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HR 8316 116th Congress House Education Civil actions and liability Consumer credit Employee hiring Fraud offenses and financial crimes Government information and archives Government lending and loan guarantees Higher education State and local government operations Student aid and college costs

Coronavirus E-BD Act of 2020

Introduced: September 18, 2020 Introduced by: Takano, Mark Democratic · California 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
Sep 18, 2020
Referred to the House Committee on Education and Labor.
Sep 18, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Coronavirus Emergency Borrower Defense Act of 2020 or the Coronavirus E-BD Act of 2020

This bill requires the Department of Education (ED) to discharge, within 30 days, the federal student loan debt of three categories of borrowers.

Specifically, ED must discharge the federal student loan debt of a borrower (1) who is covered by ED findings against an institution of higher education (IHE) for job placement rate misrepresentation; (2) for whom a state attorney general has asserted a right to borrower defense discharge; or (3) who was subject to a misrepresentation made by the IHE related to guaranteed employment or transferability of credits, and who has asserted such misrepresentation in a borrower defense application.

ED must reimburse a borrower for amounts paid toward the federal student loan.

The bill also requires ED to (1) notify borrowers of loan relief and eligibility for financial aid, and (2) report loan discharge to consumer reporting agencies.

Finally, ED must initiate a proceeding to require the IHE whose act or omission resulted in loan discharge to repay ED for such amounts.

What's happening now September 18, 2020

Referred to the House Committee on Education and Labor.

 Committees of jurisdiction 1