The bill aims to eliminate interest on existing federal student loans from July 1, 2026, and introduces Trust Funds for Federal Pell Grants. It adjusts program authority for loan modifications and refinancing, and mandates reports on borrowers and delinquency. The bill also amends provisions related to income-contingent repayment, repayment assistance, and income-based repayment. It sets the interest rate for certain federal loans disbursed after July 1, 2026, to 0 percent and terminates the authority to make interest subsidized loans to students after June 30, 2026. Additionally, it establishes the Education Affordability Trust Fund and its Board, with rules for investing the Trust Fund's assets.