Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 180-C - COVID - 19 Student Loan Interest Forbearance Program.(a) Program.--Money appropriated for COVID Relief - Student Loan Interest Forbearance Program to the Pennsylvania Higher Education Assistance Agency shall be used to temporarily relieve Pennsylvania student loan borrowers from interest payments for non-defaulted private loans that are held and identified by the Pennsylvania Higher Education Assistance Agency. (b)Methodology.--To implement the program under subsection (a), the Pennsylvania Higher Education Assistance Agency shall:(1) Automatically place all borrowers that are in a repayment status into a forbearance status suspending payments until September 30, 2020.(2) Allow borrowers who are placed into a forbearance status under paragraph (1) an option to continue payments at the borrower's discretion.(3) Waive the interest accrual on Pennsylvania Higher Education Assistance Agency-owned private student loans until September 30, 2020.(4) Make the program available beginning March 13, 2020, and ending September 30, 2020.(c) Expiration.--This section shall expire once all funds allocated under this section have been exhausted or November 30, 2020, whichever occurs first. Added by P.L. TBD 2020 No. 24, § 1, eff. 5/29/2020.