H.R. 7114, Economic and Student Loan Debt Relief Act of 2020
Summary
H.R. 7114, the Economic and Student Loan Debt Relief Act of 2020, is a bill introduced in the House of Representatives on June 4, 2020 by Mr. Stivers and referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means. Its stated purpose is to extend and clarify relief to Federal student loan borrowers. Section 2 amends section 3513(a) of the CARES Act by striking September 30, 2020 and inserting December 31, 2020. Section 3 amends section 127(c)(1) by striking the words in the case of payments made before January 1, 2021.
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Cite this document
“H.R. 7114, Economic and Student Loan Debt Relief Act of 2020.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr7114ih-bills-116hr7114ih/
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I
116TH CONGRESS
2D SESSION
H. R. 7114
To extend and clarify relief to Federal student loan borrowers, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
JUNE 4, 2020
Mr. STIVERS (for himself and Miss RICE of New York) introduced the fol-
lowing bill; which was referred to the Committee on Education and
Labor, and in addition to the Committee on Ways and Means, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned
A BILL
To extend and clarify relief to Federal student loan
borrowers, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Economic and Student
5 Loan Debt Relief Act of 2020’’.
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1 SEC. 2. RELIEF FOR FEDERAL STUDENT LOAN BOR-
2 ROWERS.
3 (a) EXTENSION OF RELIEF.—Section 3513(a) of the
4 CARES Act (Public Law 116–136; 134 Stat. 281) is
5 amended by striking ‘‘September 30, 2020’’ and inserting
6 ‘‘December 31, 2020’’.
7 (b) NOTICE TO BORROWERS.—Section 3513(g)(2) of
8 the CARES Act (Public Law 116–136; 134 Stat. 281) is
9 amended by striking ‘‘August 1, 2020’’ and inserting ‘‘No-
10 vember 1, 2020’’.
11 (c) RESUMING REPAYMENT.—Section 3513 of the
12 CARES Act (Public Law 116–136; 134 Stat. 281) is fur-
13 ther amended by adding at the end the following:
14 ‘‘(h) RESUMING REPAYMENT.—At the conclusion of
15 the period in which the Secretary suspends payments on
16 a loan under subsection (a)—
17 ‘‘(1) the loan shall enter or resume repayment
18 status;
19 ‘‘(2) the borrower’s normal payment obligations
20 shall resume;
21 ‘‘(3) beginning on the first day after the conclu-
22 sion of such period of suspension, interest shall ac-
23 crue on the loan at the applicable rate of interest in
24 accordance with the terms and conditions of the
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25 loan; and
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1 ‘‘(4) interest that accrues on the loan after the
2 conclusion of such period shall be paid and capital-
3 ized (if applicable) in accordance with the terms and
4 conditions of the loan.’’.
5 SEC. 3. EXCLUSION FOR CERTAIN EMPLOYER PAYMENTS
6 OF STUDENT LOANS.
7 Subparagraph (B) of section 127(c)(1) of the Inter-
8 nal Revenue Code of 1986 (as amended by section 2206(a)
9 of the CARES Act (Public Law 116–136; 134 Stat. 281))
10 is amended by striking ‘‘in the case of payments made
11 before January 1, 2021,’’.
Æ
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