Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 3
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| Title: | Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 3 |
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| Language: | English |
| Authors: | Hegji, Alexandra, Library of Congress, Congressional Research Service (CRS) |
| Source: | Congressional Research Service. 2020. |
| Availability: | Congressional Research Service. Web site: https://crsreports.congress.gov/ |
| Peer Reviewed: | N |
| Page Count: | 18 |
| Publication Date: | 2020 |
| Intended Audience: | Policymakers |
| Document Type: | Reports - Descriptive |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | Debt (Financial), Student Loan Programs, COVID-19, Federal Aid, Loan Repayment, Pandemics, Federal Legislation, Unemployment, Poverty, Income, Intervention, Attendance, Withdrawal (Education), Credit (Finance), Loan Default, Teachers, College Students |
| Laws, Policies and Program Identifiers: | Coronavirus Aid Relief and Economic Security Act 2020, Federal Direct Student Loan Program, Family Education Loan Program, Perkins Loan Program |
| Abstract: | The Higher Education Act of 1965 (HEA; P.L. 89-329, as amended) authorizes the operation of three federal student loan programs: the William D. Ford Federal Direct Loan (Direct Loan) program, the Federal Family Education Loan (FFEL) program, and the Federal Perkins Loan program. While new loans are authorized to be made only through the Direct Loan program, FFEL and Perkins Loan program loans remain outstanding and borrowers of such loans remain responsible for repaying them. In response to the current coronavirus disease 2019 (COVID-19) pandemic, numerous questions have arisen regarding student loan repayment flexibilities and debt relief that may be available to individuals to alleviate potential financial effects related to COVID-19. Recent administrative and congressional action, including the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), provide additional student loan relief measures. This report provides an overview of student loan repayment flexibilities and debt relief provisions that may be available to borrowers facing financial difficulties resulting from the pandemic. It first lists some pre-existing loan terms and conditions (authorized through statute and regulations) that may be available to individuals. It then discusses specific administrative and congressional actions taken to address student loan debt in the context of COVID-19. The report concludes with a brief description of additional existing authorities that could be utilized to address other aspects of student loan relief. |
| Abstractor: | ERIC |
| Entry Date: | 2020 |
| Accession Number: | ED607194 |
| Database: | ERIC |
| Abstract: | The Higher Education Act of 1965 (HEA; P.L. 89-329, as amended) authorizes the operation of three federal student loan programs: the William D. Ford Federal Direct Loan (Direct Loan) program, the Federal Family Education Loan (FFEL) program, and the Federal Perkins Loan program. While new loans are authorized to be made only through the Direct Loan program, FFEL and Perkins Loan program loans remain outstanding and borrowers of such loans remain responsible for repaying them. In response to the current coronavirus disease 2019 (COVID-19) pandemic, numerous questions have arisen regarding student loan repayment flexibilities and debt relief that may be available to individuals to alleviate potential financial effects related to COVID-19. Recent administrative and congressional action, including the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), provide additional student loan relief measures. This report provides an overview of student loan repayment flexibilities and debt relief provisions that may be available to borrowers facing financial difficulties resulting from the pandemic. It first lists some pre-existing loan terms and conditions (authorized through statute and regulations) that may be available to individuals. It then discusses specific administrative and congressional actions taken to address student loan debt in the context of COVID-19. The report concludes with a brief description of additional existing authorities that could be utilized to address other aspects of student loan relief. |
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