This bill extends protections under the Servicemembers Civil Relief Act to help active-duty service members manage student loan debt more affordably. Under current law, service members are protected from paying more than 6 percent interest on most debts they take on while serving. This legislation expands that protection to cover new loans service members take out specifically to consolidate or refinance student loans they had before military service, including both federal and private student loans. The 6 percent interest rate cap would apply only during the period of active military service and only to the consolidated or refinanced student loan portion. The bill was introduced in July 2024 and referred to the Senate Committee on Veterans' Affairs but includes no specific funding amounts or implementation timeline.
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