H.R. 3792 116th Congress House

GRACE Act

Official title: To amend the Higher Education Act of 1965 to provide for deferment for Federal loans prior to the beginning of the repayment period.

Introduced: November 21, 2019 See on congress.gov

Education Government lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costs

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 17, 2019

Referred to the House Committee on Education and Labor.

Jul 17, 2019

Introduced in House

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Latest action July 17, 2019

Referred to the House Committee on Education and Labor.

Plain-English summary Congressional Research Service

Guaranteeing Respite After College Ends Act or the GRACE Act

This bill (1) provides for deferment periods (i.e., grace periods) that apply to federal student loan payments, and (2) prohibits interest from accruing on these loans during such deferment periods.

The bill specifies that Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans first disbursed on or after July 1, 2020, are not subject to repayment of principal or interest accrual while the student borrower is in school or during the six-month grace period after the student borrower leaves school.

Additionally, the bill specifies that Federal Direct PLUS Loans and Federal Direct Consolidation Loans first disbursed on or after July 1, 2020, are not subject to repayment of principal or interest accrual prior to 60 days after loan disbursement.

Bill text 1 version