House Passes Comprehensive Debt Relief Package that Includes Representative Craig’s Amendment to Forgive Private Student Loans Upon Death of Student
Craig’s amendment was inspired by the story of an Eagan, Minnesota, family that has been forced to continue paying their deceased son’s private student loans
WASHINGTON, DC – Today, the U.S. House of Representatives passed a bill that included an amendment introduced by U.S. Representative Angie Craig to retroactively release all cosigners on all private student loans upon a student borrower's death. The Ryan Frascone Memorial Student Loan Relief Act of 2021 was included as part of a package of bills to reform debt collection and curb abuses in the industry. Earlier today, Craig took to the House floor to encourage her colleagues to support the inclusion of her amendment in the final package and to honor the life of Ryan Frascone, whom the bill is named after.
"To this day – eight years after losing their son Ryan – his parents must still write a check every month to pay for his student loans," said Representative Craig. "I think we can all agree that the last thing that any American parent should have to undergo is a monthly reminder of such tragedy and loss in the form of a student loan payment."
Earlier this week, Representative Craig reintroduced the Ryan Frascone Memorial Student Loan Relief Act of 2021 on behalf of Mark and Julie Frascone of Eagan. The couple tragically lost their son, Ryan, to an opioid overdose in May of 2013. Eight years after Ryan's death, Mark and Julie still write monthly checks to pay Ryan's student loans.
While there are some protections in the law for families with private and public student loans in place, some families with private loans are still paying monthly loan payments even though the student borrower has passed away. Because of this lapse in the law some families have been forced to depend on the compassion of the student loan servicer to release them as cosigners in the event the student borrower dies. Craig's legislation seeks to permanently and retroactively close that loophole – releasing Mark and Julie from Ryan's remaining debt.
"We are so very proud and honored to have our dear son Ryan remembered in this way," said Mark and Julie Frascone.
You can watch Representative Craig's floor speech here.