8514). Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, employers can now make nontaxable payments of up to $5,250 to employees as student loan repayment assistance, but only if the payments are made by December 31, 2020, under an educational assistance program that meets the requirements of Internal Revenue Code (Code) Section 127. "With Democratic control of government, the Republicans are likely to re-assert their interest in the federal deficit and government spending," said Laurel Harbridge-Yong, associate professor at Northwestern University. Introduced by Rep. Joe Courtney (D-CT-2) with 60 cosponsors on 3/26/2020, this bill allows refinancing of federal education loans and private student loans that were disbursed before July 1, 2020 into a new federal education loan with lower interest rates. Student Loan Forgiveness for Frontline Health Workers Act (H.R. Student Loan Tax Elimination Act (S. 1696). Consider Teachers Act (H.R. The partial loan forgiveness would be retroactive. Student Loan Default Reduction Program Act (H.R. What Was the Obama Student Loan Forgiveness Act? When student loan payments do resume, the Department of Education doesn't expect a smooth transition. 133). Federal and private student loans will be eligible for loan forgiveness. Approximately 15 million borrowers would see their student loan debt wiped clean with $10,000 of broad loan forgiveness per borrower, according to a NerdWallet analysis of federal student loan data. Introduced by Rep. James E. Clyburn (D-SC-6) with 11 cosponsors on 7/23/2019, this bill provides up to $50,000 in tax-free student loan forgiveness per borrower for borrowers with household income less than or equal to $100,000. Introduced by Sen. Richard Blumenthal (D-CT) with 9 cosponsors on 5/19/2020, this bill changes public service loan forgiveness from a back-end loan forgiveness program to an up-front loan forgiveness program, forgiving a portion of the borrower’s debt every two years. Parent PLUS Loan Fairness and Responsibility Act (H.R. Introduced by Rep. Al Lawson Jr. (D-FL-5) with 4 cosponsors on 7/30/2019, this bill increases the grace period before federal student loans enter repayment from 6 months to one year. Warren proposed student loan forgiveness for 95% of student loan forgiveness, and her plan included income limits. Introduced by Rep. Vicente Gonzalez (D-TX-15) with no cosponsors on 10/2/2020, this bill provides up to $25,000 in tax-free student loan forgiveness per borrower. The new program for public service workers would offer up to $10,000 of forgiveness per year for up to five years. Among other things, the act provides broad relief for federal student loan borrowers. 4869). Reconciliation legislation also must be related to budget changes, and senators can try to block any provisions they argue are not. A similar bill, the Student Loan Advocacy Act (H.R. Forgiving student debt is a short-term fix. Total American outstanding student loan debt is now $1.7 trillion, weighing down borrowers who are struggling to make housing payments and cover medical bills during the pandemic. It will be hard to get nine Republicans in support of a debt jubilee. Student Loan Debt Relief Act of 2019 (H.R. ... New York City residents on average hold about $38,000 in student loan debt … Student Loan Repayment and FAFSA Simplification Act (S. 4247). Ultimately, the answer lies in preventing crushing debt in the first place. ", Meanwhile, Sen. Elizabeth Warren, D-Mass., recently described student debt forgiveness as "the single most effective economic stimulus that is available through executive action.". Read the guidance about repaying your student loan for more information on: Coronavirus Emergency Student Loan Refinancing Act (H.R. This bill also provides full eligibility for federal student aid for Dreamers. Student Loan Deferment Act (H.R. Introduced by Rep. Donald Norcross (D-NJ-1) with 3 cosponsors on 6/5/2019, this bill changes Teacher Loan Forgiveness to provide up-front annual loan forgiveness of 15% of the loan balance for the first five years of repayment for teachers in STEM, special education and ESL fields. 885). H.R.6720 - Student Loan Forgiveness for Frontline Health Workers Act 116th Congress (2019-2020) Bill Hide Overview . Public Service Loan Forgiveness Inclusion Act of 2019 (H.R. The Education Secretary “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a … The statement must list the number of qualifying payments made and the number of payments remaining. 3926). Pandemic Accommodation to Support Students Act (PASS) Act (H.R. All Information (Except Text) for H.R.6720 - Student Loan Forgiveness for Frontline Health Workers Act 116th Congress (2019-2020) Back to this bill. The FSA Ombudsman already functions in this capacity. All Rights Reserved, This is a BETA experience. The U.S. Department of Education has incorporated these ideas into the PSLF Help Tool. While the total outstanding student debt surpasses the amount of credit card debt for all Americans, about 55% of all undergraduate’s complete college with no student loans or owe only $20,000. The legislation also simplifies the Free Application for Federal Student Aid (FAFSA). Four-fifths (80%) of the bills were introduced in the House and 20% in the Senate. And collectively, borrowers in the U.S. owe more than $1.4 trillion. Rural and Underserved Residencies to Attract Long-term Physicians Act (H.R. 4607). 1571 and S. 672). Even with the two Senate seats Democrats picked up in Georgia, the party just eked out a majority, and will need Vice President-elect Kamala Harris to step in to rally 51 votes against Republicans' 50. Economic and Student Loan Debt Relief Act of 2020 (H.R. Student Loan Fairness Act (H.R. Taxes 2020: How student loans affect your taxes. Student and Families Empowerment Act (H.R. The bill also makes the 20- or 25-year forgiveness in income-driven repayment plans tax-free. Actions Overview (1) Date Actions Overview; 05/05/2020: … 6230). Public Service Loan Forgiveness Protection Act (S. 3543). Introduced by Rep. Eric Swalwell (D-CA-15) with 23 cosponsors on 6/4/2019, this bill changes Public Service Loan Forgiveness (PSLF) from an all-or-nothing back-end loan forgiveness program to an up-front loan forgiveness program. Sign up for free newsletters and get more CNBC delivered to your inbox. 7449 and S. 4141). Introduced by Rep. Brian Babin (R-TX-36) with 89 cosponsors on 3/6/2019, this bipartisan bill provides interest-free deferments on Direct Loans for borrowers serving in a medical or dental internship or residency. Still, there may be a way around those rules. Not everyone agrees. Introduced by Rep. Lauren Underwood (D-IL-14) with 82 cosponsors on 11/24/2020, this bill amends section 3513 of the CARES Act to extend the payment pause and interest waiver through September 30, 2021. 3353). Introduced by Rep. Rosa L. DeLauro (D-CT-3) in the House and Sen. Jeff Merkley (D-OR) in the Senate with 10 cosponsors on 4/3/2019, this bill eliminates origination fees and interest capitalization on Direct Loans first disbursed on or after July 1, 2020. Bill Hide Overview . The Senate's top Democrat, Chuck Schumer, D-N.Y., is calling on Biden to forgive $50,000 per borrower on the first day of his presidency. Introduced by Rep. Mark Pcan (D-WI-2) with 35 cosponsors in the House and Sen. Brian Schatz (D-HI) with 9 cosponsors in the Senate on 3/6/2019, this bill provides a debt-free in-state public college education through a federal-state partnership. Helping Individuals Get a Higher Education while Reducing Education Debt (HIGHER ED) Act (H.R. Introduced by Rep. Kendra S. Horn (D-OK-5) with 2 cosponsors on 7/30/2019, this bill switches Public Service Loan Forgiveness from a back-end loan forgiveness program to an up-front loan forgiveness program, with a portion of the loan balance being forgiven every two years. President-elect Joe Biden has said that he would forgive $10,000 in student loan debt for borrowers. 3448). The President has threatened to veto it, but it was passed with a veto-proof majority of 92-6 in the Senate and 359-63 in the House. 4310). Introduced by Rep. Eric Swalwell (D-CA-15) on 7/23/2020 with 37 cosponsors, this bipartisan bill preserves eligibility for public service loan forgiveness for borrowers who lose their qualifying public service job during the COVID-19 pandemic. Protecting Access to Loan Forgiveness for Public Servants During the COVID–19 Pandemic Act (H.R. 4119). 4391). The new loan program would require all borrowers to be in an income-driven repayment plan with automatic wage withholding of loan payments. Introduced by Sen. Richard J. Durbin (D-IL) with 3 cosponsors on 9/19/2019, this bill allows part-time (adjunct) faculty to qualify for Public Service Loan Forgiveness (PSLF). Here’s the purpose of the act: Public Service Pays Off Act (H.R. The income-driven repayment plan will be available to Parent PLUS loan borrowers. 6502 and S. 3556). Introduced by Sen. Jeanne Shaheen (D-NH) on 1/28/2020, this bill requires private student loans to be included in the National Student Loan Data System (NSLDS). Introduced in the House by Rep. Bobby Scott (D-VA-3) with 28 cosponsors on 3/13/2020 and in the Senate by Sen. Patty Murray (D-WA) with 18 cosponsors on 3/12/2020, this bill contains several higher education provisions that were subsequently incorporated into the CARES Act, such as emergency financial aid grants to students and waivers of certain requirements for Title IV federal student aid. Public Service Loan Forgiveness Modernization Act (H.R. Biden said he will ask Congress to immediately cancel $10,000 in student debt per borrower in response to the Covid crisis. NY Senator Schumer pushing for student loan debt forgiveness News. Federal student loan forgiveness of up to $50,000 is possible, Schumer says ... Posted on December 8, 2020. The SBA Releases One-Page PPP Loan Forgiveness Application, Biden Pauses Student Loans For 8 Months—What It Means For Student Loan Cancellation, The Delicate Deficit Dance That Will Define Biden’s Presidency, Biden Is Extending Student Loan Freeze To End Of September: Key Details, Starbucks Steps Up Its Racial Justice Outreach With $100 Million Pledge, Feds, States Should Do More To Uncover Severity Of Elder Financial Abuse, Urges GAO. You may opt-out by. 3792). Strengthening Loan Forgiveness for Public Servants Act (H.R. While President Obama is no longer in office, his legacy lives on in the form of many programs introduced during his administration, including the Obama Student Loan Forgiveness Program, or more officially the Obama Student Loan Forgiveness Act of 2016, which is a set of student loan law reforms introduced while he was president. ... cancel billions of dollars in student loan debt… No. (a) Forgiveness required.—Notwithstanding any other provision of law, the Secretary of Education shall carry out a program in accordance with this Act to forgive the outstanding balance of interest and principal due on the applicable eligible Federal student loans of borrowers who are frontline health care workers. Student Loan Reform Act (H.R. © 2021 CNBC LLC. The bill replaces the $2,500 cap on interest eligible for the student loan interest deduction with the interest on up to $750,000 of qualified education loans (twice that for married borrowers filing jointly). Introduced by Rep. Eric Swalwell (D-CA-15) with 5 cosponsors on 6/4/2019, this bill requires the U.S. Department of Education to provide each student loan borrower an annual, personalized student loan repayment guide. Federal student loan forgiveness of up to $50,000 is possible, Schumer says ... Posted on December 8, 2020. Student loan forgiveness: Biden to continue freeze of payments, ask Congress to erase debt Chris Quintana, USA TODAY 6 days ago COVID-19 variant first found in U.K. could be dominant in U.S. by March It's also how Republicans passed their massive tax cuts in 2017. In 2020, about one in four adults (nearly 45 million Americans) owed student loans. 7114). Broad student loan forgiveness could affect 45.3 million borrowers with federal student loan debt who owe a total of $1.54 trillion to the government. Private student loans, and federal student loans not owned by the Education Department, are not covered by the CARES Act. Introduced by Rep. Ayanna Pressley (D-MA-7) with 23 cosponsors on 3/23/2020, this bill proposes a payment pause and interest waiver for all federal student loans, including Direct Loans, FFEL Program Loans and Federal Perkins Loans, with payments made by the U.S. Department of Education, followed by forgiveness of up to $30,000 in student loan debt per borrower. 6825). Ability to repay the debt will be based on the student’s employment status, income level, credit history and the student’s debt-to-income ratio before and after the transfer. Because this process can only be used once a year, there's usually a lot of competition over what to include, and that will be particularly true during the pandemic. (Source: NerdWallet) By Anna Helhoski, Nerdwallet | December 2, 2020 at 12:10 PM EST - Updated December 2 at 12:14 PM Introduced by Rep. Scott H. Peters (D-CA-52) with 271 cosponsors on 2/7/2019, this bipartisan bill makes up to $5,250 per year in employer-paid student loan repayment assistance programs (LRAPs) tax-free. Promoting Apprenticeships in Public Service Act (H.R. College for All Act of 2019 (S. 1947 and H.R. Below we’ll discuss how to take advantage of the student loan forgiveness in the CARES act and what to do about your student loans after Sept. 30. Introduced by Rep. Kendra S. Horn (D-OK-5) with 2 cosponsors on 7/17/2019, this bill changes the interest rates on new federal education loans disbursed on or after July 1, 2020 to the high yield of the last 10-year Treasury Note auction in May or 5%, whichever is less. In a recent Pew survey, 6 in 10 borrowers said it would be difficult for them to start paying their student loan bills again in the coming month. During the payment pause and interest waiver, suspended loan payments count as payments toward Public Service Loan Forgiveness, income-driven repayment plans and loan rehabilitation. 3793). PSLF Technical Corrections Act of 2019 (S. 1175). Introduced by Rep. Elise M. Stefanik (R-NY) with 29 cosponsors on 4/22/2020, this bipartisan bill extends the payment pause and interest waiver from the CARES Act to all borrowers with FFELP loans, including those with FFELP loans not held by the U.S. Department of Education. Given all the uncertainty of trying to pass legislation to forgive student debt, advocates and Democrats continue to call on Biden to cancel the loans administratively, saying borrowers can't afford to wait for the relief. Affordable Loans for Any Student Act (H.R. Introduced by Rep. Josh Harder (D-CA-10) with 13 cosponsors in the House on 4/14/2020 and Sen. Mitt Romney (R-UT) in the Senate on 3/20/2020, this bipartisan bill provides a three-year deferment after the end of the COVID-19 pandemic for borrowers who graduate in 2020. Sponsor: Rep. Maloney, Carolyn B. The legislation also provides temporary tax-free status for employer-paid student loan repayment assistance programs (LRAPS), waives the non-federal share in campus-based federal student aid programs and provides emergency financial aid grants to college students. Debt-Free College Act of 2019 (H.R. Frontline Healthcare Worker Student Loan Assistance Act of 2020 (H.R. The loan payments would be 15% of discretionary income, defined as the amount by which total income exceeds 150% of the poverty line. 1707 and S. 768). President-elect Joe Biden will ask Congress to immediately cancel $10,000 in student debt for all borrowers and to extend the payment pause that's scheduled to lapse this month, an aide told reporters Friday afternoon. Alison Kershaw. Student loan debt is second to mortgage debt. Ultimately, the answer lies in preventing crushing debt in the first place. These borrowers will be counted as having made qualifying payments during the pandemic even if they lose their jobs, provided that they return to qualifying public service employment within six months after the end of the public health emergency. Clean Slated Through Consolidation Act (H.R. Under President Donald Trump's leadership, the total amount of student loan debt held by Americans has increased by more than 16%, from $1.44 trillion in 2017 to roughly $1.68 trillion today. Introduced by Sen. Sheldon Whitehouse (D-RI) with 1 cosponsor on 4/11/2019, this bill expands eligibility for Public Service Loan Forgiveness (PSLF) for borrowers in graduated and extended repayment plans. We study the distributional consequences of student debt forgiveness in present value terms, accounting for differences in repayment behavior across the earnings distribution. “The number of Americans with student loan debt has skyrocketed over the past 2 decades, and now sits at 45 million,” the report adds. Introduced by Rep. Kendra S. Horn (D-OK), this bill removes all derogatory events relating to a default from the credit history of a defaulted borrower whose defaulted loans have been rehabilitated. Get this delivered to your inbox, and more info about our products and services. IDR requires borrowers to pay a percentage (often 10 percent) of their discretionary income in monthly payments, and then forgives balances after 10, 20, or 25 years, depending on the program. Supporting Students in Response to Coronavirus Act (H.R. ", Covid is making it harder to get into a top college, Here's how delaying college may impact your future earnings, College can cost as much as $70,000 a year, senators can try to block any provisions they argue are not. Jon Tester (D-MT) on 3/19/2020, this bill waives the requirement that borrowers make payments for the purpose of Public Service Loan Forgiveness during a qualifying emergency in the borrower’s state. Introduced by Rep. Jefferson Van Drew (R-NJ-2) with no cosponsors on 9/24/2020, this bill provides student loan forgiveness for borrowers who are frontline health care workers during the COVID-19 pandemic. Introduced by Rep. Jimmy Panetta (D-CA-20) with 12 cosponsors on 9/18/2019, this bill creates a searchable database of qualifying employers for Public Service Loan Forgiveness (PSLF) and requires the U.S. Department of Education to send an annual statement to borrowers who are pursuing PSLF. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was passed to ease some of the hardships that have resulted from the pandemic. Sign in to your student loan repayment account if you already have one. I have two Bachelor's degrees in mathematics and philosophy from the Massachusetts Institute of Technology (MIT) and a Master's degree in computer science from Carnegie Mellon University (CMU). The repayment term would be 10 years for borrowers owing $20,000 or less, 15 years for $20,000 to $30,000, 20 years for $30,000 to $40,000 and 25 years for $40,000 or more. This bipartisan bill has passed the House and Senate and awaits the President’s signature. 1798). 6597). Emergency Relief for Student Borrowers Act of 2020 (H.R. Teacher Debt Relief Act (H.R. 3786). Strengthening Loan Forgiveness for Public Servants During the COVID-19 Crisis (S. 3760). Introduced by Rep. Haley M. Stevens (D-MI-11) and Rep. Debbie Mucarsel-Powell (D-FL-26) on 9/19/2019, this bill removes the default from the credit history of borrowers who rehabilitate their defaulted federal student loans through consolidation. How Biden's student loan forgiveness could blow up your tax bill. Teacher Loan Forgiveness Improvement Act of 2020 (H.R. Introduced by Rep. Katie Porter (D-CA-45) with 4 cosponsors on 6/22/2020, this bipartisan bill implements a payment pause and interest waiver on Federal Perkins Loans during the COVID-19 pandemic through September 30, 2020. Many Have Finally Received Their $600 Stimulus Check - But Is It Enough? Sessions of Congress last for two calendar years. Introduced by Rep. Peter A. DeFazio (D-OR-4) on 6/5/2019, this bill restores graduate and professional student eligibility for subsidized federal student loans, allows student loan debt to be discharged in bankruptcy, and allows private student loans to be refinanced as unsubsidized federal student loans. So within 5 years, qualifying borrowers could have $50,000 of their student loans forgiven. 4113). Introduced by Rep. Bill Foster (D-IL-11) with 6 cosponsors on 10/11/2019, this bipartisan bill lets payments in ineligible repayment plans (e.g., graduated repayment and extended repayment) to become qualifying payments in Public Service Loan Forgiveness (PSLF) if the borrower switches to an eligible repayment plan within the first five years of starting full-time employment in a qualifying job. More than a third of the student loan bills concerned student loan forgiveness. Student loan forgiveness should benefit the neediest first - Los Angeles Times Student Loan Forgiveness For Nurses In The U.S. A new administration could bring student loan forgiveness relief to more borrowers. The $900 billion pandemic aid package passed in December didn't include an extension of the payment pause for student loan borrowers that has been in effect since March and expires at the end of the month, concerning advocates who say the financial pain wrought by the pandemic has left many borrowers unable to make their payments. I am an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. Forty five percent of loan holders, benefitting from student loan forbearance in place until January 31 st, say they fear they will be unable to make their subsequent payments. Consolidated Appropriations Act, 2021 (H.R. Rehabilitation removes derogatory events from the borrower’s credit history and restores the loan to a non-default status. This is especially beneficial if you’re working toward student loan forgiveness in any program, Haile said. Graduate and professional students have been ineligible for subsidized loans since July 1, 2012. 7294). Introduced by Rep. Madeleine Dean (D-PA-4) with 6 cosponsors on 3/23/2020, this bill requires the federal government to make the monthly loan payments on federal and private student loans during the COVID-19 pandemic and for 6 months afterward, with payments counting toward Public Service Loan Forgiveness and rehabilitation of defaulted loans. 3150). Empowering Student Borrowers Act (H.R. All Information (Except Text) for H.R.6720 - Student Loan Forgiveness for Frontline Health Workers Act 116th Congress (2019-2020). 8393). Introduced by Rep. Carolyn B. Maloney (D-NY-12) with 40 cosponsors on 5/5/2020, this bill bipartisan provides student loan forgiveness for health care workers who work on the front line in response to the COVID-19 pandemic. Introduced by Rep. Steve Watkins (R-KS-2) with 2 cosponsors on 6/5/2020, this bipartisan bill provides interest-free deferment for borrowers serving in medical and dental internships and residencies in national need areas. Received their $ 600 stimulus Check - but is it Enough forgiveness Inclusion Act of 2019 ( S. )! On 3/27/2020 Statistics to analyze data concerning private student loans not owned by the Education Department, not. Education Deferred interest ) Act ( H.R 50,000 in student loan forgiveness could blow up your tax bill Senator. Owned by the Education Department, are not covered by the Education Department, are not argue. U.S. Department of Education has incorporated these ideas into the Consolidated Appropriations Act, 2021 tax-free! Moved to cancel the debt and must agree to the transfer what ’ s in the U.S. totals $. 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