,i #aafth ,,congress #b;d ,session ,h4 ,r4 #feig ,,in ,,the ,,house ,,of ,,representatives ,april #bb1 #bjbj,ms4 ,stefanik 7for herself1 ,mrs4 ,trahan1 ,mr4 ,smucker1 ,ms4 ,adams1 ,mrs4 ,lee of ,nevada1 ,mr4 ,welch1 ,mr4 ,fitzpatrick1 and ,mrs4 ,watson ,coleman7 introduced the following bill2 which was referred to the ,committee on ,education and ,labor ,a ,,bill ,to extend zero interest rate benefits and payment suspension to certain ,federal student loan borrowers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,equity in ,student ,loan ,relief ,act4 #b4 ,lowering rates for borrowers with ,federal family education loans 7a7 ,temporary program of ,federal subsidy payments ,to defray borrower interest costs on ,federal family education loans ,notwithstanding any other provision of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq471 the ,secretary of ,education shall carry out a temporary program concerning the novel coronavirus virus disease 7,,covid-#ai7 outbreak to provide payment relief to borrowers with loans made under part ,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq471 that are not held by the ,federal ,government4 7#a7 ,under the program1 the ,secretary is directed to enter into agreements expeditiously with eligible lenders and guaranty agencies to reduce interest rates to #j4jj percent on such loans and shall make payments1 as set forth below1 to such eligible lenders and guaranty agencies to offset the cost of the reduced interest rates4 ,under such agreements1 the ,secretary shall-- 7,a7 make ,federal interest subsidy payments on behalf of each borrower whose loans are held by such eligible lender or guaranty agency equal to the total amount of the interest on the unpaid principal amount of the loans1 calculated at the borrower interest rates established under section #dbg;,a of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgg;a72 and 7,b7 make these ,federal interest subsidy payments to an eligible lender or guaranty agency on a monthly basis1 beginning as of ,march #ac1 #bjbj4 7#b7 ,under the program and effective as of ,march #ac1 #bjbj1 all eligible lenders and guaranty agencies who have entered agreements with the ,secretary under this subsection shall-- 7,a7 temporarily waive interest1 effectively reducing the interest rates charged to borrowers on loans made under this part to #j4jj percent2 7,b7 provide a report to the ,secretary no later than #cj days from the date of such agreement confirming that such interest rates have been reduced to #j4jj percent effective as of ,march #ac1 #bjbj2 and 7,c7 continue such reduction in interest rates through ,september #cj1 #bjbj4 7#c7 ,for purposes of this paragraph1 an eligible lender includes the holder of the loan or1 if the holder acts as eligible lender trustee for the beneficial owner of the loan1 the beneficial owner of the loan4 7#d7 ,nothing in this paragraph shall affect payment calculations under section #dch of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg74 7b7 ,temporary postponement of part b loan payments ,notwithstanding any other provision of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq471 the ,secretary shall require eligible lenders and guaranty agencies with agreements with the ,secretary under subsection 7a7 to suspend all payments due from borrowers through ,september #cj1 #bjbj4 7#a7 ,consideration of payments ,notwithstanding any other provision of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja et seq471 the ,secretary shall deem each month for which a loan payment was suspended under this subsection as if the borrower of the loan had made a qualified payment for the purpose of any loan forgiveness program and loan rehabilitation program authorized under the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq474 7#b7 ,reporting to consumer reporting agencies ,during the period in which the borrower payments on a loan are suspended under this subsection1 the ,secretary shall ensure that1 for the purpose of reporting information about the loan to a consumer reporting agency1 any payment that has been suspended is treated as if it were a regularly scheduled payment made by a borrower4 7c7 ,suspending involuntary collection ,notwithstanding any other provision of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq471 the ,secretary shall require guaranty agencies with agreements with the ,secretary under subsection 7a7 to suspend all involuntary collection related to the loan1 through ,september #cj1 #bjbj4 ,such efforts shall include-- 7#a7 a wage garnishment authorized under section #dhh;,a of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajie;a7 or section #cgbj;,d of title #ca1 ,united ,states ,code2 7#b7 a reduction of tax refund by amount of debt authorized under section #cgbj;,a of title #ca1 ,united ,states ,code1 or section #fdjb7;d7 of the ,internal ,revenue ,code of #aihf2 7#c7 a reduction of any other ,federal benefit payment by administrative offset authorized under section #cgaf of title #ca1 ,united ,states ,code 7including a benefit payment due to an individual under the ,social ,security ,act or any other provision described in subsection 7c77#c77;,a77i7 of such section72 and 7#d7 any other involuntary collection activity by the ,secretary4 7d7 ,notice to borrowers and transition period ,to inform borrowers of the actions taken in accordance with this section and ensure an effective transition1 the ,secretary shall require eligible lenders and guaranty agencies with agreements under subsection 7a7 to-- 7#a7 not later than #ae days after entering into such agreement1 notify borrowers-- 7,a7 of the actions taken in accordance with this section for whom payments have been suspended and interest waived2 7,b7 of the actions taken in accordance with subsection 7c7 for whom collections have been suspended2 7,c7 of the option to continue making payments toward principal2 and 7,d7 that the program under this section is a temporary program2 and 7#b7 beginning on ,august #a1 #bjbj1 carry out a program to provide not less than #f notices by postal mail1 telephone1 or electronic communication to borrowers indicating-- 7,a7 when the borrower's normal payment obligations will resume2 and 7,b7 that the borrower has the option to apply for income-driven repayment or other repayment or forgiveness programs1 including a brief description of such options4 7e7 ,waivers ,in carrying out this section1 the ,secretary may waive the application of-- 7#a7 subchapter ,i of chapter #ce of title #dd1 ,united ,states ,code 7commonly known as the ,paperwork ,reduction ,act72 7#b7 the master calendar requirements under section #dhb of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhi72 7#c7 negotiated rulemaking under section #dib of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajih;a72 and 7#d7 the requirement to publish the notices related to the system of records of the agency before implementation required under paragraphs 7#d7 and 7#aa7 of section #eeb;a7e7 of title #e1 ,united ,states ,code 7commonly known as the ,privacy ,act of #aigd71 except that the notices shall be published not later than #ahj days after the date of enactment of this ,act4