3.0.0 2235 2022-11-01T13:50:27Z 2022-11-01T13:50:27Z Senate S 2019-07-23 116 ssfi00 Finance Committee Senate Standing Referred to 2019-07-23T21:51:05Z Student Loan Debt Relief Act of 2019 116 3887 HR 2019-08-12 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. Identical bill CRS 2019-07-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-07-23 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2020-06-01 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2020-06-17 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 Senate 2021-01-26T16:32:04Z 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 Short Title(s) as Introduced Student Loan Debt Relief Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to discharge the qualified loan amounts of each individual, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-07-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2235is/xml/BILLS-116s2235is.xml 2019-07-23 Read twice and referred to the Committee on Finance. 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.