,,ii #aafth ,,congress #b;d ,session ,s4 #dbcg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ba1 #bjbj,mr4 ,reed 7for himself1 ,ms4 ,murkowski1 ,mr4 ,jones1 and ,mr4 ,tillis7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to extend zero interest rate benefits and payment suspension to all ,federal student loan borrowers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,fairness ,act4 #b4 ,assistance for ,borrowers ,with ,federal ,family ,education ,loans and ,federal ,perkins ,loans 7a7 ,temporary program of ,assistance for ,borrowers ,with ,federal ,family ,education ,loans and ,federal ,perkins ,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 to make interest payments on behalf of borrowers on loans made under part ,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq47 or loans under part ,e of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;aa et seq471 that are not held by the ,federal ,government 7referred to in this section as 8qualifying loans07 to assist such borrowers during the period of response and recovery relating to the novel coronavirus disease 7,,covid-#ai7 outbreak4 7#a7 ,under the program1 the ,secretary shall enter into agreements1 expeditiously1 but not later than #cj days after the date of enactment of this ,act1 with eligible lenders and guaranty agencies under which the ,secretary shall make interest payments to such eligible lenders and guaranty agencies on behalf of all borrowers of all qualifying loans in accordance with this section4 ,under such agreements-- 7,a7 the ,secretary shall-- 7i7 make payments on behalf of each borrower of qualifying loans 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 such 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;a7 7or at a lesser rate as established under section #dbg;,a7m7 of such ,act1 if applicable7 for loans under part ,b of such ,act and calculated at the borrower interest rates established under section #dfd of such ,act 7#bj ,u4,s4,c4 #ajhg;dd7 for loans under part ,e of such ,act2 and 7ii7 make such payments to an eligible lender or guaranty agency on a monthly basis1 for the period beginning on ,march #ac1 #bjbj1 and ending on ,september #cj1 #bjbj 7referred to in this section as the applicable period72 and 7,b7 each eligible lender and guaranty agency who has entered into an agreement with the ,secretary under this subsection shall-- 7i7 credit the interest payments paid by the ,secretary under this subsection as full satisfaction of the obligation of the borrowers to pay interest during the applicable period2 7ii7 credit the account of a borrower1 as an amount paid on the principal or interest of the qualifying loan in addition to the amounts credited under clause 7i71 in the case of a borrower who has made an interest payment for the applicable period2 and 7iii7 not later than #cj days from the date of such agreement1 provide a report to the ,secretary confirming that such borrowers have been or will be credited in accordance with this subparagraph4 7#b7 ,for purposes of this subsection1 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#c7 ,nothing in this subsection shall affect payment calculations under section #dch of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg74 7#d7 ,the ,secretary shall ensure that each agreement under this subsection includes every qualifying loan held by the eligible lender or guaranty agency4 7b7 ,temporary postponement of part ,b and part ,e 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 on qualifying loans 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 suspend1 and shall require guaranty agencies with agreements with the ,secretary under subsection 7a7 to suspend1 all involuntary collection related to the qualifying 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 paid by the ,secretary on behalf of that borrower2 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 any options the borrower may have for income-driven repayment or forgiveness4 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 7f7 ,deferment or forbearance ,the ,secretary shall require eligible lenders and guaranty agencies with agreements with the ,secretary under subsection 7a7 to ensure that any period of deferment or forbearance on a qualifying loan during the period beginning on ,march #ac1 #bjbj1 and ending on ,september #cj1 #bjbj1 shall not be counted toward any cumulative limits on deferment or forbearance periods4 7g7 ,eligible lender ,in this section1 the term eligible lender shall include-- 7#a7 an institution of higher education in the case of a loan made under part ,e of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;aa et seq472 and 7#b7 an eligible lender as defined by section #dce7;d7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhe74