US HB6224

Amends the Servicemembers Civil Relief Act to cap interest rates at 6% per year on student loan consolidation or refinancing debt incurred during military service, when the original student loans were taken out before military service

Applies to both individual servicemembers and servicemembers jointly with their spouses who consolidate or refinance qualifying student loans

Covers federal student loans made under Title IV of the Higher Education Act of 1965 and private education loans as defined under the Truth in Lending Act

Limits the 6% cap specifically to student loan consolidation/refinancing and excludes any other debts that might be bundled into the same consolidation or refinancing transaction

Interest rate protection takes effect on the date the servicemember incurs the new consolidation or refinancing obligation during their military service period