US Congress House Bill 3887 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 12-0)
Status: Introduced on July 23 2019 - 25% progression, died in committee
Action: 2019-08-12 - Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Pending: House Subcommittee on Antitrust, Commercial, and Administrative Law Committee
Text: Latest bill text (Introduced) [PDF]

Establishes programs to cancel certain student loan debt and refinance student loans. First, the bill requires the Department of Education (ED) to automatically discharge (i.e., repay or cancel) up to $50,000 of outstanding student loan debt for each qualified borrower. Borrowers with an adjusted gross income of $100,000 or less, based on the most recent tax year, may receive the maximum loan cancellation. Borrowers with an adjusted gross income above $100,000 may receive partial loan cancellation. Members of Congress are not eligible to receive loan cancellation. Further, the bill outlines the method of loan discharge, and excludes loan cancellation from taxable income. It also requires ED to automatically place each federal student loan borrower in administrative forbearance for the one-year period in which ED carries out the cancellation of student loans. During this period, payments are not due, interest does not accrue, and ED may not pursue debt collection activities (e.g., wage garnishments). Next, the bill requires ED to carry out student loan refinancing programs for those student loans that exist after the loan cancellation period. Specifically, it directs ED to automatically refinance federal student loans at the lower interest rates offered to new federal borrowers in the 2016-2017 school year. It also allows borrowers to convert their private student loans to federal student loans, thereby allowing such borrowers to qualify for loan cancellation. It also makes student loans dischargeable in bankruptcy proceedings. Finally, the bill specifies notification requirements.

Student Loan Debt Relief Act of 2019

Rep. James Clyburn [D-SC]	Rep. Janice Schakowsky [D-IL]	Rep. Ro Khanna [D-CA]	Rep. Yvette Clarke [D-NY]
Rep. Eleanor Norton [D-DC]	Rep. Jahana Hayes [D-CT]	Rep. Al Green [D-TX]	Rep. Eddie Johnson [D-TX]
Rep. Ayanna Pressley [D-MA]	Rep. Joseph Kennedy [D-MA]	Rep. John Larson [D-CT]	Rep. James McGovern [D-MA]

Date	Chamber	Action
2019-08-12	House	Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
2019-07-23	House	Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-23	House	Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-23	House	Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-23	House	Introduced in House

SB2235 (Same As) 2019-07-23 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/3887/all-info
Text	https://www.congress.gov/116/bills/hr3887/BILLS-116hr3887ih.pdf