Student Loan Contract Act of 2024

Bill: 118-hr-7892
Sponsor: full_name: Rep. Underwood, Lauren [D-IL-14]
Introduced: 2024-04-09
Policy area: Education
Latest action: action_date: 2024-04-09
text: Referred to the House Committee on Education and the Workforce.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 7892 IN THE HOUSE OF REPRESENTATIVES April 9, 2024 Ms. Underwood (for herself, Mr. Levin , Mr. Trone , Ms. Clarke of New York , Mr. Davis of North Carolina , and Mr. Thanedar ) introduced the following bill; which was referred to the Committee on Education and the Workforce 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 2024 . 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 2024 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 .