Bill Sponsor
House Bill 7114
116th Congress(2019-2020)
Economic and Student Loan Debt Relief Act of 2020
Introduced
Introduced
Introduced in House on Jun 4, 2020
Overview
Text
Introduced
Jun 4, 2020
Latest Action
Jun 4, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7114
Congress
116
Policy Area
Education
Education
Primary focus of measure is elementary, secondary, or higher education including special education and matters of academic performance, school administration, teaching, educational costs, and student aid.
Sponsorship by Party
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Economic and Student Loan Debt Relief Act of 2020

This bill extends the suspension of payments on student loans held by the Department of Education (ED). It also generally allows for an exclusion from taxable income of employer payments of student loans.

Specifically, the bill requires ED to suspend all payments due on Federal Direct Loans and Federal Family Education Loans held by ED through December 31, 2020. (Currently, this suspension period ends on September 30, 2020). Normal payment obligations and interest accrual resume at the end of this period.

Additionally, ED must carry out a program, beginning on November 1, 2020, to provide at least six notices to borrowers that normal payment obligations will resume. (Currently, this program begins on August 1, 2020.)

The bill also generally provides a permanent exclusion from employee income, for income tax purposes, of employer payments of student loans. (Currently, this exclusion from income is only for payments of student loans made before January 1, 2021.)

Text (1)
Actions (2)
06/04/2020
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, 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.
06/04/2020
Introduced in House
Public Record
Record Updated
Feb 8, 2022 11:16:58 PM