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Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 15. Updated

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Title: Federal Student Loan Debt Relief in the Context of COVID-19. CRS Report R46314, Version 15. Updated
Language: English
Authors: Hegji, Alexandra, Library of Congress, Congressional Research Service (CRS)
Source: Congressional Research Service. 2023.
Availability: Congressional Research Service. Web site: https://crsreports.congress.gov/
Peer Reviewed: N
Page Count: 33
Publication Date: 2023
Intended Audience: Policymakers
Document Type: Reports - Descriptive
Descriptors: Student Loan Programs, Debt (Financial), Federal Programs, COVID-19, Pandemics, Loan Repayment, Financial Problems, Federal Aid, Federal Legislation, Loan Default, Government Role
Laws, Policies and Program Identifiers: Coronavirus Aid Relief and Economic Security Act 2020, Perkins Loan Program, Federal Direct Student Loan Program, Family Education Loan Program
Abstract: Title IV of 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 currently authorized to be made only through the Direct Loan program, previously made FFEL and Perkins Loan program loans remain outstanding and borrowers of such loans remain responsible for repaying them. As of December 31, 2022, approximately $1.6 trillion in these loans, borrowed by or on behalf of 43.8 million individuals, remained outstanding. In response to the 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. The HEA generally authorizes several options for qualifying individuals. Congressional and administrative action, including the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) and invocation of the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) by the Administration, 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 in light of the pandemic. It first lists some preexisting 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: 2023
Accession Number: ED629824
Database: ERIC
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  Data: Congressional Research Service. Web site: https://crsreports.congress.gov/
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  Data: <searchLink fieldCode="SU" term="%22Coronavirus+Aid+Relief+and+Economic+Security+Act+2020%22">Coronavirus Aid Relief and Economic Security Act 2020</searchLink><br /><searchLink fieldCode="SU" term="%22Perkins+Loan+Program%22">Perkins Loan Program</searchLink><br /><searchLink fieldCode="SU" term="%22Federal+Direct+Student+Loan+Program%22">Federal Direct Student Loan Program</searchLink><br /><searchLink fieldCode="SU" term="%22Family+Education+Loan+Program%22">Family Education Loan Program</searchLink>
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  Data: Title IV of 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 currently authorized to be made only through the Direct Loan program, previously made FFEL and Perkins Loan program loans remain outstanding and borrowers of such loans remain responsible for repaying them. As of December 31, 2022, approximately $1.6 trillion in these loans, borrowed by or on behalf of 43.8 million individuals, remained outstanding. In response to the 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. The HEA generally authorizes several options for qualifying individuals. Congressional and administrative action, including the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) and invocation of the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act) by the Administration, 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 in light of the pandemic. It first lists some preexisting 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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      – Text: English
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        PageCount: 33
    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Federal Programs
        Type: general
      – SubjectFull: COVID-19
        Type: general
      – SubjectFull: Pandemics
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Financial Problems
        Type: general
      – SubjectFull: Federal Aid
        Type: general
      – SubjectFull: Federal Legislation
        Type: general
      – SubjectFull: Loan Default
        Type: general
      – SubjectFull: Government Role
        Type: general
      – SubjectFull: Coronavirus Aid Relief and Economic Security Act 2020
        Type: general
      – SubjectFull: Perkins Loan Program
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      – SubjectFull: Federal Direct Student Loan Program
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      – SubjectFull: Family Education Loan Program
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