Loans – Underwood desires to increase pupil loan reduction throughout pandemic
U.S. Rep. Lauren Underwood launched laws this week aiming to increase pupil loan reduction to debtors because the COVID-19 pandemic continues.
Underwood’s invoice, the Pandemic Lodging to Help College students, or PASS, Act would amend the COVID-19 reduction invoice already in place to proceed the suspension of loan funds, curiosity accrual and involuntary collections on federal pupil loans, in keeping with a information launch. The reduction was initially included within the Coronavirus Assist, Aid, and Financial Safety Act, which was handed in March.
In August, President Donald Trump prolonged the period of those provisions by means of an govt order, however they’re set to run out Dec. 31.
The invoice from Underwood, D-Naperville, would prolong the federal pupil loan reduction till Sept. 30.
“If the freeze on federal student loan payments is allowed to expire, millions of Americans could be thrown into even greater financial uncertainty, and we must use every avenue available to extend this urgently needed relief,” Underwood mentioned within the launch. “The PASS Act amends bipartisan provisions in the CARES Act to extend relief to borrowers until the economic impacts of the pandemic have subsided.”
Final week, Underwood led a bunch of 91 members of Congress in sending a letter to Trump to make use of his govt authority to additional prolong the reduction for about 41 million federal pupil loan debtors because the COVID-19 pandemic continues.
U.S. Rep. Invoice Foster, D-Naperville, additionally signed onto the letter.
