Bipartisan Bill Would Cap Interest Rates on Federal Student Loans at 2%
June 24, 2026 | WASHINGTON, D.C. — As federal student loan payments are set to hit new highs for millions of Americans on July 1 thanks to the One Big Beautiful Bill, a new discharge petition has been filed in the U.S. House of Representatives to force a floor vote on a bipartisan effort to cap federal student loan interest rates at 2 percent.
In response, Protect Borrowers Executive Director Mike Pierce released the following statement:
“One year ago, the One Big Beautiful Bill Act was rammed across the finish line gutting the financial support millions of families depend on to pay for college. Since then, costs keep climbing and a decent life has slipped further out of reach for working class and middle class families—including the nearly 9 million student loan borrowers who have fallen behind under Trump’s watch.
“This bipartisan effort to deliver student debt relief recognizes this new economic and political reality: families are under extreme financial pressure and something has to give. Making sure student loan borrowers are not being gouged on interest rates while the system is in chaos is the bare minimum.”
###
About Protect Borrowers
Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.
Learn more at protectborrowers.org or follow us on social @BorrowerJustice.