Providing for consideration of the bill (H.R. 2003) to amend the Higher Education Act of 1965 to lower the interest rate on Federal student loans to 2 percent.
Summary
H.Res. 883 proposes a House resolution to consider H.R. 2003, a bill amending the Higher Education Act of 1965. The amendment aims to lower the interest rate on Federal student loans to 2 percent. The resolution outlines the procedures for debating and voting on the bill in the House of Representatives.
Expected Effects
If passed, H.R. 2003 would significantly reduce the interest rate on federal student loans. This could lower monthly payments for borrowers. The resolution (H.Res. 883) streamlines the process for the House to consider and vote on this bill.
Potential Benefits
- Lower monthly payments for student loan borrowers.
- Increased disposable income for borrowers, potentially stimulating the economy.
- Reduced financial stress and improved credit scores for borrowers.
- Increased accessibility to higher education due to lower loan costs.
- Simplified legislative process for considering the bill.
Potential Disadvantages
- Potential increase in the national debt due to reduced interest revenue for the government.
- Possible shift in the burden to taxpayers to cover the reduced interest income.
- Risk of encouraging excessive borrowing if interest rates are perceived as too low.
- Potential for unintended consequences in the student loan market.
- May disproportionately benefit certain income groups over others.
Most Disadvantaged Areas:
Constitutional Alignment
The resolution itself (H.Res. 883) is procedurally aligned with the Constitution, as it governs the internal rules of the House of Representatives (Article I, Section 5). The underlying bill (H.R. 2003) relates to the general welfare (Preamble) and Congress's power to regulate commerce and provide for the common defense and general welfare (Article I, Section 8). However, the specific details of H.R. 2003 would need to be analyzed further to determine if it infringes on any other constitutional provisions.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).