Sponsor: Rep. Maloney [D-NY]
NASFAA Realization & Analysis: It would direct the Department of Education to forgive the outstanding balance due on federal student loans for these borrowers. It would further direct the Department of the Treasury to repay in full the outstanding balance due on private student loans for these borrowers.
H.Roentgen.2034 – Income-Determined Student loan Forgiveness Act
Sponsor: Rep. Lawson [D-FL]
NASFAA Realization & Analysis: This bill would direct the Secretary of Education to forgive the balance of some federal student loans for eligible borrowers. Borrowers who filed a tax return for the most recent tax year, had an eligible loan in repayment, is employed, or had recent employment prior to the pandemic, and makes less than $100,000 if single, or $200,000 if married, would be eligible to receive forgiveness of their loan balance. The bill also stipulates that any forgiveness received would not be taxable.
H.Roentgen.1633 – Public service Mortgage Forgiveness Inclusion Operate away from 2021
Sponsor: Rep. Foster [D-IL]
NASFAA Bottom line & Analysis: This bill would allow borrowers who would be eligible for PSLF but who were enrolled in a non eligible repayment plan, to have the first 60 monthly payments made under a graduated repayment or extended repayment plan to become qualifying payments under the PSLF. The bill does stipulate that borrowers must transfer to an eligible repayment plan, such as an income-based or standard repayment plan, for the remaining 60 monthly payments made under the PSLF program.
S.603 – Coronavirus Disaster Student loan Refinancing Operate
Sponsor: Sen. Warner [D-VA]
NASFAA Summation & Analysis: This bill would establish a refinancing program for federal direct and FFEL student loans. The new interest rate for a undergraduate unsubsidized or Stafford loans would equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 2.05 percent; graduate unsubsidized or Stafford loans would be equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 3.6 percent; and PLUS loans would be equal to the lowest yield on the 10-year Treasury note in the preceding six months plus 4.6 percent. The bill also requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio.
H.R.1586 – Student loan Reform Act
Sponsor: Rep. Perry [R-PA]
NASFAA Summation & Analysis: This bill would create a program that would allow institutions of higher education to cosign all federal loans made to students during an academic year.
H.Roentgen.1133/S.311 – Stopping Doctor Shortages Operate
Sponsor: Rep. Harder [D-CA]
Sponsor: Sen. Feinstein [D-CA] Cosponsors: 1
NASFAA Sumends the higher Degree Operate requiring the newest Department regarding Education to let medical care experts who run full-date benefit nonprofits so you’re able to be eligible for the new PSLF system actually if they’re in a roundabout way used by an effective nonprofit business.
S.210/H.R.1372 – Protecting Work Act
Sponsor: Sen. Rubio [R-FL]
Sponsor: Rep. Ross [D-NC] Cosponsors: 7
NASFAA Realization & Analysis: This bill would prevent states from suspending, revoking or denying state professional licenses solely due to borrowers being in default on their federal student loans.
H.Roentgen.394 – COVID–19 Education loan Save Extension Operate
Sponsor: Rep. Courtney [D-CT]
Cosponsors: 18 (18D; 0R)
NASFAA Summation & Analysis: This bill would expand the current COVID-19 borrower relief provisions to all student loan borrowers, including Perkins loans, FFEL loans held by private companies as well as Health Professions and Nursing loans. The payday loans Newport IN current relief includes payment and interest suspension. The bill would also lengthen the period of relief until 30 days after the end of the national health emergency.