US Representative Craig Drafted Bill To Cancel Private Student Loans On Student Death | Apple Valley
The legislation is inspired by the Eagan family
U.S. Representative Angie Craig, DFL-Eagan, introduced the Ryan Frascone Memorial Student Loan Relief Act of 2021, which would close a loophole in federal law to retroactively release all co-signers on all private student loans upon the death of a student.
In 2018, the law was changed to release bereaved parents from deceased student loans – but the change was not retroactive, forcing many families to continue paying.
Craig is reintroducing this bill on behalf of Mark and Julie Frascone of Eagan who tragically lost their son, Ryan, to an opioid overdose in May 2013. More than eight years after the deaths of Ryan, Mark and Julie continue to write monthly checks to pay off Ryan’s student loans.
While there are some protections in the law for families with private and public student loans in place as of 2018, some families with private loans continue to pay monthly and depend on the compassion of the student loan manager for the loan. cancellation of their loans.
“The loss of a child is one of the worst things that can happen to a parent – an unimaginable tragedy,” Craig said. “The last thing any bereaved parent should go through is a monthly reminder of their loss in the form of a student loan repayment. It is high time that we correct this glaring oversight and bring some relief to these grieving families. I am proud to present this common sense bill in memory of Ryan and I am eternally grateful to Mark and Julie for sharing their story and working with me to ensure that Congress removes this insane burden that hangs over it. on surviving family members across the country.
“We are very proud and honored that our dear son Ryan is remembered in this way,” Mark and Julie Frascone wrote in a statement.
Craig first introduced this bill to the 116th Congress.