Sec. 3. Private student loan repayment for frontline health care workers
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/bill/116/hr/6720/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other provision of law, the Secretary of the Treasury shall carry out a program in accordance with this Act under which the Secretary shall repay in full the outstanding balance of principal and interest due on the applicable eligible private student loans of borrowers who are frontline health care workers. In carrying out the program required under subsection
(a), as soon as practicable after the Secretary of the Treasury has confirmed that an applicant is a frontline health care worker who is a borrower of an eligible private student loan, the Secretary of the Treasury shall pay to the private educational lender of each of the applicable eligible private student loans of the borrower an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of such applicable eligible private student loans, as calculated on the date of the repayment of such loans by the Secretary of the Treasury, in order to discharge the borrower from any remaining obligation to the private educational lender with respect to such applicable eligible private student loans. Nothing in this section shall be construed to authorize any refunding of any repayment of a loan made before the date a borrower’s loans are paid by the Secretary of the Treasury in accordance with this section. The amount of a borrower’s eligible private student loans paid by the Secretary of the Treasury under this section shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986. Section 128(e) of the Truth in Lending Act ( 15 U.S.C. 1638(e) ) is amended by adding at the end the following new paragraph: With each billing statement sent to the borrower during the two-year period beginning on the 15th day after the date of enactment of the Student Loan Forgiveness for Frontline Health Workers Act , the private educational lender shall include a notice informing the borrower of the availability of the Federal student loan forgiveness and private student loan repayment programs for frontline health care workers under the Student Loan Forgiveness for Frontline Health Workers Act , including where to find information about how to qualify as a frontline health care worker, how to apply to such programs, and the application deadline for such programs. .
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Sec. 3
Private student loan repayment for frontline health care workers
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