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H.R.2034 – Income-Passionate Education loan Forgiveness Act

Sponsor: Rep. Lawson [D-FL]
Cosponsors: 0
Introduced:
NASFAA Summary & Analysis: This bill would direct the Secretary of Education to forgive the balance of some federal student loans for eligible borrowers. Borrowers who filed a tax return for the most recent tax year, had an eligible loan in repayment, is employed, or had recent employment prior to the pandemic, and makes less than $100,000 if single, or $200,000 if married, would be eligible to receive forgiveness of their loan balance. The bill also stipulates that any forgiveness received would not be taxable.

H.Roentgen.1633 – Public-service Financing Forgiveness Introduction Act of 2021

Sponsor: Rep. Foster [D-IL]
Cosponsors: 12
Introduced:
NASFAA Summary & Analysis: This bill would allow borrowers who would be eligible for PSLF but who were enrolled in a non eligible repayment plan, to have the first 60 monthly payments made under a graduated repayment or extended repayment plan to become qualifying payments under the PSLF. The bill does stipulate that borrowers must transfer to an eligible repayment plan, such as an income-based or standard repayment plan, for the remaining 60 monthly payments made under the PSLF program.

S.603 – Coronavirus Emergency Student loan Refinancing Operate

Sponsor: Sen. Warner [D-VA]
Cosponsors: 0
Introduced:
NASFAA Realization & Analysis: This bill would establish a refinancing program for federal direct and FFEL student loans. Continue reading