Sec. 493. Extending the protections for student loans for active duty borrowers
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Section 493D ( 20 U.S.C. 1098f ) is amended— in the section heading, by inserting before the period at the end; and protections for active duty borrowers by redesignating subsection
(b)as subsection (c); and by inserting after subsection
(a)the following: The Secretary shall utilize information the Secretary receives regarding the active duty status of borrowers from the Secretary of Defense for any purpose under this title to ensure that the interest rate charged on any loan made under part D of title IV for borrowers who are subject to section 207(a)(1) of the Servicemembers Civil Relief Act ( 50 U.S.C. App. 527(a)(1) ) does not exceed the maximum interest rate set forth in such section. The submittal by the Secretary of Defense to the Secretary of Education of information that informs the Secretary of Education that a member of the Armed Forces with a student loan under part D of title IV has been or is being called to military service (as defined in section 101 of the Servicemembers Civil Relief Act ( 50 U.S.C. App. 511 )), including a member of a reserve unit who is ordered to report for military service as provided for under section 106 of such Act ( 50 U.S.C. App. 516 ), shall be considered, for purposes of subjecting such student loan to the provisions of section 207 of the Servicemembers Civil Relief Act ( 50 U.S.C. App. 527 ), provision by the borrower to the creditor of written notice and a copy of military orders as described in subsection (b)(1) of such section. Not later than 180 days after the date of enactment of the Higher Education Affordability Act , the Secretary, in consultation with the Department of Defense, shall establish a procedure to implement this subsection. .
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Sec. 493
Extending the protections for student loans for active duty borrowers
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