Student Loan Contract Act of 2019

Bill: 116-hr-4241
Sponsor: full_name: Rep. Underwood, Lauren [D-IL-14]
Introduced: 2019-09-06
Policy area: Education
Subjects: Government lending and loan guarantees

Student aid and college costs
Latest action: action_date: 2019-09-06
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2019-09-06
action_desc: Introduced in House
text: <p><b>Student Loan Contract Act of 2019</b></p> <p>This bill renames a <i>master promissory note</i> that is made for certain student loans a <i>student loan contract</i>.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 4241 IN THE HOUSE OF REPRESENTATIVES September 6, 2019 Ms. Underwood (for herself, Mr. Levin of California , and Mrs. Luria ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To amend the Higher Education Act of 1965 to rename master promissory notes for loans made under part D to student loan contracts.

1. Short title This Act may be cited as the Student Loan Contract Act of 2019 . 2. Student loan contract and loan disclosures (a) Student loan contract Section 432(m)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1082(m)(1)(D) ) is amended by adding at the end the following: (iv) Student loan contract (I) In general Any master promissory note form described in this subparagraph that is developed or used for loans made under part D for periods of enrollment beginning on or after the date of enactment of the Student Loan Contract Act of 2019 shall be referred to as a student loan contract . (II) Clarification on use A student loan contract for loans made under part D for a student shall only be used with respect to loans made under part D for the periods of enrollment that are in the same award year for which the initial loans for which the contract is used were made. . (b) Conforming amendments Section 485(l)(2)(B) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(l)(2)(B) ) is amended by inserting before the period at the end the following: or the student loan contract . (c) Effective date The amendments made by this section shall take effect with respect to academic year 2019–2020 and each succeeding academic year.