Strengthening Loan Forgiveness for Public Servants During the COVID–19 Crisis Act

Summary

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.

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

Timeline

1. 19 May 2020

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 19 May 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 May 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 May 2020

  Open at official source

Sponsors

• Richard Blumenthal · D · Sponsor
• Sen. Udall, Tom [D-NM] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Tina Smith · D · Sponsor
• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• Edward Markey · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• · sshr00 · Standing

Related records

• related to → Strengthening Loan Forgiveness for Public Servants Act
• related to ← Protecting Access to Loan Forgiveness for Public Servants During the COVID–19 Pandemic Act