If you’ve been adversely affected by the coronavirus crisis, you can officially apply for the debt relief you need. |title=H.R. Those who are affected include at least 6 million borrowers with older loans, specifically commercially held Federal Family Education Loans (FFEL), according to Money’s estimates. (Note that in both cases, those borrowers may also have some loans that Find out how Federal Student Aid partners with loan servicers to be here when you need help. Your loans are eligible for these waivers,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. Congress.gov, the official portal of the United States Congress. We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. To that end, you should know that many or all of the companies featured here are partners who advertise with us. Follow @govtrack.us on Instagram for new 60-second summary videos of legislation in Congress. You can usually do it on the phone with your servicer. We’ll be in touch. Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands, Making Over $65K Per Year? Democrat. Health and government officials are working together to maintain the safety, security, and health of the American people. Visit us on Twitter If you’ve lost your job or seen your hours cut to below 30 a week, Mayotte recommends the unemployment deferment. We’re collecting the statements of stakeholder organizations. So if you’ve made several years of payments on an income-based plan, you probably don’t want to do that, says Betsy Mayotte, founder of The Institute of Student Loan Advisors. (Factors are based on correlations which may not indicate causation.). Our public interest mission means we will never put our service behind a paywall. 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: We love educating Americans about how their government works too! Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page. Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. The other option is to request a normal forbearance. (Note that in both cases, those borrowers may also have some loans that are covered by the CARES Act.). 7294. One final note, Mayotte says she’s seen a “mixed bag” in terms of borrowers getting in touch with and accurate information from servicers in the past two weeks. The Trump administration plans to pull the plug on five loan programs that supported the economy during the coronavirus crisis — prompting a rare objection from the Federal Reserve. PPP loans are part of the CARES Act, a comprehensive COVID-19 relief package Congress passed in the spring. The bill's primary subject is Education. Westborough Companies Received $100M In Federal Coronavirus Loans - Westborough, MA - The loans went to 571 companies and helped protect 7,931 jobs in Westborough. A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law. To suspend Federal Perkins Loans repayments during the COVID-19 pandemic, and for other purposes. You’ll have to fill out an application, and it typically takes a couple weeks for those to be approved, she says. Most federal student loans qualify for a temporary suspension during the coronavirus pandemic, but not all. Retrieved from https://www.govtrack.us/congress/bills/116/hr7294, “H.R. You’re more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! Your note is for you and will not be shared with anyone. It was introduced into Congress on June 22, 2020. Ads by Money. If you don't, we will not be compensated. In fact, all sides were pushing for all federal loans to be covered, from consumer advocates to the servicers themselves, says Michele Streeter, a policy analyst with The Institute for College Access and Success. The Trump administration to renew the program browse by category to see what loans may... To enable educators to build lesson plans centered around any bill or vote in Congress government would! This page is sourced primarily from Congress.gov, the following steps may occur next executive. Days to complete, she says on June 22, 2020 < https: //www.govtrack.us/congress/bills/116/hr7294 > GovTrack... 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