3.0.0 3887 2022-11-01T13:50:27Z 2022-11-01T13:50:27Z House HR 2019-07-23 116 [Congressional Record Volume 165, Number 124 (Tuesday, July 23, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CLYBURN:H.R. 3887.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution[Page H7242]]]> hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Referred to 2019-08-12T17:16:49Z Referred to 2019-07-23T16:01:35Z hswm00 Ways and Means Committee House Standing Referred to 2019-07-23T16:01:30Z hsed00 Education and the Workforce Committee House Standing Referred to 2019-07-23T16:01:25Z Student Loan Debt Relief Act of 2019 116 2235 S 2019-07-23 Read twice and referred to the Committee on Finance. Identical bill CRS 2019-08-12 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. Committee 2019-07-23 Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2019-07-23 Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-07-23 Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2019-07-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-23 Introduced in House IntroReferral 1000 9 Library of Congress C000537 Rep. Clyburn, James E. [D-SC-6] JAMES CLYBURN D SC E. 6 N S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2019-07-23 True K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2019-07-23 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2019-07-23 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2019-07-30 False H001081 Rep. Hayes, Jahana [D-CT-5] Jahana Hayes D CT 5 2019-07-30 False G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2019-07-30 False J000126 Rep. Johnson, Eddie Bernice [D-TX-30] EDDIE JOHNSON D TX BERNICE 30 2019-07-30 False P000617 Rep. Pressley, Ayanna [D-MA-7] Ayanna Pressley D MA 7 2019-07-30 False K000379 Rep. Kennedy, Joseph P., III [D-MA-4] Joseph Kennedy D MA P. 4 2019-09-10 False L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2019-09-10 False M000312 Rep. McGovern, James P. [D-MA-2] JAMES MCGOVERN D MA P. 2 2020-07-09 False Education Bankruptcy Congressional oversight Consumer credit Debt collection Emergency medical services and trauma care First responders and emergency personnel Government employee pay, benefits, personnel management Government information and archives Government lending and loan guarantees Higher education Income tax exclusion Interest, dividends, interest rates Law enforcement officers Lawyers and legal services Military personnel and dependents Social work, volunteer service, charitable organizations Student aid and college costs Teaching, teachers, curricula Wages and earnings Education 00 2019-07-23 Introduced in House 2021-01-22T21:18:24Z Student Loan Debt Relief Act of 2019

This bill establishes programs to cancel certain student loan debt and refinance student loans.

First, the bill requires the Department of Education (ED) to automatically discharge (i.e., repay or cancel) up to $50,000 of outstanding student loan debt for each qualified borrower. Borrowers with an adjusted gross income of $100,000 or less, based on the most recent tax year, may receive the maximum loan cancellation. Borrowers with an adjusted gross income above $100,000 may receive partial loan cancellation. Members of Congress are not eligible to receive loan cancellation.

Further, the bill outlines the method of loan discharge, and excludes loan cancellation from taxable income. It also requires ED to automatically place each federal student loan borrower in administrative forbearance for the one-year period in which ED carries out the cancellation of student loans. During this period, payments are not due, interest does not accrue, and ED may not pursue debt collection activities (e.g., wage garnishments).

Next, the bill requires ED to carry out student loan refinancing programs for those student loans that exist after the loan cancellation period. Specifically, it directs ED to automatically refinance federal student loans at the lower interest rates offered to new federal borrowers in the 2016-2017 school year. It also allows borrowers to convert their private student loans to federal student loans, thereby allowing such borrowers to qualify for loan cancellation.

It also makes student loans dischargeable in bankruptcy proceedings.

Finally, the bill specifies notification requirements.

]]> Student Loan Debt Relief Act of 2019 Display Title Student Loan Debt Relief Act of 2019 Official Title as Introduced To discharge the qualified loan amounts of each individual, and for other purposes. Introduced in House IH Short Title(s) as Introduced Student Loan Debt Relief Act of 2019 Introduced in House IH Introduced in House 2019-07-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr3887ih/xml/BILLS-116hr3887ih.xml 2019-08-12 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.