The COVID Project
The record
- Jurisdiction
- United States (Department of Education-held student loans)
- Level
- Federal
- Authority
- CARES Act § 3513; 20 U.S.C. § 1098bb (HEROES Act)
- Issued
- 2020-08-08 Aug. 8, 2020
- Effective
- 2020-10-01 through 2020-12-31 (continuing the CARES Act § 3513 suspension that ran Mar. 27 - Sept. 30, 2020). (read as 2020-10-01)
- End
- 2021-09-30 under the Jan. 20, 2021 extension; further extended Aug. 6, 2021 (post-period ends in 2023) (read as 2021-09-30)
- In force
- Oct. 1, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- the Secretary of Education
- borrowers of Department-held federal student loans
- Functions reached
- SV student-loan servicers (collections suspended)
- CB consumer finances
- Collection
- Federal commerce, travel, workplace and finance layer FED-B
Operative words
Section 1. Policy.... [the CARES Act provided relief to borrowers affected] by COVID-19 by both suspending loan payments and temporarily setting interest rates to 0 percent.... Sec. 2. Extension of Student Loan Payment Relief. [The Secretary shall take action pursuant to applicable law to effectuate appropriate waivers of and modifications to the requirements and conditions of economic hardship deferments... and provide such deferments to borrowers... The Secretary shall continue the suspension] of payments and the waiver of all interest on student loans held by the Department of Education until December 31, 2020.
Enforcement
presidential directive; Department of Education administration
Notes
Finance-layer context: federal student-loan collections were suspended by statute and then by presidential and departmental action for every day of the six quarters.