The Affordable Loans for Students Act lowers the interest rate on federal student loans to 2 percent.

The Affordable Loans for Students Act amends the Higher Education Act of 1965 to reduce the interest rate on federal student loans to 2 percent. It modifies the terms of eligible federal loans held by the Secretary and refinances other federal student loans. The Secretary is required to establish procedures for loan modification and refinancing, ensuring that borrowers do not incur additional origination fees. The act also mandates annual reporting on the number of borrowers whose loans have been modified or refinanced and the number of delinquent borrowers.

The Affordable Loans for Students Act lowers the interest rate on federal student loans to 2 percent.

The Affordable Loans for Students Act amends the Higher Education Act of 1965 to reduce the interest rate on federal student loans to 2 percent. It modifies the terms of eligible federal loans held by the Secretary and refinances other federal student loans. The Secretary is required to establish procedures for loan modification and refinancing, ensuring that borrowers do not incur additional origination fees. The act also mandates annual reporting on the number of borrowers whose loans have been modified or refinanced and the number of delinquent borrowers.