Democratic Reps. Ilhan Omar of Minnesota and Ayanna Pressley of Massachusetts introduced legislation to Forgive $30,000 in student Debt. The bill is called the Student Debt Relief Act.
Main points of the act:
45 million student loan borrowers who are struggling to pay off their debt during this difficult time would have $30,000 of their debt
Providing immediate monthly payment relief for federal student loan borrowers by requiring the Department of Education to assume payments,
Shielding borrowers from any involuntary collections or garnishments during the COVID-19 public health crisis.
Here are some of the plans that qualify for forgiveness:
Pay As You Earn (PAYE
Revised Pay As You Earn (REPAYE)
Income-Based Repayment (IBR)
Income-Contingent Repayment (ICR)
10-Year Standard Repayment
Any other federal student loan repayment plan
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