,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cddh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bd1 #bjai,ms4  
,om> 7= h]self1 ,ms4 ,jayapal1 ,ms4     
,jackson ,lee1 ,ms4 ,tlaib1 ,ms4        
,norton1 ,mr4 ,?ompson ( ,mississippi1  
,ms4 ,lee ( ,cali=nia1 ,mr4 ,g>ca (     
,ill9ois1 & ,ms4 ,ocasio-,cortez7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ,labor1 & 
9 addition to ! ,committees on ,f9ancial
 ,s]vices1 & ,ways & ,means1 = a p]iod  
to be subsequ5tly det]m9$ by ! ,speak]1 
9 ea* case = consid]ation ( su*         
provisions z fall )9 ! jurisdiction ( ! 
committee conc]n$  ,a ,,bill  ,to =give 
out/&+ ,f$]al & private /ud5t loans4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,/ud5t ,debt ,cancellation ,act (     
#bjai4  #b4 ,=giv5ess ( out/&+ ,f$]al   
/ud5t loans  7a7 ,=giv5ess requir$      
,not)/&+ any o!r provision ( law1 n lat]
 ?an #ahj days aft] ! date ( ! enactm5t 
( ?is ,act1 ! ,secret>y ( ,education    
%all =give ! out/&+ balance ( int]e/ &  

pr9cipal due on all eligible ,f$]al     
/ud5t loans4  7b7 ,def9ition ( eligible 
,f$]al /ud5t loan ,9 ?is ,act1 ! t]m    
eligible ,f$]al /ud5t loan means any    
loan made1 insur$1 or gu>ante$ "u "p ,b1
 "p ,d1 or "p ,e ( title ,,iv ( ! ,high]
 ,education ,act ( #aife be=e ! date (  
enactm5t ( ?is ,act1 includ+--  7#a7    
loans made to a p>5t borr[] on behalf ( 
a dep5d5t /ud5t "u "p ,b or "p ,d ( su* 
,act2  7#b7 consolidation loans made "u 
su* ,act2 &  7#c7 any grant treat$ z a  
loan "u su* "p ,d 9 accordance ) section
 #beh7;e71 section #dbj,m7c71 or section
 #hjg7;d7 ( su* ,act4  7c7 ,me?od ( loan
 =giv5ess ,to provide ! loan =giv5ess   
requir$ "u subsection 7a71 ! ,secret>y (
 ,education is au?oriz$ to c>ry out a   
program-- 7#a7 ?r\gh ! hold] ( a loan1  
to assume ! obligation to repay ! out/&+
 balance ( int]e/ & pr9cipal due on     
loans made1 insur$1 or gu>ante$ "u "p ,b
 ( title ,,iv ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajga et seq472 
&  7#b7 to cancel ! out/&+ balance (    

int]e/ & pr9cipal due on loans made "u  
"p ,d or "p ,e ( su* title4  7d7        
,repaym5t refunds  7#a7 ,prior repaym5t 
,no?+ 9 ?is section %all be con/ru$ to  
au?orize any refund+ ( any eligible     
,f$]al /ud5t loan repaym5t made be=e !  
date ( enactm5t ( ?is ,act4  7#b7       
,paym5ts made aft] enactm5t ,! ,secret>y
 %all refund to ea* borr[] :o receives  
=giv5ess "u ?is section ! am\nt ( any   
paym5ts ! borr[] makes on an eligible   
,f$]al /ud5t loan dur+ ! p]iod beg9n+ on
 ! date ( ! enactm5t ( ?is ,act & end+  
on ! date on :i* ! ,secret>y =gives !   
out/&+ balance ( su* eligible ,f$]al    
/ud5t loan4  7e7 ,exclusion f taxable   
income ,! am\nt ( a borr[]'s eligible   
,f$]al /ud5t loans =giv5 "u ?is section1
 & ! am\nt ( any repaym5ts to a borr[]  
"u subsection 7d77#b71 %all n be includ$
 9 ! gross income ( ! borr[] = purposes 
( ! ,int]nal ,rev5ue ,code ( #aihf4  #c4
 ,pur*ase & =giv5ess ( out/&+ private   
/ud5t loans  7a7 ,9 g5]al ,"p ,d ( title
 ,,iv ( ! ,high] ,education ,act ( #aife

 7#bj ,u4,s4,c4 #ajhg;a et seq47 is     
am5d$ by ins]t+ aft] section #dei;,b !  
foll[+3  #dei;,c4 ,tempor>y au?ority to 
pur*ase & =give eligible private /ud5t  
loans  7a7 ,private education loan      
pur*ase & =giv5ess ,not)/&+ any o!r     
provision ( law1 n lat] ?an #ahj days   
aft] ! date ( enactm5t ( ! ,/ud5t ,debt 
,cancellation ,act ( #bjai1 ! ,secret>y1
 9 consultation ) ! ,secret>y ( !       
,treasury1 %all c>ry out a program "u   
:i* ! ,secret>y %all pur*ase1 & !n      
=give1 ! out/&+ balance ( int]e/ &      
pr9cipal due on eligible private /ud5t  
loans4  7b7 ,def9itions ,9 ?is section3 
7#a7 ,eligible private /ud5t loan ,9 ?is
 section1 ! t]m eligible private /ud5t  
loan means a private education loan1 z  
def9$ 9 section #adj7;a7 ( ! ,tru? 9    
,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a771 t 
0 expressly = ! co/ ( att5dance 7z def9$
 9 section #dgb7 at an in/itution (     
high] education p>ticipat+ 9 a loan     
program "u "p ,b1 "p ,d1 or "p ,e (     
title ,,iv ( ! ,high] ,education ,act ( 

#aife 7#bj ,u4,s4,c4 #ajgj et seq471 z (
 ! date t ! loan 0 disburs$1 & t 0 made 
be=e ! date ( enactm5t ( ! ,/ud5t ,debt 
,cancellation ,act ( #bjai4  7#b7       
,private educational l5d] ,! t]m private
 educational l5d] has ! mean+ giv5 ! t]m
 9 section #adj7;a7 ( ! ,tru? 9 ,l5d+   
,act 7#ae ,u4,s4,c4 #afej7;a774  7c7    
,me?od ( loan pur*ase & =giv5ess ,!     
,secret>y1 9 consultation ) ! ,secret>y 
( ! ,treasury1 %all c>ry out a program  
"u :i* ! ,secret>y1 ^u application by a 
borr[] :o has an eligible private /ud5t 
loan1 %all pur*ase ! eligible private   
/ud5t loans ( ! borr[]1 issue su* borr[]
 a loan "u ?is section1 & =give su*     
loan1 9 accordance ) ! foll[+3  7#a7 ,! 
,secret>y %all pay to ! private         
educational l5d] ( ! eligible private   
/ud5t loan an am\nt equal to ! sum ( !  
unpaid pr9cipal1 accru$ unpaid int]e/1 &
 late *>ges ( ! eligible private /ud5t  
loan1 z calculat$ on ! date ( ! pur*ase 
( su* loan1 9 ord] to dis*>ge ! borr[] f
 any rema9+ obligation to ! private     

educational l5d] ) respect to ! eligible
 private /ud5t loan4  7#b7 ,! ,secret>y 
%all issue to ! borr[] a loan1 kn[n z a 
,f$]al ,direct ,=giv5ess ,loan1 9 an    
am\nt equal to ! sum ( ! am\nt paid to !
 private educational l5d] ( ! eligible  
private /ud5t loan ( ! borr[] t 0       
pur*as$ by ! ,secret>y 9 accordance )   
p>agraph 7#a74  7#c7 ,! ,secret>y %all1 
imm$iately ^u issuance ( a ,f$]al       
,direct ,=giv5ess ,loan1 cancel ! out/&+
 balance ( int]e/ & pr9cipal due on su* 
loan4  7d7 ,repaym5t refunds prohibit$  
,no?+ 9 ?is section %all be con/ru$ to  
au?orize any refund+ ( any repaym5t ( a 
loan4  7e7 ,exclusion f taxable income  
,! am\nt ( a borr[]'s ,f$]al ,direct    
,=giv5ess ,loans =giv5 "u ?is section   
%all n be includ$ 9 ! gross income ( !  
borr[] = purposes ( ! ,int]nal ,rev5ue  
,code ( #aihf4  4  7b7 ,notice to       
borr[]s ,section #abh7;e7 ( ! ,tru? 9   
,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e77 is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#ab7 ,notice requir$ along )

 bill+ /atem5ts ,along ) ea* bill+      
/atem5t s5t to ! borr[] dur+ ! six-mon? 
p]iod beg9n+ on ! day aft] ! date (     
enactm5t ( ! ,/ud5t ,debt ,cancellation 
,act ( #bjai1 ! private educational l5d]
 %all include a /atem5t in=m+ ! borr[]  
t--  7,a7 ! borr[] may be eligible =    
loan =giv5ess ( eligible private /ud5t  
loans "u section #dei;,c ( ! ,high]     
,education ,act ( #aife2 &  7,b7 to be  
eligible = su* loan =giv5ess1 ! borr[]  
mu/ apply to ! ,secret>y ( ,education no
 lat] ?an ! date t is #ahj days aft] !  
date ( enactm5t ( ! ,/ud5t ,debt        
,cancellation ,act ( #bjai4  4  #d4     
,notice to ! public ,n lat] ?an #ae days
 aft] ! date ( enactm5t ( ?is ,act1 !   
,secret>y ( ,education1 9 consultation )
 in/itutions ( high] education & l5d]s (
 ,f$]al /ud5t loans & private education 
loans1 %all take su* actions z may be   
necess>y to ensure t borr[]s :o h out/&+
 eligible ,f$]al /ud5t loans or out/&+  
eligible private /ud5t loans 7z def9$ 9 
section #dei;,c ( ! ,high] ,education   

,act ( #aife1 z add$ by ?is ,act7 are   
aw>e ( ! loan =giv5ess programs au?oriz$
 by ?is ,act4 ,su* in=mation %all--     
7#a7 be pres5t$ 9 a =m t is widely      
available to ! public1 especially to    
borr[]s ) out/&+ ,f$]al & private /ud5t 
loans2  7#b7 be easily und]/&able2 &    
7#c7 cle>ly notify borr[]s ( eligible   
private /ud5t loans--  7,a7 t borr[]s   
mu/ apply = loan =giv5ess "u ?is ,act1 &
 mu/ d s no lat] ?an ! date t is #ahj   
days aft] ! date ( enactm5t ( ?is ,act2 
&  7,b7 ( ! application process &       
requirem5ts to apply = =giv5ess (       
eligible private /ud5t loans 9          
accordance ) ?is ,act4