S.3556 - COVID-19 Graduate Relief Act116th Congress (2019-2020) |
|Sponsor:||Sen. Romney, Mitt [R-UT] (Introduced 03/20/2020)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 03/20/2020 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3556 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (03/20/2020)
COVID-19 Graduate Relief Act
This bill allows students who graduate from institutions of higher education between January 1, 2020, and December 31, 2020, to defer payments on their federal student loans for up to three years.
The Department of Education (ED) may extend deferment eligibility for one-year periods through December 31, 2022, if ED determines that the anticipated economic impact of the coronavirus (i.e., the virus that causes COVID-19 or another coronavirus with pandemic potential) on graduates of that year necessitates an extension. ED must consider certain factors, such as recent unemployment statistics from the Bureau of Labor Statistics, when determining whether to extend deferment eligibility to such graduates.