[Congressional Record Volume 170, Number 113 (Tuesday, July 9, 2024)]
[Senate]
[Page S4269]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

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      By Mr. DURBIN (for himself, Ms. Duckworth, and Mr. Bennet):
  S. 4645. A bill to amend the Servicemembers Civil Relief Act to 
extend the interest rate limitation on debt entered into during 
military service to debt incurred during military service to 
consolidate or refinance student loans incurred before military 
service, and for other purposes; to the Committee on Veterans' Affairs.
  Mr. DURBIN. Madam President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 4645

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Servicemember Student Loan 
     Affordability Act of 2024''.

     SEC. 2. INTEREST RATE LIMITATION ON DEBT ENTERED INTO DURING 
                   MILITARY SERVICE TO CONSOLIDATE OR REFINANCE 
                   STUDENT LOANS INCURRED BEFORE MILITARY SERVICE.

       (a) In General.--Subsection (a) of section 207 of the 
     Servicemembers Civil Relief Act (50 U.S.C. 3937) is amended--
       (1) in paragraph (1), by inserting ``on debt incurred 
     before service'' after ``Limitation to 6 percent'';
       (2) by redesignating paragraphs (2) and (3) as paragraphs 
     (3) and (4), respectively;
       (3) by inserting after paragraph (1) the following new 
     paragraph (2):
       ``(2) Limitation to 6 percent on debt incurred during 
     service to consolidate or refinance student loans incurred 
     before service.--
       ``(A) In general.--Subject to subparagraph (B), an 
     obligation or liability bearing interest at a rate in excess 
     of 6 percent per year that is incurred by a servicemember, or 
     the servicemember and the servicemember's spouse jointly, 
     during military service to consolidate or refinance one or 
     more student loans incurred by the servicemember before such 
     military service shall not bear an interest at a rate in 
     excess of 6 percent during the period of military service.
       ``(B) Limitation.--Subparagraph (A) shall apply only to the 
     consolidation or refinancing of student loans described in 
     such subparagraph and shall not apply to the consolidation or 
     refinancing of any other obligation or liability.'';
       (4) in paragraph (3), as redesignated by paragraph (2) of 
     this subsection, by inserting ``or (2)'' after ``paragraph 
     (1)''; and
       (5) in paragraph (4), as so redesignated, by striking 
     ``paragraph (2)'' and inserting ``paragraph (3)''.
       (b) Implementation of Limitation.--Subsection (b) of such 
     section is amended--
       (1) in paragraph (1)(A), by striking ``the interest rate 
     limitation in subsection (a)'' and inserting ``an interest 
     rate limitation in paragraph (1) or (2) of subsection (a)''; 
     and
       (2) in paragraph (2)--
       (A) in the paragraph heading, by striking ``effective as of 
     date of order to active duty'' and inserting ``effective 
     date''; and
       (B) by inserting before the period at the end the 
     following: ``in the case of an obligation or liability 
     covered by subsection (a)(1), or as of the date the 
     servicemember (or servicemember and spouse jointly) incurs 
     the obligation or liability concerned under subsection 
     (a)(2)''.
       (c) Student Loan Defined.--Subsection (d) of such section 
     is amended by adding at the end the following new paragraph:
       ``(3) Student loan.--The term `student loan' means the 
     following:
       ``(A) A Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.).
       ``(B) A private education loan as that term is defined in 
     section 140(a) of the Truth in Lending Act (15 U.S.C. 
     1650(a)).''.

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