This legislation is named in honor of
"Middle class families like Christopher's should not have to endure the devastating loss of a child only to learn they must also face the financial hardship of a huge student loan debt," said
"Student loan borrowers and their co-signers often lack the proper knowledge and information they need to fully understand their financial obligations,"
"We must ensure parents are absolutely clear about student loan lender's policies in the event that the unthinkable happens,"
"We hope Christopher's Law will help families throughout
According to the
The Christopher Bryski Student Loan Protection Act, or Christopher's Law:
* Amends the Truth in Lending Act to require lenders of private education loans to:
* Directs the
* Amends the Higher Education Act of 1965 (HEA) to require institutions of higher education to provide borrowers of federal education loans information at their entrance counseling
* Requires students applying for federal education loans to designate an individual who is to have the legal authority to act on their behalf with respect to such a loan in the event of their death, disability, or inability to engage in any substantial gainful activity.
* Describe clearly and conspicuously, in writing, the cosigners' obligations regarding such loans, including the effect a borrower's or cosigner's death, disability, or inability to engage in any substantial gainful activity would have on such obligations;
* Require the borrower to designate an individual to have the legal authority to act on behalf of the borrower in the event of the borrower's death, disability, or inability to engage in any substantial gainful activity; and
* Ensure that the borrower, and any cosigner, receives comprehensive information on the loan's terms and conditions and the borrower's responsibilities with respect to such loan.
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