It expenses tries in order to describe and you may modernize the newest federal education loan forgiveness system
Sponsor: Rep. Panetta [D-CA]
Cosponsors: 2 (2D; 0R)
NASFAA Conclusion & Analysis: This bill would establish a comprehensive database of all qualified public service employers that would be easily accessible, streamline communication between those public service employees and the Department of Education, and offer a PSLF certification seal for qualified employers to utilize for recruitment purposes.
H.R.4600 – In control Credit Operate out-of 2021
Sponsor: Rep. Grothman [R-WI]
NASFAA Summation & Analysis: This bill seeks to alleviate excessive student loan debt by allowing colleges and universities to provide limits on how much money students can borrow. This bill would allow higher education institutions to limit the amount of a loan that a student may borrow in an academic year based on certain criteria.
S.2020 – Terrorism Survivors Education loan Deferment Operate
Sponsor: Sen. Marco Rubio [R-FL]
NASFAA Summary & Analysis: This bill would allow survivors of terrorist attacks to receive automatic deferments of their federal student loan payments. This forbearance would not count against the typical three-year maximum deferment allowance, but rather provide a one-year pause for victims. It would also designate the federal agency in charge of investigating the attack as responsible for identifying those victims.
H.R.4122 – REDI Work
Sponsor: Rep. Babin [R-TX]
Cosponsors: 1 (1D)
NASFAA Realization & Analysis: This bill would allow students in medical and dental school to defer interest accrual on their federal student loans while they are participating in their residency programs.
H.Roentgen.4293 – Support America’s Younger Business owners Operate of 2021
Sponsor: Rep. Velazquez [D-NY]
Cosponsors: 5 (5D)
NASFAA Realization & Analysis: This bill would provide up to three years of interest free student loan deferment and up to $20,000 in forgiveness for small business founders in “distressed areas.” It also would provide up to $15,000 for employees of startups anywhere in the United States over the course of five years. Additionally, this bill would establish a Young Entrepreneurs Business Center that will be responsible for determining eligibility for loan cancellation.
H.R.2987 – Teacher Loan Forgiveness Update Operate out of 2021
Sponsor: Rep. Luria [D-VA]
NASFAA Summation & Analysis: This bill would increase the amount of loan forgiveness and loan cancellation available to teachers. This bill increases the amount of loan debt ED would forgive for teachers from $5,000 to $15,000 after the fifth complete school year of teaching. In addition, for teachers in mathematics, science, or special education, ED would increase the loan forgiveness from 17,500 to 30,000.
H.R.2732 – Domenic and Ed’s Laws
Sponsor: Rep. Langevin [D-RI]
NASFAA Summation & Analysis: This bill would allow a parent whose child develops a total and permanent disability to qualify for student loan discharge. Currently, parents are allowed to discharge federal student loans if their child dies, but not if their child develops a total and permanent disability.
H.Roentgen.2460/S.1098 – Mutual Integration Loan Separation Work
Sponsor: Rep. Price [D-NC]
Sponsor: Sen. Warner [D-VA]
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NASFAA Conclusion & Analysis: This bill would authorize borrowers who have received a joint consolidation loan to apply to receive a separate Federal Direct Consolidation Loan.
H.R.2418 – Student loan Forgiveness to own Frontline Health Pros Operate
Sponsor: Rep. Maloney [D-NY]
NASFAA Summation & Analysis: This bill would establish temporary programs to provide both federal and private student loan forgiveness for certain frontline healthcare workers. 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.