Student Loan Reform Act
Rep. Perry Introduces Bill to Let Colleges Cosign Student Loans for Lower Interest Rates
The Student Loan Reform Act is currently in the early stages of the legislative process. It was recently sent to the House Committee on Education and Workforce for review. The bill is actively moving forward as it waits for the committee to discuss it.
Legislative Progress
Most colleges will likely oppose taking on the debt of their students, and the bill currently lacks the broad support needed to pass both chambers of Congress.
Key Points
Impact Analysis
Personal Impact
Life & Work
Students at participating schools benefit from lower loan interest rates and attend institutions willing to stand behind their education investment. However, the program could create a two-tier system where schools with riskier student populations avoid participation, potentially reducing access for students who need the most support. Students who default still face credit damage even when their school takes over payments.
“A borrower who has defaulted on an eligible direct loan on which an institution is making payments under paragraph (1) shall be considered in default on such loan for purposes of adverse credit reporting and delinquent debt collection procedures under Federal law.”
Programs
Milestones
Referred to the House Committee on Education and Workforce.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Student Loan Reform Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.