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Student Loan Tax Elimination Act
To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.
Summary
S 3538 amends the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans. Origination fees are charges applied to federal student loans at the time they are created. The bill repeals the provision authorizing these fees, effective for loans with first disbursements made on or after July 1 following the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Banks, Jim [R-IN] (R-IN)
4 cosponsors
- Sen. Baldwin, Tammy [D-WI] (D-WI)
- Sen. Booker, Cory A. [D-NJ] (D-NJ)
- Sen. Kaine, Tim [D-VA] (D-VA)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
Actions (2)
- Dec 17, 2025 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Dec 17, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
December 17, 2025
Mr. Banks (for himself, Mr. Kaine, Mr. Booker, and Mr. Van Hollen) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Student Loan Tax Elimination Act”.
SEC. 2. ELIMINATION OF ORIGINATION FEES ON FEDERAL DIRECT LOANS.
(a) Repeal of Origination Fees.—Subsection (c) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e(c)) is repealed.
(b) Effective Date.—The amendment made by subsection (a) shall apply with respect to loans made under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for which the first disbursement of principal is made, or, in the case of a Federal Direct Consolidation Loan, the application is received, on or after July 1 following the date of enactment of this Act. <all>
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