HR 7625
Ryan Frascone Memorial Student Loan Relief Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Ryan Frascone Memorial Student Loan Relief Act of 2020, aims to provide greater protection for cosigners of private student loans. It retroactively expands existing borrower protections to include all private student loan agreements, regardless of when they were signed. Specifically, the bill prohibits lenders from declaring a loan in default or accelerating the debt solely due to the death or bankruptcy of a cosigner, and requires loan holders to release cosigners upon the death of the student borrower. This legislation addresses a gap in current law that previously only applied to loans made after November 20, 2018.
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