(ABC4 News) — Utah Senator Mitt Romney introduced the COVID-19 Graduate Relief Act Friday, which would allow students graduating this year to defer federal loans for up to three years.
The act is intended to assist students who are graduating amid an economic downturn due to the coronavirus outbreak.
The legislation comes adds to the Administration’s announcement that the Education Department would allow those with federal student loans to suspend to suspend payments for at least 60 days.
“Students graduating from college this year are suddenly facing significant hurdles entering the workforce,” Senator Romney said. “The Administration took a strong step in helping students across the country today by suspending student loan payments for 60 days. We must further ease the burden on students by allowing them to defer their payments until the economy regains normalcy.”
Specifically, the COVID-19 Graduate Relief Act allows students who graduate from college any time from January 1, 2020 to December 31, 2020 eligible to defer federal student loans for up to three years. It also would allow the Secretary of Education to extend this eligibility for 2021 and 2022 graduates if deemed necessary.