WASHINGTON, D.C. – President Biden has officially signed the Joint Consolidation Loan Separation Act.
The bill, from U.S. Sen. Mark Warner, provides relief for people who consolidated their student loan debt with a spouse, according to Warner’s office.
The Joint Consolidation Loan Separation Act will allow borrowers to submit an application to the Department of Education to split their joint consolidation loan into two separate federal direct loans, officials said.
The rest of the joint consolidation loan, which includes the unpaid loan and the unpaid interest, would be split based on the percentages that each person originally brought into the loan, according to the release.
The Senator’s Office said the separate loans would have the same interest rates as their joint consolidation loan did.
Many people will also be able to access student loan relief programs, thanks to the Joint Consolidation Loan Act. According to the release, many people were not eligible for student loan relief programs because of their joint consolidation loans.