HR 6363 116th Congress House Education Cardiovascular and respiratory health Consumer credit Education programs funding Emergency medical services and trauma care Government lending and loan guarantees Higher education Income tax exclusion Infectious and parasitic diseases Interest, dividends, interest rates Student aid and college costs

Student Debt Emergency Relief Act

Introduced: March 23, 2020 Introduced by: Pressley, Ayanna Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 23, 2020

Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 23, 2020

Introduced in House

Plain-English summary Congressional Research Service

Student Debt Emergency Relief Act

This bill establishes and provides funds for federal student loan repayment assistance programs during a national emergency, including the public health emergency caused by the coronavirus (i.e., the virus that causes COVID-19).

Specifically, the bill requires the Department of Education (ED) to make monthly payments for borrowers of Federal Direct Loans, Federal Family Education Loans, and Perkins Loans during a national emergency. ED must also pay any interest on such loans during the emergency.

Additionally, ED must

deem each month for which ED made a payment on behalf of the borrower as a qualifying payment for the purpose of certain loan forgiveness programs or loan rehabilitation programs;
ensure that any payment on such a loan is treated as a regularly scheduled payment made by a borrower for the purpose of reporting information about the loan to a consumer reporting agency;
notify borrowers, within 15 days and monthly thereafter, of the benefits provided by ED during the national emergency; and
suspend all involuntary collections related to such loans, including wage garnishments, reductions of tax refunds, and reductions of certain federal benefit payments, such as Social Security.

ED must (1) make monthly payments until authorized by Congress to terminate the program, (2) carry out a 90-day transition period, and (3) apply a minimum amount of payments to loans for each borrower.

Payments made by ED as a result of a national emergency shall be excluded from the taxpayer's gross income.

Interest shall not be capitalized during or after the national emergency.

What's happening now March 23, 2020

Committees of jurisdiction 2