Bill > HR6224

This bill amends the Servicemembers Civil Relief Act to extend an existing interest rate protection for military service members. Specifically, the bill creates a new provision that limits the interest rate to 6 percent for student loans consolidated or refinanced during military service, if those student loans were originally incurred before military service. The bill defines "student loans" 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, and not to any other financial obligations. This protection would be effective from the date the service member incurs the new consolidated or refinanced loan during their military service. The purpose of the bill is to provide financial relief to service members by preventing high interest rates on student loan debt during the period of their military service, which can create significant financial strain. By capping these interest rates, the bill aims to offer additional financial support to those serving in the military.

Business and Industry, Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/6224/all-info