Student Loan Debt Relief Act of 2019

Summary

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.

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Timeline

1. 23 July 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 July 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 July 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 July 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 July 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 23 July 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← Student Loan Debt Relief Act of 2019