HR 9284
Servicemember Student Loan Affordability Act of 2024
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Servicemember Student Loan Affordability Act of 2024, aims to limit the interest rates on student loans taken out by service members before they joined the military and then consolidated or refinanced during their service. Specifically, it caps the interest rate on these loans at 6% while the servicemember is on active duty. The bill clarifies what constitutes a ‘student loan’ for the purposes of this law and adjusts the effective date of the interest rate limitation. This legislation seeks to provide greater financial relief to service members burdened by student loan debt.
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Primary sponsor
Cosponsors
Barbara Lee
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