Student Loan Contract Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7892 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7892

 To amend the Higher Education Act of 1965 to rename master promissory 
      notes for loans made under part D to student loan contracts.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 9, 2024

  Ms. Underwood (for herself, Mr. Levin, Mr. Trone, Ms. Clarke of New 
  York, Mr. Davis of North Carolina, and Mr. Thanedar) introduced the 
 following bill; which was referred to the Committee on Education and 
                             the Workforce

_______________________________________________________________________

                                 A BILL


 
 To amend the Higher Education Act of 1965 to rename master promissory 
      notes for loans made under part D to student loan contracts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Contract Act of 2024''.

SEC. 2. STUDENT LOAN CONTRACT AND LOAN DISCLOSURES.

    (a) Student Loan Contract.--Section 432(m)(1)(D) of the Higher 
Education Act of 1965 (20 U.S.C. 1082(m)(1)(D)) is amended by adding at 
the end the following:
                            ``(iv) Student loan contract.--
                                    ``(I) In general.--Any master 
                                promissory note form described in this 
                                subparagraph that is developed or used 
                                for loans made under part D for periods 
                                of enrollment beginning on or after the 
                                date of enactment of the Student Loan 
                                Contract Act of 2024 shall be referred 
                                to as a `student loan contract'.
                                    ``(II) Clarification on use.--A 
                                student loan contract for loans made 
                                under part D for a student shall only 
                                be used with respect to loans made 
                                under part D for the periods of 
                                enrollment that are in the same award 
                                year for which the initial loans for 
                                which the contract is used were 
                                made.''.
    (b) Conforming Amendments.--Section 485(l)(2)(B) of the Higher 
Education Act of 1965 (20 U.S.C. 1092(l)(2)(B)) is amended by inserting 
before the period at the end the following: ``or the student loan 
contract''.
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