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S 2544 117th Congress Senate Finance and Financial Sector

Ryan Frascone Memorial Student Loan Relief Act of 2021

Introduced: July 29, 2021 Introduced by: Smith, Tina 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
Jul 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 29, 2021
Introduced in Senate
 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 July 29, 2021

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1