The main purpose of this legislation, known as the Student Loan Contract Act of 2025, is to update the terminology used in the Higher Education Act of 1965 regarding student loans. Specifically, it seeks to rename the "master promissory notes" that borrowers sign when taking out loans under part D of title IV to "student loan contracts." This change aims to clarify the nature of the agreement between borrowers and lenders. The key provisions of this legislation include a clear definition of what constitutes a student loan contract.