Interest Suspension for Students and Homeowners amid COVID-19 Pandemic
April 30, 2020 03:07 PM to All House Members
Circulated By
Representative James Roebuck
D House District 188
Along With
Rep. Morgan Cephas
D House District 192
Memo
I plan to introduce legislation that would provide forbearance on student loans and guaranteed mortgages.
The COVID-19 Pandemic has impacted many in our Commonwealth, causing much worry and concern, including their jobs and how they will make ends meet. These hard-working families should not need to be worried about keeping a roof over their head or paying back student loans when trying to keep their family safe.
The goal of these two bills is to help borrowers from incurring additional fees, interest or negative impacts on their credit scores. I hope you will join me in co-sponsoring this important legislation.
The COVID-19 Pandemic has impacted many in our Commonwealth, causing much worry and concern, including their jobs and how they will make ends meet. These hard-working families should not need to be worried about keeping a roof over their head or paying back student loans when trying to keep their family safe.
The goal of these two bills is to help borrowers from incurring additional fees, interest or negative impacts on their credit scores. I hope you will join me in co-sponsoring this important legislation.
Legislation
Document 1 - Introduced as HB 2494
This legislation would provide for no penalty and interest over the next 6 months or until their income returns to normal for student loans. Forbearance allows a borrower to suspend payments for a period due to a decline in income or other hardship. It would also be extending their loan by the length of the forbearance, with no fees, penalties, or accrued interest.
Document 2 - Introduced as HB 2501
Regarding home mortgages, this legislation would be requiring servicers to evaluate homeowners for a loan modification at no cost and with no penalties for the borrower.
Last updated on April 30, 2020 03:08 PM
Interest Suspension for Students and Homeowners amid COVID-19 Pandemic
April 30, 2020 03:07 PM to All House Members
Circulated By
ROEBUCK and CEPHAS
Memo
I plan to introduce legislation that would provide forbearance on student loans and guaranteed mortgages.
The COVID-19 Pandemic has impacted many in our Commonwealth, causing much worry and concern, including their jobs and how they will make ends meet. These hard-working families should not need to be worried about keeping a roof over their head or paying back student loans when trying to keep their family safe.
The goal of these two bills is to help borrowers from incurring additional fees, interest or negative impacts on their credit scores. I hope you will join me in co-sponsoring this important legislation.
The COVID-19 Pandemic has impacted many in our Commonwealth, causing much worry and concern, including their jobs and how they will make ends meet. These hard-working families should not need to be worried about keeping a roof over their head or paying back student loans when trying to keep their family safe.
The goal of these two bills is to help borrowers from incurring additional fees, interest or negative impacts on their credit scores. I hope you will join me in co-sponsoring this important legislation.
Document 1
This legislation would provide for no penalty and interest over the next 6 months or until their income returns to normal for student loans. Forbearance allows a borrower to suspend payments for a period due to a decline in income or other hardship. It would also be extending their loan by the length of the forbearance, with no fees, penalties, or accrued interest.
Introduced as HB 2494
Document 2
Regarding home mortgages, this legislation would be requiring servicers to evaluate homeowners for a loan modification at no cost and with no penalties for the borrower.
Introduced as HB 2501
Last Updated
April 30, 2020 03:08 PM
Generated 04/29/2025 08:07 AM