H.Roentgen.2034 – Income-Motivated Student loan Forgiveness Operate
Sponsor: Rep. Lawson [D-FL]
NASFAA Bottom line & Analysis: This bill would direct the Secretary of Education to forgive the balance of some federal student loans for eligible borrowers. Borrowers who filed a tax return for the most recent tax year, had an eligible loan in repayment, is employed, or had recent employment prior to the pandemic, and makes less than $100,000 if single, or $200,000 if married, would be eligible to receive forgiveness of their loan balance. The bill also stipulates that any forgiveness received would not be taxable.
H.R.1633 – Public service Loan Forgiveness Inclusion Operate off 2021
Sponsor: Rep. Foster [D-IL]
NASFAA Bottom line & Analysis: This bill would allow borrowers who would be eligible for PSLF but who were enrolled in a non eligible repayment plan, to have the first 60 monthly payments made under a graduated repayment or extended repayment plan to become qualifying payments under the PSLF. The bill does stipulate that borrowers must transfer to an eligible repayment plan, such as an income-based or payday loans Irvine CA standard repayment plan, for the remaining 60 monthly payments made under the PSLF program. Read more “Which expenses will allow government education loan borrowers to refinance their money when interest levels is actually quicker”