United States · Bill · S
S. 2544 (117th)
Ryan Frascone Memorial Student Loan Relief Act of 2021
Introduced
29 July 2021
Last action
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Status
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
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Subjects
Discovery layer
Source updated
14 January 2025
Summary
Ryan Frascone Memorial Student Loan Relief Act of 2021 This bill retroactively applies certain borrower protections related to cosigners of private student loans. Specifically, all private student loan agreements must (1) prohibit creditors from declaring a default or accelerating the debt of a private student loan on the sole basis of the death or bankruptcy of a cosigner to such a loan, and (2) require loan holders to release a cosigner from any obligation upon the death of the student borrower. Under current law, these protections apply only to private student loan agreements entered into on or after November 20, 2018. Additionally, the Department of the Treasury must establish a program to purchase and retire such private student loans from loan holders suffering financial injury as a result of this bill.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 29 July 2021
Introduced in Senate (PDF)
Introduced in Senate · EN · 29 July 2021
Introduced in Senate
summary · EN · 29 July 2021
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Sources
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- Official source: https://www.congress.gov/bill/117th-congress/senate-bill/2544
- Open data entity: https://api.congress.gov/v3/bill/117/s/2544