Bill > HR6316

This bill would provide relief for both federal and private student loan borrowers during the COVID-19 pandemic. The key provisions include: 1. The Secretary of Education will make payments on federal student loans during the COVID-19 emergency period and the 6-month period immediately following, with those payments counting towards loan forgiveness programs and rehabilitation. Interest on these loans will not be capitalized during this time. 2. The Secretary of the Treasury will make payments on private student loans during the same timeframe, and interest on these loans also cannot be capitalized. 3. Borrowers of both federal and private student loans will have all involuntary collection activities suspended during the COVID-19 emergency period and the 6 months after. 4. Borrowers will receive mandatory forbearance on their loans during the period the Secretaries are making payments. 5. The bill also provides for a minimum level of relief, where qualified borrowers can receive up to $10,000 in loan forgiveness across their federal and private student loans. 6. Lastly, the bill excludes any of the loan payments made by the government from being counted as taxable income for borrowers.

Education

https://www.congress.gov/bill/116th-congress/house-bill/6316/all-info