Student Loan Contract Act of 2025
Sponsored By: Representative Underwood, Lauren [D-IL-14]
Introduced
Summary
Renames the federal master promissory note for Title IV Part D loans to a “student loan contract”. The bill would require that any master promissory note used for Part D loans be called a student loan contract for periods of enrollment beginning on or after enactment. It would also limit a student loan contract to loans within the same award year as the initial loans it covers and add a conforming wording change in the Higher Education Act.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New rules for federal student loan contracts
This bill would rename the master promissory note for federal Direct Loans as a “student loan contract.” The new name would apply to periods of enrollment that start on or after the date of enactment. A contract would only cover loans for the same award year as the first loans that used it. For a later award year, you would need a new contract. Schools and loan servicers would need to use the updated term and forms.
Sponsors & CoSponsors
Sponsor
Underwood, Lauren [D-IL-14]
IL • D
Cosponsors
Adams
NC • D
Sponsored 7/21/2025
Davis (NC)
NC • D
Sponsored 7/21/2025
Jackson (IL)
IL • D
Sponsored 7/21/2025
Davis (IL)
IL • D
Sponsored 7/21/2025
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 7/21/2025
Levin
CA • D
Sponsored 7/25/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov