Bill > S3253

This bill amends the Servicemembers Civil Relief Act to extend important financial protections for military service members regarding student loan interest rates. Specifically, the bill adds a provision that limits the interest rate to 6 percent for student loan consolidations or refinancing that occur during military service, but only for student loans originally incurred before military service. The bill defines "student loan" broadly to include both federal student loans (those made under the Higher Education Act) and private education loans. The interest rate cap applies only to the specific student loans being consolidated or refinanced during military service, and does not extend to other types of financial obligations. This legislation aims to provide financial relief for service members by preventing high interest rates on student loan debt during the period of their military service, which could help reduce financial stress and support military personnel's economic stability while they are serving the country.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/3253/all-info