Amends the Higher Education Act to create an institutional cosigner program for federal student loans.
The bill amends the Higher Education Act of 1965 to establish an institutional cosigner program. Under this program, institutions of higher education can choose to cosign federal student loans for students attending the institution. Participating institutions must enter into an agreement with the Secretary of Education, agreeing to cosign all eligible direct loans for the academic year and adhere to the terms and conditions of cosigner liability. The Secretary will revise the master promissory note to include these terms and conditions.
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