Limiting Student Loan Payment Pauses and Debt Cancellation
This act aims to restrict the government's ability to pause federal student loan payments and cancel student debt. It introduces new rules that may affect how long and under what conditions student loan payments can be suspended, and makes it harder to completely forgive debt. Citizens should be aware that future student loan relief might be shorter and more limited, especially for higher-income individuals.
Key points
The government can only suspend student loan payments for 90 days during a national emergency, with no consecutive extensions.
High-income individuals (above 400% of the poverty line) will not be eligible for payment suspensions or interest accrual pauses.
Any decisions by the President or Secretary of Education to suspend payments or cancel loans will require Congressional approval.
The act prohibits the cancellation of student loans due to the COVID-19 pandemic or other national emergencies.
Current COVID-19 related student loan payment pauses will end 30 days after the act becomes effective.
Status:
Expired
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