The Student Loan Reform Act proposes a program for institutions of higher education to cosign federal student loans for their students.
The Student Loan Reform Act amends the Higher Education Act of 1965 to establish a program where institutions of higher education can cosign federal student loans for their students. Institutions participating in the program will assume the obligation to repay the loan if the borrower defaults and certain conditions are met. The Secretary of Education will revise the master promissory note to include terms and conditions of cosigner and borrower liability. Institutions will make payments on the loan under a standard repayment plan with a 10-year period.
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