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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
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
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  Data: Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 3
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  Data: Congressional Research Service. Web site: https://crsreports.congress.gov/
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  Label: Abstract
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  Data: 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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    Languages:
      – Text: English
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      Pagination:
        PageCount: 18
    Subjects:
      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: COVID-19
        Type: general
      – SubjectFull: Federal Aid
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Pandemics
        Type: general
      – SubjectFull: Federal Legislation
        Type: general
      – SubjectFull: Unemployment
        Type: general
      – SubjectFull: Poverty
        Type: general
      – SubjectFull: Income
        Type: general
      – SubjectFull: Intervention
        Type: general
      – SubjectFull: Attendance
        Type: general
      – SubjectFull: Withdrawal (Education)
        Type: general
      – SubjectFull: Credit (Finance)
        Type: general
      – SubjectFull: Loan Default
        Type: general
      – SubjectFull: Teachers
        Type: general
      – SubjectFull: College Students
        Type: general
      – SubjectFull: Coronavirus Aid Relief and Economic Security Act 2020
        Type: general
      – SubjectFull: Federal Direct Student Loan Program
        Type: general
      – SubjectFull: Family Education Loan Program
        Type: general
      – SubjectFull: Perkins Loan Program
        Type: general
    Titles:
      – TitleFull: Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 3
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              Y: 2020
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