H.R. 7892, also known as the "Student Loan Contract Act of 2024," aims to change how certain student loan documents are named and used. The bill proposes to rename "master promissory notes" for federal student loans to "student loan contracts" for specific periods of...
Simple Explanation
H.R. 7892 wants to change the name of a paper that students sign when they borrow money for school from "master promissory note" to "student loan contract," so it's clearer what it's for. This new name will help tell which school year the loan money is meant to be used for.