H.R. 1586 · 117th Congress
Student Loan Reform Act
- Stage
- In committee
- Sponsor
- Scott Perry
- Introduced
- 2021-03-03
- Latest action
- 2021-03-03 · Introduced in House
Summary
Student Loan Reform Act
This bill requires the Department of Education to carry out a program that allows participating institutions of higher education (IHEs) to cosign certain Federal Direct Loans made to its enrolled students.
An IHE that participates in the program assumes the obligation to repay the outstanding balance of principal and interest due on the loan over 10 years if the borrower defaults on the loan.