HR 7625
116th Congress
House
Finance and Financial Sector
Bankruptcy
Consumer credit
Higher education
Student aid and college costs
Ryan Frascone Memorial Student Loan Relief Act of 2020
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 16, 2020
Referred to the House Committee on Financial Services.
Jul 16, 2020
Introduced in House
Plain-English summary
Ryan Frascone Memorial Student Loan Relief Act of 2020
This bill retroactively applies certain borrower protections related to cosigners of private student loans. Specifically, all private student loan agreements must (1) prohibit a creditor from declaring a default or accelerating the debt of a private student loan on the sole basis of the death or bankruptcy of a cosigner to such a loan, and (2) require loan holders to release cosigners from any obligation upon the death of the student borrower. Under current law, these protections apply only to private student loan agreements entered into on or after November 20, 2018.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1