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H.R. 2460: Joint Consolidation Loan Separation Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 13, 2021.

Joint Consolidation Loan Separation Act

This bill allows two borrowers, who had previously received a joint consolidation loan for their federal student loan debt, to submit a joint application to the Department of Education to sever their consolidated loan into two separate loans. One borrower may submit a separate application in the event that the individual is experiencing domestic or economic abuse from the other individual borrower or is unable to reasonably reach or access the loan information of the other borrower.