S. 3760 · 116th Congress
Strengthening Loan Forgiveness for Public Servants During the COVID–19 Crisis Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BlumenthalSponsor9 cosponsors · 9 D
9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Strengthening Loan Forgiveness for Public Servants During the COVID-19 Crisis Act
What it does: CRS summary · Introduced in Senate · May 19, 2020
Strengthening Loan Forgiveness for Public Servants During the COVID-19 Crisis Act
This bill revises the Public Service Loan Forgiveness (PSLF) program to provide for partial loan cancellation based on the length of public service employment. It also allows public service employees who are impacted by the COVID-19 (i.e., coronavirus disease 2019) public health emergency to continue to participate, without disruption, in the PSLF program.
First, the bill directs the Department of Education (ED) to cancel 15%, 15%, 20%, 20%, and 30% of the amount a borrower owes after 2, 4, 6, 8, and 10 years of public service employment, respectively, on Federal Direct Loans made after the bill's enactment.
In addition, an individual who was employed in a public service job and who experiences lapse in employment (e.g., a furlough, a layoff, or the individual's resignation due to illness or caregiving responsibilities) because of the COVID-19 public health emergency may continue to participate in the PSLF program without disruption. The bill treats such an individual as employed in a public service job during the emergency and deems a monthly payment made by the individual as a qualifying monthly payment toward loan cancellation under the PSLF program. However, unless the individual would have completed requirements for partial or full loan cancellation during the public health emergency, the individual must resume employment in a public service job within six months after the end of the emergency.
Finally, ED must develop and make available guidance related to certain assistance provided by the bill.Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Strengthening Loan Forgiveness for Public Servants During the COVID–19 Crisis Act
Latest action (May 19, 2020): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: May 19, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.