H.R.1586 - Student Loan Reform Act117th Congress (2021-2022) |
|Sponsor:||Rep. Perry, Scott [R-PA-10] (Introduced 03/03/2021)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 03/03/2021 Referred to the House Committee on Education and Labor. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1586 — 117th Congress (2021-2022)All Information (Except Text)
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.