U.S. Reps. Mike Turner (R-OH) and Brian Fitzpatrick (R-PA) on June 4 unveiled a bipartisan bill that would allow eligible borrowers with federal student loans to refinance.
“This bipartisan legislation provides borrowers with greater flexibility, allows them to refinance their federal student loans to a lower rate when available, and helps ease the burden of student loan debt,” said Rep. Turner, who sponsored the Student Loan Refinancing Act of 2026, H.R. 9166, alongside three original cosponsors, including Rep. Fitzpatrick and U.S. Rep. Donald Norcross (D-NJ).
If enacted, H.R. 9166 would amend the Higher Education Act of 1965 to create a pathway for eligible federal student loan borrowers to refinance within the federal system, and would provide borrowers with a fixed interest rate for the refinanced loan.
“The student debt crisis continues to place a significant financial burden on borrowers and families across the country, and Congress should be focused on common-sense solutions that provide real relief,” Rep. Turner said. “Federal student loan borrowers should be able to take advantage of lower interest rates without being forced out of the federal loan system or giving up important borrower protections.”
Additionally, H.R. 9166 would ensure refinancing does not automatically extend the duration of a borrower’s repayment period; prevent the application of a new origination fee when a borrower refinances; and protect eligible payment history under repayment plans and preserve qualifying Public Service Loan Forgiveness payment counts for eligible refinanced loans.
Also under the bill, refinancing would be limited to no more than twice during a 10-year period, and the U.S. Department of Education, in coordination with the Consumer Financial Protection Bureau, would be required to notify eligible borrowers about the availability of federal student loan refinancing, according to a bill summary provided by the lawmakers.
“Students should repay what they borrow, but Washington should not be running a loan system that turns responsible borrowing into a lifetime financial burden,” said Rep. Fitzpatrick. “Higher education and advanced training are essential to opportunity, workforce strength, and America’s competitiveness, but the rules must be fair.
“This common-sense initiative will make student loans more affordable and manageable, helping students and families invest in their futures with greater confidence and build the lives they are working so hard to achieve,” he added.
The bill has been referred for consideration to the U.S. House Education and the Workforce Committee.