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Renaming Student Loan Documents to "Student Loan Contracts"

This Act renames federal student loan documents from "master promissory notes" to "student loan contracts." The change aims to clarify the legal nature of these documents for students, emphasizing their binding legal character. This applies to loans for enrollment periods beginning after the Act's enactment.
Key points
Federal student loan documents will now be called "student loan contracts," potentially helping students better understand their legal implications.
Each student loan contract will only be valid for loans taken within the same award year, which may simplify financial management for students.
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Expired
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Additional Information
Print number: 118_HR_7892
Sponsor: Rep. Underwood, Lauren [D-IL-14]
Process start date: 2024-04-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Contract Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7892.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-04-09.

What are the main provisions?

Key points include:

  • Federal student loan documents will now be called "student loan contracts," potentially helping students better understand their legal implications.
  • Each student loan contract will only be valid for loans taken within the same award year, which may simplify financial management for students.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Underwood, Lauren [D-IL-14].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and the Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Education