,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hhce ,,in ,,the ,,house ,,of ,,representatives ,december #b1 #bjbj,ms4 ,finkenauer 7for herself and ,mr4 ,delgado7 introduced the following bill2 which was referred to the ,committee on ,education and ,labor1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,higher ,education ,act of #aife to provide for a relocation and retention student loan repayment program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,rural ,revitalization ,now ,act4 #b4 ,relocation and retention student loan program ,section #dee of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7 is amended by adding at the end the following3 7r7 ,relocation and ,retention ,student ,loan ,repayment ,program 7#a7 ,in general 7,a7 ,enrolled loan amount ,a borrower may elect to enroll any combination of principal and accrued interest that has not been capitalized on eligible loans not in default as an enrolled loan balance under the program under this subsection in an amount that is equal to-- 7i7 an amount agreed to by the borrower1 ,secretary1 and sponsoring entity 7or a combination of such sponsoring entities72 and 7ii7 except as provided in paragraph 7#c77;,b77ii71 the lesser of the following3 7,i7 #ej1jjj4 7,,ii7 ,the total amount of eligible loans of such borrower4 7,b7 ,cancellation or repayment required ,the ,secretary shall cancel or repay an amount determined under paragraph 7#b77;,a7 of the balance due on any enrolled loan balance not in default for a borrower who-- 7i7 has maintained residence in a qualifying area during a #ab-month period and such borrower attests that such residence is a primary residence2 and 7ii7 demonstrates to the ,secretary in the agreement under paragraph 7#b77;,a7 that a sponsoring entity certified in accordance with paragraph 7#c77;,a7 7or a combination of such sponsoring entities7 will1 except as provided in paragraph 7#c77;,b77ii71 match the amounts cancelled or repaid by the ,secretary as payments made by such sponsoring entity 7or a combination of such sponsoring entities7 towards the repayment of the enrolled loan balance4 7,c7 ,certification ,the ,secretary shall establish a user-friendly1 simplified1 and electronic process using the online portal required under paragraph 7#e77;,b7 through which a borrower who makes an election to enroll eligible loans into an enrolled loan balance under subparagraph 7,a7 shall annually certify enrollment in the program under this subsection4 7,d7 ,no payments required by borrower ,a borrower may not be required to make payments with respect to the enrolled loan balance 7or payments on the interest that accrues on the total amount of such enrolled loan balance7 during any #ab-month period in which the borrower is enrolled in the program under this subsection4 7#b7 ,schedule 7,a7 ,agreement ,subject to subparagraph 7,b71 the ,secretary shall enter into an agreement with a borrower and sponsoring entity 7or a combination of such sponsoring entities7 to cancel or repay an amount with respect to each #ab-month period described under paragraph 7#a77;,b77i7 such that over the period of #if months the total amount of cancellation under paragraph 7#a7 is equal to an amount that1 except as provided in paragraph 7#c77;,b77ii71 is equal to the lesser of the following3 7i7 #be1jjj toward the enrolled loan balance1 plus the interest that accrues on the total amount of the enrolled loan balance under paragraph 7#a77;,a74 7ii7 ,half of the total amount of the enrolled loan balance1 plus the interest that accrues on the total amount of the enrolled loan balance under paragraph 7#a77;,a74 7,b7 ,increased cancellation amounts over time ,the ,secretary shall establish a standardized cancellation or repayment schedule for purposes of the program under this subsection such that over the course of #h cancellations or repayments of the enrolled loan balance under paragraph 7#a71 the total amount cancelled or repaid with respect to each #ab-month period increases4 7,c7 ,number of cancellations ,a borrower-- 7i7 may receive during a #ab-month period for which the borrower is certified not more than one cancellation or repayment under paragraph 7#a72 and 7ii7 may not receive more than #h such cancellations or repayments4 7,d7 ,prohibition on pressuring borrowers 7i7 ,in general ,a private education loan debt collector or creditor may not pressure a borrower of a private loan to elect to apply any amount received pursuant to paragraph 7#a7 to any private education loan4 7ii7 ,violations ,a violation of this subparagraph is deemed-- 7,i7 an unfair1 deceptive1 or abusive act or practice under ,federal law in connection with any transaction with a consumer for a consumer financial product or service under section #ajca of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeca72 and 7,,ii7 with respect to a violation by a debt collector1 an unfair or unconscionable means to collect or attempt to collect any debt under section #hjh of the ,federal ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib;f74 7iii7 ,pressure defined ,in this subparagraph1 the term pressure means any communication1 recommendation1 or other similar communication1 other than providing basic information about a borrower's options1 urging a borrower to make an election described in clause 7i74 7,e7 ,unenrollment ,a borrower who no longer resides in a qualifying area after receiving a cancellation or repayment under this subsection shall be unenrolled from the program under this subsection and the remaining enrolled loan balance of such borrower shall be included in the eligible loans from which such enrolled loan balance derived4 ,such unenrollment shall not preclude a borrower from enrolling the eligible loans of the borrower into an appropriate loan forgiveness or repayment program1 including such a program in which the borrower is1 at the time of such unenrollment1 already enrolled or participating in4 7,f7 ,regulations ,the ,secretary shall issue such regulations as are necessary to allow borrowers to concurrently enroll in the program under this subsection with respect to an enrolled loan balance and a loan forgiveness or repayment program with respect to the other eligible loans of the borrower not so enrolled4 ,in the case of a borrower described in subparagraph 7,e71 the ,secretary shall establish through regulation a process by which the remaining enrolled loan balance of such borrower is included in to the eligible loans from which such enrolled loan balance derived and may be enrolled in an appropriate loan forgiveness or repayment program if the borrower would otherwise be eligible for such program4 7#c7 ,sponsoring entities 7,a7 ,in general ,the ,secretary1 in consultation with the ,secretary of ,commerce and the ,secretary of ,labor1 shall carry out a program to certify ,states1 counties1 localities1 territories1 ,tribes1 nonprofit entities1 and qualifying partnerships that are able to provide funding to borrowers for purposes of this subsection4 ,such program shall include standard requirements relating to the treatment of default by a sponsoring entity and the ability of a sponsoring entity to be certified or recertified after such a default4 7,b7 ,matching funds 7i7 ,in general ,except as provided in clause 7ii71 a sponsoring entity 7or a combination of such sponsoring entities7 shall match 7except with respect to the interest that accrues on the total amount of the enrolled loan balance under paragraph 7#a77;,a77 the amounts cancelled or repaid by the ,secretary under paragraph 7#a7 as payments made by such sponsoring entity towards the repayment of the enrolled loan balance4 7ii7 ,exceptions 7,i7 ,extreme financial hardship ,in the case of a sponsoring entity 7or a combination of such sponsoring entities7 with an extreme financial hardship that demonstrates such hardship to the ,secretary1 through a process determined by the ,secretary1 the sponsoring entity and the ,secretary may agree to match amounts such that the total amount repaid or cancelled under this subsection is less than the amount described in paragraph 7#a77;,a71 so long as the total amount repaid with respect to each #ab-month period increases4 7,,ii7 ,additional payments ,a sponsoring entity 7or a combination of such sponsoring entities7 may provide more than the match required under clause 7i7 if the ,secretary determines that1 over the course of providing more than the matching amount of the repayments or cancellations under paragraph 7#a71 the total amount repaid by such sponsoring entity with respect to each #ab-month period increases4 7iii7 ,interest ,the ,secretary shall cancel or repay the interest that accrues on the total amount of the enrolled loan balance under paragraph 7#a77;,a71 regardless of whether an exception under clause 7ii7 applies with respect to such an enrolled loan balance4 7,c7 ,default ,in the case of a borrower for which a sponsoring entity 7or a combination of such sponsoring entities7 offers to provide loan cancellation or repayment under this subsection and subsequently defaults on such offer1 such borrower may not be held responsible for repayment of the amount such sponsoring entity 7or a combination of such sponsoring entities7 offered to provide such borrower4 7,d7 ,rules of construction ,nothing in this subsection shall preclude-- 7i7 the ,secretary from establishing a process to financially assist a sponsoring entity 7or a combination of such sponsoring entities7 that defaults on loan cancellation or repayment 7as described in subparagraph 7,c77 so long as such process does not hold a borrower responsible for any repayments with respect to such a default2 or 7ii7 a sponsoring entity 7or a combination of such sponsoring entities7 from establishing reciprocal agreements1 partnering1 collaborating1 or otherwise coordinating with other sponsoring entities to provide matching funds as required under subparagraph 7,b77i7 and avoid default4 7,e7 ,guidance ,the ,secretary shall issue guidance to assist sponsoring entities 7or a combination of such sponsoring entities7 with establishing preference and developing criteria to select borrowers for sponsorship under this subsection and to select borrowers to receive additional payments under subparagraph 7,b77ii77,,ii74 7#d7 ,tax treatment of cancelled or repaid amounts ,for purpose of the ,internal ,revenue ,code of #aihf1 no amount shall be included in any person's gross income by reason of the discharge under this subsection of any indebtedness4 7#e7 ,department activities 7,a7 ,information for borrowers ,the ,secretary shall establish on the public website of the ,department of ,education1 and periodically update-- 7i7 a list of qualifying areas2 7ii7 a list of sponsoring entities certified under paragraph 7#c77;,a7 available with respect to such qualifying areas2 and 7iii7 contact information for such sponsoring entities4 7,b7 ,online portal ,the ,secretary shall establish an online portal through the public website of the ,department of ,education for borrowers to-- 7i7 certify enrollment in the program under this section2 7ii7 check the status of an enrollment certification under this section and the deadlines with respect to such certifications2 7iii7 check the enrollment status of such borrower with respect to the program under this section2 and 7iv7 view the amount of assistance the borrower has received or will receive with respect to the enrolled loan balance of the borrower and the dates on which such amounts were received or will be received4 7,c7 ,outreach ,the ,secretary shall develop and implement an outreach plan to notify-- 7i7 potential sponsoring entities of the certification process under paragraph 7#c77;,a72 7ii7 sponsoring entities of recertification requirements under this subsection2 and 7iii7 borrowers 7including prospective borrowers7 of eligible loans of the program under this subsection1 including the benefits of such program and how to meet the requirements to participate in such program4 7#f7 ,definitions ,in this subsection3 7,a7 ,eligible loan ,the term eligible loan means a ,federal ,direct ,stafford ,loan1 ,federal ,direct ,,plus ,loan1 or ,federal ,direct ,unsubsidized ,stafford ,loan1 a ,federal ,direct ,consolidation ,loan1 ,federal ,family ,education ,loan1 ,federal ,perkins ,loan1 or a private education loan4 7,b7 ,private education loan ,the term private education loan has the meaning given the term in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej74 7,c7 ,qualifying area ,the term qualifying area means-- 7i7 any city or town which has a population of less than #bj1jjj inhabitants other than a city or town in a densely settled area or adjacent to1 or closely associated with1 one or more cities or towns which1 considered collectively1 do not meet the criteria of this subparagraph2 7ii7 any city or town which has a population of greater than or equal to #bj1jjj inhabitants and less than #ajj1jjj inhabitants that with respect to which1 during the most recent #aj-year period1 the net population loss from the area equals or exceeds #j percent of the population of the area other than a city or town in a densely settled area or adjacent to1 or closely associated with1 one or more cities or towns which1 considered collectively1 do not meet the criteria of this subparagraph2 7iii7 any city or town which has a population of greater than or equal to #ajj1jjj inhabitants and less than #aej1jjj inhabitants that-- 7,i7 with respect to which1 during the most recent #aj-year period1 the net population loss from the area equals or exceeds #j percent of the population of the area2 7,,ii7 the ,secretary of ,education1 in consultation with the ,secretary of ,commerce1 determines would economically benefit from serving as a qualifying geographic area2 and 7,,iii7 is not in a densely settled area or adjacent to1 or closely associated with1 one or more cities or towns which1 considered collectively1 do not meet the criteria of this subparagraph2 or 7iv7 any city or town not described in clauses 7i7 through 7iii7 which has a population of less than #cjj1jjj inhabitants-- 7,i7 that is included in a major disaster declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj7 7not including the major disaster declared by reason of the novel coronavirus 7,,covid-#ai77 during the five-year period preceding the date on which a borrower is enrolled in the program under this subsection2 7,,ii7 that-- 7aa7 the ,secretary of ,education1 in consultation with the ,secretary of ,commerce1 determines would economically benefit from serving as a qualifying geographic area2 or 7bb7 the ,secretary of ,education1 in consultation with the ,secretary of ,commerce and the ,secretary of ,housing and ,urban ,development1 determines would support community recovery by serving as a qualifying geographic area2 and 7,,iii7 is not adjacent to1 or closely associated with1 one or more cities or towns which1 considered collectively1 do not meet the criteria of this subparagraph4 7,d7 ,fair ,debt ,collection ,practices ,act terms ,the terms creditor and debt collector have the meaning given those terms1 respectively1 under section #hjc of the ,fair ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib;a74 4