Summary: To provide for the release of cosigners on private student loans in the case of the death of the student borrower.
ANGIE CRAIG’S POSITION: Representative Craig sponsored the bill on 07/16/20.
STATUS: Introduced 7/16/20 by Rep. Craig, Angie [D-MN-2]
INFORMATION RELATED TO THE BILL:
This afternoon, U.S. Rep. Craig introduced the Ryan Frascone Memorial Student Loan Relief Act of 2020, which would release all cosigners on all private student loans upon a student’s death.
Rep. Craig is introducing this bill on behalf of Mark and Julie Frascone of Eagan, Minnesota, who tragically lost their son, Ryan, after an opioid overdose. Ryan’s parents continue to write a check every month for the last seven years to pay off Ryan’s loans. While there are some protections for families with private and public student loans, some families with private loans must depend on the compassion of the student loan servicer for loan forgiveness due to a loophole in federal law.
“The death of a child is tragic enough. No parent should be left to pay thousands of dollars in student loans after their child dies,” said Rep. Craig. “It’s unacceptable that we are depending on the compassion of student loan providers to solve this oversight. When I heard that the Frascone family was faced with this burden long after the tragic death of their son, as a mother, I couldn’t believe it. Many families are already priced out of higher education and must find multiple forms of funding including a mix of public and private loans. I am proud to author this legislation in Ryan’s memory that would eliminate this burden on surviving family members. I urge my colleagues to urgently fix this glaring oversight.”
“We are so very proud and honored to have our dear son Ryan remembered in this way,” said Mark and Julie Frascone.
(Source: Rep. Angie Craig Press Release, 07/16/20)
Link to the text of the bill.
Link to bill information (support and opposition) on Countable.
Link to bill information on GovTrack.