Summary: H.R.1586 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for H.R.1586. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/03/2021)

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.