This bill establishes a new program allowing colleges and universities to voluntarily cosign federal student loans for their students, beginning July 1, 2024. If a student defaults on a cosigned loan and the default persists for 90 days without rehabilitation, the institution must repay the loan over 10 years using a standard repayment schedule. In exchange for this responsibility, loans cosigned by participating institutions would carry a reduced interest rate determined by the Department of Education to reflect the lower risk posed by institutional backing. The legislation also raises the default rate threshold that triggers penalties for participating institutions from 30 percent to 40 percent, giving them some regulatory flexibility. The Department of Education would publish an annual list of participating institutions on its website.