S.2235: Student Loan Debt Relief Act of 2019

Overview

The Student Loan Debt Relief Act (S. 2235) would provide student loan debt relief for 42 million Americans and eliminate more than 75 percent of total student loan debt outstanding. Specifically, the bill would cancel up to $50,000 in student loan debt for borrowers earning less than $100,000 and cancel 1/3 of student loan debt for borrowers earning more than $100,000. Additionally, the bill would automatically refinance remaining federal student loans to the interest rates specified in (S. 768 / H.R. 1707) and allow borrowers to discharge their loans in bankruptcy, similar to (S. 1414 / H.R. 2648). The bill would also provide a one year freeze on the collection of student loan payments from borrowers and wage garnishment.

There is no pay-for specified in the bill, but Warren has proposed independently a 2 percent wealth tax on individuals with over $50 million.

H.R. 3887 is the House companion bill introduced by Rep. James Clyburn

Source

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Related Bills

H.R.655

The Student Loan Repayment Assistance Act of 2019 would allow a business-related tax credit for an employer’s payments for employees under a student loan repayment program. The credit is equal to 10% of the amount that an employer pays on behalf of any employee under a program and is refundable for certain small businesses and […]

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H.R.3027

H.R. 3027 would impose a six-year statute of limitations on lenders to enforce collection of defaulted student loan. The legislation would also prohibit “administrative offset,” or the withholding of the payment of other federal benefits to collect on a defaulted loan. Lending institutions would also be prohibited from filing actions for wage garnishment to collect […]

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Contact Your Members of Congress

Our Stance

Support

Priority

Medium

Bill Number

S.2235

Date Introduced

July 23, 2019

Committee

Senate Finance Committee

Bill Status

Introduced or Prefiled

Sponsor

Sen. Elizabeth Warren