House Adopts King Amendment Linking Three Month Student Loan Grace Period to Natural Disaster Date

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Congressman Steve King releases the following video of House Debate and Passage of an important amendment he offered Wednesday to HR 3621, the Comprehensive CREDIT Act. King’s amendment ensures that individuals who are attempting to repay their student loans are provided with a three-month grace period that runs in conjunction with the incidence date of a natural disaster that might otherwise put their ability to meet their repayment obligation in jeopardy. By making this change to the legislation, King’s amendment ensures that the three month grace period relief offered to a student loan borrower is available at the time it is needed most, helping to ensure that students paying off education loans can maintain their credit rating when faced with the additional financial pressures that are often associated with living in an area affected by a natural disaster.

To watch the floor debate over the King Amendment, please click the image above or on this link.

King’s amendment received overwhelming bipartisan support, including from Democratic representative Al Lawson Jr. of Florida who spoke on the floor in support of its adoption. King’s amendment was also endorsed by Rep. Patrick McHenry, the Republican Leader of the House Financial Services Committee. Following the floor debate on King’s amendment, the House of Representatives adopted King’s natural disaster grace period amendment by voice vote.

Author: Press Release