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United States · Bill · HR

H.R. 7114 (116th)

Economic and Student Loan Debt Relief Act of 2020

referredUnited States· United States Congress· EN

Introduced

4 June 2020

Last action

4 June 2020 · Introduced

Status

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.

Sponsors

Steve Stivers, Kathleen Rice, Rep. Gottheimer, Josh [D-NJ-5]

Subjects

Taxation, Education

Source updated

21 July 2025

Taxation · Education

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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.)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 4 June 2020

    Introduced

    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.

    Source: IntroReferral

  2. 4 June 2020

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 4 June 2020

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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Sponsors

Related records

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Sources

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