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Federal Student Loan Documents Renamed to "Student Loan Contracts"

This law renames the primary document used for federal student loans (Master Promissory Note) to the "Student Loan Contract." This change emphasizes the binding legal nature of the agreement. Furthermore, each contract will only be valid for loans taken out within a single award year, potentially requiring more frequent documentation but increasing clarity regarding annual obligations.
Key points
Federal student loans will now be documented using a "Student Loan Contract" instead of the previous "Master Promissory Note."
New contracts will only apply to loans taken out within the same award year, limiting their multi-year use and potentially requiring annual signing.
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Introduced
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Additional Information
Print number: 119_HR_4555
Sponsor: Rep. Underwood, Lauren [D-IL-14]
Process start date: 2025-07-21
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Contract Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4555.

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 2025-07-21.

What are the main provisions?

Key points include:

  • Federal student loans will now be documented using a "Student Loan Contract" instead of the previous "Master Promissory Note."
  • New contracts will only apply to loans taken out within the same award year, limiting their multi-year use and potentially requiring annual signing.
What is the specific legal status?

The current status is Introduced.

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 Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-31.

CATEGORIES

Education