Summary: S.3556 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.3556. Bill summaries are authored by CRS.

Shown Here:
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.