal student loan program for undergraduate students, administered through private lenders with government guarantees and interest subsidies. The Secretary of Education would pay eligible lenders 98 percent of defaulted loan amounts and reimburse interest costs, while lenders must comply with nondiscrimination requirements and quality assurance standards. Students would be required to exhaust federal grant and loan options before accessing these loans, and funds would be disbursed through lenders to institutions.

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Bill details

Congress
118
Bill type
s
Introduced
August 1, 2024
Sponsor
Not yet available
Last action
August 1, 2024— Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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