Sponsor: Rep. Panetta [D-CA]
Cosponsors: 2 (2D; 0R)
NASFAA Bottom line & 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.Roentgen.4600 – In charge Borrowing Operate regarding 2021
Sponsor: Rep. Grothman [R-WI]
NASFAA Conclusion & 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 Student loan Deferment Operate
Sponsor: Sen. Marco Rubio [R-FL]
NASFAA Summation & 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 Act
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.R.4293 – Help America’s More youthful Business owners Work out-of 2021
Sponsor: Rep. Velazquez [D-NY]
Cosponsors: 5 (5D)
NASFAA Bottom line & 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.Roentgen.2987 – Professor Financing Forgiveness Update Work out of 2021
Sponsor: Rep. Luria [D-VA]
NASFAA Conclusion & Analysis: This bill payday loans Clovis CA 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 Law
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.R.2460/S.1098 – Joint Combination Mortgage Separation Work
Sponsor: Rep. Price [D-NC]
Sponsor: Sen. Warner [D-VA]
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 Fitness Pros Work
Sponsor: Rep. Maloney [D-NY]
NASFAA Bottom line & 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.