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H.R. 1731 · 118th Congress

LOAN Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

FWD WilsonSponsor
9 cosponsors · 9 D
AAD Adams SBD Bonamici JCD Courtney RGD Grijalva LMD McBath GSD Sablan MTD Takano JTD Tokuda LTD Trahan

7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill makes various changes to federal student aid programs, including the Federal Pell Grant program and the Public Service Loan Forgiveness (PSLF) program.

What it does: CRS summary · Introduced in House · Mar 22, 2023

Lowering Obstacles to Achievement Now Act or the LOAN Act

This bill makes various changes to federal student aid programs, including the Federal Pell Grant program and the Public Service Loan Forgiveness (PSLF) program.

Specifically, the bill revises the Federal Pell Grant program by

  • providing funding to increase the maximum Pell Grant award for each eligible student,
  • requiring the award amount to be adjusted for inflation,
  • allowing students who receive means-tested federal benefits (e.g., Medicaid) to automatically qualify for the maximum Pell Grant award plus an additional award amount,
  • raising from 12 to 18 the total number of semesters during which a student may receive a Pell Grant, and
  • allowing income-eligible graduate students who received Pell Grants during their undergraduate education to utilize their remaining Pell Grant eligibility toward their first graduate degree.

Additionally, the bill revises the PSLF program by

  • reducing the number of monthly loan payments required for loan forgiveness, and
  • removing the requirement that a borrower must be employed in a public service job at the time of loan forgiveness.

The bill makes Dreamer students (i.e., students who have been granted Deferred Action for Childhood Arrivals status) who entered the United States before the age of 18 and who meet certain educational criteria eligible for federal financial aid.

The bill also (1) establishes refinancing programs for federal student loans and private student loans; and (2) repeals origination fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: LOAN Act

Also known as: Lowering Obstacles to Achievement Now Act

Latest action (Mar 22, 2023): 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.

Policy area: Education · Origin: House · Introduced: Mar 22, 2023

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.