The Affordable Loans for Students Act aims to make federal student loans more affordable by lowering the interest rate to 2 percent. This change is intended to ease the financial burden on borrowers, making it easier for them to manage their student loan repayments. Key provisions of the Act include the automatic modification of existing federal student loans held by the Secretary of Education to reflect the new 2 percent interest rate. This means that borrowers will not need to take any action to benefit from this change.