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HR 7114 116th Congress House Education Cardiovascular and respiratory health Emergency medical services and trauma care Employee benefits and pensions Government lending and loan guarantees Higher education Income tax exclusion Infectious and parasitic diseases Interest, dividends, interest rates Student aid and college costs

Economic and Student Loan Debt Relief Act of 2020

Introduced: June 4, 2020 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 4, 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.
Jun 4, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Economic and Student Loan Debt Relief Act of 2020

This bill extends the suspension of payments on student loans held by the Department of Education (ED). It also generally allows for an exclusion from taxable income of employer payments of student loans.

Specifically, the bill requires ED to suspend all payments due on Federal Direct Loans and Federal Family Education Loans held by ED through December 31, 2020. (Currently, this suspension period ends on September 30, 2020). Normal payment obligations and interest accrual resume at the end of this period.

Additionally, ED must carry out a program, beginning on November 1, 2020, to provide at least six notices to borrowers that normal payment obligations will resume. (Currently, this program begins on August 1, 2020.)

The bill also generally provides a permanent exclusion from employee income, for income tax purposes, of employer payments of student loans. (Currently, this exclusion from income is only for payments of student loans made before January 1, 2021.)

What's happening now June 4, 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.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1