Posted on 05/17/2020 5:25:37 AM PDT by Oldeconomybuyer
The House has passed the Health and Economic Recovery Omnibus Emergency Solutions Act HEROES (Act) on Friday night.
The $3 trillion stimulus package, which is expected to be ignored by the Republican-controlled Senate (at least in its current form), would have considerable implications for student loan borrowers.
The legislation would extend the CARES Act provision that automatically suspended interest on federal student loans (as well as payment and involuntary collections) for another year, meaning that federal student loan borrowers would not have to pay back their student loans until September 30, 2021.
And while other protections would extend to borrowers holding commercially-held FFEL-program student loans (as well as Perkins loans), a key provision would forgive up to $10,000 in debt for “economically distressed borrowers” who hold private or federal student loans.
To be considered an economically distressed borrower, a borrower with student loans as of March 12, 2020, should meet the following criteria:
* Paying $0 a month on their federal student loans through an income-contingent repayment plan or an income-based repayment plan
* Or be in default on their private and/or federal student loans (270 days past due)
* Or if the private and/or federal student loan was in serious delinquency, or 90 days past due
* Or the student loans were in forbearance or deferment
(Excerpt) Read more at news.yahoo.com ...
‘economically distressed’ = whites need not apply.
Why are mortgage holders the victim of economic assistance discrimination
I’f I have a degree that I paid for myself, do I get 10K? How about the people who took employee benefits to earn a degree (I only paid about 20% of the costs of my maste’s degree) and still took out loans?
How does it work for them?
Shouldn’t credit cards be free. Many purchases are for foods utilities, gasoline, clothes. All necessities.
Student loan debt is going to be liquidated.
Mrs rktman wants a refund then.
The comments at the yahoo site are running 100% against loan assistance
B’S,,,,,if you borrow the money and use the money, you must pay it back under any circumstance.
I never had a student loan.
Off and on tech college student.
In any case, I would get nothing.
My son lived like a poor college student to pay off his loans in one year. How does he sign up for a reimbursement?
My f'n mailman is a hero!
Sometimes I think I must be the only non-hero left.
ML/NJ
These big spenders need to put their pension plans into the mix on these big spending bills; not just the government pensions they accrue from being in congress now, but all of their life savings. It’s very easy to spend other people’s money like it means nothing; the DEMS need to be driven into poverty, living in cardboard boxes an eating bugs.
Don’t they always just pick the nicest sounding acronyms for their Bills that steal everyone’s (taxpayers) future?
Rewarding the not college materials.
This country has the means to educate it’s best and put them to work most advantageously without government picking of winners and losers
This act really stands for :
House Employees Raiding Of Everyones Savings (HEROES)
Not in this country, not any more.
Once again, irresponsible behavior rewarded and responsible behavior punished by footing the bill.
and give Nancy and her Friends a huge tax break with bringing SALT back
That has been coming for a while. We are Venezuela.
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