Simplified Joint Consolidation Separation Act
Simplified Joint Consolidation Separation Act
This bill establishes a process for separation of joint consolidation loans.
Specifically, the bill allows the two borrowers of a joint consolidation loan for their federal student loan debt to jointly request that the Department of Education or loan holder separate their existing joint consolidated loan into two individual consolidation loans.
One borrower may request separation of the joint consolidation loan into two individual consolidation loans in the event that the individual has experienced domestic or economic abuse from the other individual borrower or is subject to a decree or agreement requiring the separation of such joint loans and obligations.
Referred to the House Committee on Education and Labor.