S 4002
Servicemember Student Loan Affordability Act of 2020
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Servicemember Student Loan Affordability Act of 2020, extends a key provision of the Servicemembers Civil Relief Act to cover student loans. Specifically, it limits the interest rate on student loans consolidated or refinanced before military service to a maximum of 6% during a servicemember’s active duty period. This applies to both federal and private student loans, ensuring servicemembers aren't burdened by excessively high interest rates while serving.
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