Some Federal Perkins Loans; Some Federal Family Education Loans (defaulted and nondefaulted) Federal Family Education Loans (FFEL) were made prior to 2010. Follow @govtrack.us on Instagram for new 60-second summary videos of legislation in Congress. Now what? To suspend Federal Perkins Loans repayments during the COVID-19 pandemic, and for other purposes. |author=116th Congress (2020) By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. |publisher=GovTrack.us While the federal student loan forbearance is scheduled to end on January 31, President-elect Joe Biden has discussed taking more permanent action on reducing the student loan … If your loans are not covered, you still have a couple different options. Upon President Trump's March 13, 2020, declaration of a national emergency resulting from the COVID-19 pandemic, Secretary DeVos immediately used her authority under the HEROES Act of 2003 to set all federal student loan interest rates to zero and automatically enter borrowers into administrative forbearance, allowing them to defer payments without financial penalty. Remember, though, these loans are … And some of the 1.9 million Perkins loans, many of which are owned by colleges, are also not covered. If you’ve visited a bill page on GovTrack.us recently, you may have noticed a new “study guide” tab located just below the bill title. On March 20, 2020, the Secretary of Education directed the office of Federal Student Aid to provide the following relief on ED-owned federal student loans: But they are guaranteed by the federal government, which means the government is ultimately on the hook for those loans if a borrower fails to repay. Sign up to receive the latest updates and smartest advice from the editors of Money. This bill is in the first stage of the legislative process. Guaynabo PR 00968. Coronavirus Stimulus: 5 Things Student Loan Borrowers Should Know The new CARES Act includes some financial relief for most, but not all, borrowers of federal student loans. 7294 — 116th Congress: COVID-19 Perkins Loan Relief Act. Nelnet, along with the U.S. Department of Education (ED) Office of Federal Student Aid, is monitoring the coronavirus/COVID-19 emergency. 7294. If this bill has further action, the following steps may occur next. In most cases, your interest will still accrue. Subject: Continued Student Loan Payment Relief During the COVID-19 Pandemic. This suspension of payments has been extended through January 31, 2021. The Perkins loan was subsidized by the federal … You can usually do it on the phone with your servicer. On March 13, 2020, the President of the United States declared that a national emergency concerning the COVID-19 outbreak began on March 1, 2020, as stated in “Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak,” Proclamation 9994 of March 13, 2020, Federal Register Vol. Lots 81-82 Street C Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. The federal government has announced a number of initiatives and actions to assist student loan borrowers. We hope to make GovTrack more useful to policy professionals like you. If you choose to interact with the content on our site, we will likely receive compensation. Retrieved from https://www.govtrack.us/congress/bills/116/hr7294, “H.R. Remember that newly elected legislators don’t take office until January 3, 2021 at noon. You have a network of support to help you succeed with your federal student loan repayment. There’s also the fact that consolidation generally takes 45 to 60 days to complete, she says. To that end, you should know that many or all of the companies featured here are partners who advertise with us. Winners of the Congressional Gold Medal have included everyone from Neil Armstrong to… Dec 9, 2020, Although President-elect Joe Biden is considering an informal ban on naming current Democratic senators to his administration, current… Dec 7, 2020. An official website of the United States government. We’re collecting the statements of stakeholder organizations. Learn more about how we make money. We may be compensated when you click on this ad. GovTrack.us is an independent website tracking the status of legislation in the United States Congress and helping you participate in government. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. We’ll be in touch. Here’s what you need to know. 85, No. “There are options for pausing, but it’s a little bit more complicated and less of an easy calculation as to whether it’s the right move,” she says. You can get more information from TISLA here. You could consider combining FFEL and Perkins loans into a federal direct consolidation loan, which shifts ownership to the Department of Education. There’s no official word from Congress or the Education Department why these loans are not included. Representative for California's 45th congressional district. The .gov means it’s official. We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. $2 trillion stimulus bill Late Wednesday night, the Senate unanimously passed the largest economic stimulus package in American history. Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. Ad Practitioners, LLC It was introduced into Congress on June 22, 2020. PPP loans are part of the CARES Act, a comprehensive COVID-19 relief package Congress passed in the spring. We hope to enable educators to build lesson plans centered around any bill or vote in Congress, even those as recent as yesterday. GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. 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