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HR 3092 117th Congress House Finance and Financial Sector Bankruptcy Consumer credit Education programs funding Higher education Student aid and college costs

Ryan Frascone Memorial Student Loan Relief Act of 2021

Introduced: May 11, 2021 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 11, 2021
Referred to the House Committee on Financial Services.
May 11, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Ryan Frascone Memorial Student Loan Relief Act of 2021

This bill retroactively applies certain borrower protections related to cosigners of private student loans. Specifically, all private student loan agreements must (1) prohibit creditors 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 a cosigner 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.

Additionally, the Department of the Treasury must establish a program to purchase and retire such private student loans from loan holders suffering financial injury as a result of this bill.

What's happening now May 11, 2021

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1