Title: COVID-19 Graduate Relief Act
Policy area: Education

Summary:
COVID-19 Graduate Relief Act
This bill allows students who graduate from institutions of higher education in 2020 to defer payments on their federal student loans for up to three years.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3556 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 3556

 To amend the Higher Education Act of 1965 to provide for deferral of 
   loan repayment for graduates during the period of the coronavirus.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2020

  Mr. Romney introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To amend the Higher Education Act of 1965 to provide for deferral of 
   loan repayment for graduates during the period of the coronavirus.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``COVID-19 Graduate Relief Act''.

SEC. 2. DEFERRAL OF LOAN REPAYMENT FOR GRADUATES DURING THE PERIOD OF 
              THE CORONAVIRUS.

    (a) In General.--Part G of title IV of the Higher Education Act of 
1965 (20 U.S.C. 1088 et seq.) is amended by adding at the end the 
following:

``SEC. 493E. DEFERRAL OF LOAN REPAYMENT FOR GRADUATES DURING THE PERIOD 
              OF THE CORONAVIRUS.

    ``(a) Deferral of Loan Repayment.--In addition to any deferral of 
repayment of a loan made under this title pursuant to this title, a 
borrower of a loan under this title who is an eligible individual as 
described in subsection (b), shall be eligible for a deferment of such 
loan during the period, not to exceed 3 years, following the date of 
enactment of the COVID-19 Graduate Relief Act.
    ``(b) Eligible Individual.--
            ``(1) In general.--A borrower of a loan under this title is 
        an eligible individual if the individual graduates from the 
        eligible institution for which the individual borrowed the loan 
        to enroll during the period beginning on January 1, 2020, and 
        ending on December 31, 2020.
            ``(2) Extension.--The Secretary may extend the period 
        described in paragraph (1) for additional 1-year periods, but 
        not later than through December 31, 2022, if the Secretary 
        determines, in writing, in consultation with the Secretary of 
        Labor, the Secretary of Treasury, and the Secretary of Health 
        and Human Services, that the anticipated economic impact of the 
        coronavirus on graduates of eligible institutions over the 
        relevant 1-year extension period necessitates such extension.
            ``(3) Considerations.--In making a determination regarding 
        whether the anticipated economic impact of the coronavirus on 
        graduates of eligible institutions necessitates an extension 
        pursuant to paragraph (2), the Secretary shall consider--
                    ``(A) whether a national emergency with respect to 
                the coronavirus is in effect;
                    ``(B) relevant economic indicators, including 
                recent unemployment statistics from the Bureau of Labor 
                Statistics; and
                    ``(C) relevant data and projections related to the 
                transmission or seasonal recurrence of the coronavirus 
                and any existing or anticipated measures by Federal, 
                State, or local governments to prevent, prepare for, 
                and respond to the coronavirus.
    ``(c) Coronavirus.--The term `coronavirus' means coronavirus as 
defined in section 506 of the Coronavirus Preparedness and Response 
Supplemental Appropriations Act, 2020 (Public Law 116-123).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect from the period beginning on the date of enactment of this 
Act until the date that is 3 years after such date of enactment.
                                 <all>