,,ii #aaf? ,,congress #b;d ,session ,s4 #dbcg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ba1 #bjbj,mr4 ,re$ 7= himself1 ,ms4 ,murk[ski1 ,mr4 ,jones1 & ,mr4 ,tillis7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to ext5d z]o int]e/ rate b5efits & paym5t susp5sion to all ,f$]al /ud5t loan borr[]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5t ,loan ,fairness ,act4 #b4 ,assi/ance = ,borr[]s ,) ,f$]al ,family ,education ,loans & ,f$]al ,p]k9s ,loans 7a7 ,tempor>y program ( ,assi/ance = ,borr[]s ,) ,f$]al ,family ,education ,loans & ,f$]al ,p]k9s ,loans ,not)/&+ any o!r provision ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajga et seq471 ! ,secret>y ( ,education %all c>ry out a tempor>y program to make int]e/ paym5ts on behalf ( borr[]s on loans made "u "p ,b ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajga et seq47 or loans "u "p ,e ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;aa et seq471 t are n held by ! ,f$]al ,gov]nm5t 7ref]r$ to 9 ?is section z 8qualify+ loans07 to assi/ su* borr[]s dur+ ! p]iod ( response & recov]y relat+ to ! novel coronavirus disease 7,,covid-#ai7 outbreak4 7#a7 ,"u ! program1 ! ,secret>y %all ent] into agreem5ts1 exp$iti\sly1 b n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ) eligible l5d]s & gu>anty ag5cies "u :i* ! ,secret>y %all make int]e/ paym5ts to su* eligible l5d]s & gu>anty ag5cies on behalf ( all borr[]s ( all qualify+ loans 9 accordance ) ?is section4 ,"u su* agreem5ts-- 7,a7 ! ,secret>y %all-- 7i7 make paym5ts on behalf ( ea* borr[] ( qualify+ loans ^: loans are held by su* eligible l5d] or gu>anty ag5cy equal to ! total am\nt ( ! int]e/ on ! unpaid pr9cipal am\nt ( su* loans1 calculat$ at ! borr[] int]e/ rates e/abli%$ "u section #dbg;,a ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgg;a7 7or at a less] rate z e/abli%$ "u section #dbg;,a7m7 ( su* ,act1 if applicable7 = loans "u "p ,b ( su* ,act & calculat$ at ! borr[] int]e/ rates e/abli%$ "u section #dfd ( su* ,act 7#bj ,u4,s4,c4 #ajhg;dd7 = loans "u "p ,e ( su* ,act2 & 7ii7 make su* paym5ts to an eligible l5d] or gu>anty ag5cy on a mon?ly basis1 = ! p]iod beg9n+ on ,m>* #ac1 #bjbj1 & end+ on ,septemb] #cj1 #bjbj 7ref]r$ to 9 ?is section z ! applicable p]iod72 & 7,b7 ea* eligible l5d] & gu>anty ag5cy :o has ent]$ into an agreem5t ) ! ,secret>y "u ?is subsection %all-- 7i7 cr$it ! int]e/ paym5ts paid by ! ,secret>y "u ?is subsection z full satisfaction ( ! obligation ( ! borr[]s to pay int]e/ dur+ ! applicable p]iod2 7ii7 cr$it ! acc\nt ( a borr[]1 z an am\nt paid on ! pr9cipal or int]e/ ( ! qualify+ loan 9 addition to ! am\nts cr$it$ "u clause 7i71 9 ! case ( a borr[] :o has made an int]e/ paym5t = ! applicable p]iod2 & 7iii7 n lat] ?an #cj days f ! date ( su* agreem5t1 provide a report to ! ,secret>y confirm+ t su* borr[]s h be5 or w be cr$it$ 9 accordance ) ?is subp>agraph4 7#b7 ,= purposes ( ?is subsection1 an eligible l5d] includes ! hold] ( ! loan or1 if ! hold] acts z eligible l5d] tru/ee = ! b5eficial own] ( ! loan1 ! b5eficial own] ( ! loan4 7#c7 ,no?+ 9 ?is subsection %all affect paym5t calculations "u section #dch ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg74 7#d7 ,! ,secret>y %all ensure t ea* agreem5t "u ?is subsection includes e qualify+ loan held by ! eligible l5d] or gu>anty ag5cy4 7b7 ,tempor>y po/ponem5t ( "p ,b & "p ,e loan paym5ts ,not)/&+ any o!r provision ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajga et seq471 ! ,secret>y %all require eligible l5d]s & gu>anty ag5cies ) agreem5ts ) ! ,secret>y "u subsection 7a7 to susp5d all paym5ts due f borr[]s on qualify+ loans ?r\gh ,septemb] #cj1 #bjbj4 7#a7 ,consid]ation ( paym5ts ,not)/&+ any o!r provision ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq471 ! ,secret>y %all deem ea* mon? = :i* a loan paym5t 0 susp5d$ "u ?is subsection z if ! borr[] ( ! loan _h made a qualifi$ paym5t = ! purpose ( any loan =giv5ess program & loan rehabilitation program au?oriz$ "u ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajga et seq474 7#b7 ,report+ to consum] report+ ag5cies ,dur+ ! p]iod 9 :i* ! borr[] paym5ts on a loan are susp5d$ "u ?is subsection1 ! ,secret>y %all ensure t1 = ! purpose ( report+ in=mation ab\t ! loan to a consum] report+ ag5cy1 any paym5t t has be5 susp5d$ is treat$ z if x 7 a regul>ly s*$ul$ paym5t made by a borr[]4 7c7 ,susp5d+ involunt>y collection ,not)/&+ any o!r provision ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajga et seq471 ! ,secret>y %all susp5d1 & %all require gu>anty ag5cies ) agreem5ts ) ! ,secret>y "u subsection 7a7 to susp5d1 all involunt>y collection relat$ to ! qualify+ loan1 ?r\gh ,septemb] #cj1 #bjbj4 ,su* ef=ts %all include-- 7#a7 a wage g>ni%m5t au?oriz$ "u section #dhh;,a ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajie;a7 or section #cgbj;,d ( title #ca1 ,unit$ ,/ates ,code2 7#b7 a r$uction ( tax refund by am\nt ( debt au?oriz$ "u section #cgbj;,a ( title #ca1 ,unit$ ,/ates ,code1 or section #fdjb7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7#c7 a r$uction ( any o!r ,f$]al b5efit paym5t by adm9i/rative (fset au?oriz$ "u section #cgaf ( title #ca1 ,unit$ ,/ates ,code 7includ+ a b5efit paym5t due to an individual "u ! ,social ,security ,act or any o!r provision describ$ 9 subsection 7c77#c77;,a77i7 ( su* section72 & 7#d7 any o!r involunt>y collection activity by ! ,secret>y4 7d7 ,notice to borr[]s & transition p]iod ,to in=m borr[]s ( ! actions tak5 9 accordance ) ?is section & ensure an effective transition1 ! ,secret>y %all require eligible l5d]s & gu>anty ag5cies ) agreem5ts "u subsection 7a7 to-- 7#a7 n lat] ?an #ae days aft] ent]+ into su* agreem5t1 notify borr[]s-- 7,a7 ( ! actions tak5 9 accordance ) ?is section = :om paym5ts h be5 susp5d$ & int]e/ paid by ! ,secret>y on behalf ( t borr[]2 7,b7 ( ! actions tak5 9 accordance ) subsection 7c7 = :om collections h be5 susp5d$2 7,c7 ( ! option to cont9ue mak+ paym5ts t[>d pr9cipal2 & 7,d7 t ! program "u ?is section is a tempor>y program2 & 7#b7 beg9n+ on ,augu/ #a1 #bjbj1 c>ry out a program to provide n less ?an #f notices by po/al mail1 telephone1 or electronic communication to borr[]s indicat+-- 7,a7 :5 ! borr[]'s normal paym5t obligations w resume2 & 7,b7 any options ! borr[] may h = income-driv5 repaym5t or =giv5ess4 7e7 ,waiv]s ,9 c>ry+ out ?is section1 ! ,secret>y may waive ! application (-- 7#a7 sub*apt] ,i ( *apt] #ce ( title #dd1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,pap]work ,r$uction ,act72 7#b7 ! ma/] cal5d> requirem5ts "u section #dhb ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhi72 7#c7 negotiat$ rulemak+ "u section #dib ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;a72 & 7#d7 ! requirem5t to publi% ! notices relat$ to ! sy/em ( records ( ! ag5cy be=e implem5tation requir$ "u p>agraphs 7#d7 & 7#aa7 ( section #eeb;a7e7 ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,privacy ,act ( #aigd71 except t ! notices %all be publi%$ n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act4 7f7 ,def]m5t or =be>ance ,! ,secret>y %all require eligible l5d]s & gu>anty ag5cies ) agreem5ts ) ! ,secret>y "u subsection 7a7 to ensure t any p]iod ( def]m5t or =be>ance on a qualify+ loan dur+ ! p]iod beg9n+ on ,m>* #ac1 #bjbj1 & end+ on ,septemb] #cj1 #bjbj1 %all n be c\nt$ t[>d any cumulative limits on def]m5t or =be>ance p]iods4 7g7 ,eligible l5d] ,9 ?is section1 ! t]m eligible l5d] %all include-- 7#a7 an in/itution ( high] education 9 ! case ( a loan made "u "p ,e ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;aa et seq472 & 7#b7 an eligible l5d] z def9$ by section #dce7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhe74