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Limiting Federal Student Loan Payment and Interest Suspensions

This act aims to limit the ability to suspend payments and interest accrual on federal student loans. This means future suspensions can last a maximum of 30 days, and loan discharge or cancellation will not be possible under current emergency provisions. These changes may affect your finances if you have a federal student loan.
Key points
Suspensions of federal student loan payments and interest will be limited to a maximum of 30 days.
The act prohibits the discharge or cancellation of federal student loans under current emergency provisions.
These changes take effect on May 1, 2022.
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Additional Information
Print number: 117_HR_7058
Sponsor: Rep. Good, Bob [R-VA-5]
Process start date: 2022-03-11