PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Education and Labor.
Congressional Research Service
Version 00 · Introduced in House · Apr 22, 2020
Equity in Student Loan Relief Act
This bill establishes a temporary program to suspend payments and interest through September 30, 2020, on Federal Family Education Loans (FFELs) that are not held by the Department of Education (ED). (Currently, payments and interest are suspended through this period on certain Federal Direct Loans and FFELs held by ED.)
Specifically, ED must (1) enter into agreements with eligible lenders and guaranty agencies to reduce the interest rate to 0% on FFELs, and (2) make monthly payments to lenders and guaranty agencies to offset the cost of the reduced interest rate.
Showing the opening paragraphs of the official summary.
A lender or guaranty agency that enters into an agreement with ED must (1) temporarily waive interest and suspend all payments due from borrowers through September 30, 2020; (2) suspend all involuntary collections; (3) notify borrowers, within 15 days, that their loan payments have been suspended and interest has been waived; and (4) carry out a program, beginning on August 1, 2020, to provide not fewer than six notices to borrowers that normal payment obligations will resume.
Additionally, ED must deem each month for which a loan payment was suspended as if the borrower of the loan had made a payment for the purpose of any authorized loan forgiveness program or loan rehabilitation program.
Finally, ED must ensure that any suspended payment on such a loan is treated as a regularly scheduled payment made by a borrower for the purpose of reporting information about the loan to a consumer reporting agency.
People & committees
Rep. Stefanik, Elise M. [R-NY-21] · R–NY
Legislative record
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Referred to the House Committee on Education and Labor.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jul 21, 2025. Consult Congress.gov for the current record.
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