Analysis of House Democrats Revised HEROES Act – NASFAA
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House Democrats on Monday unveiled a revised version of their Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act — initially introduced in May — representing a scaled-down update to the original version in an effort to reach a compromise. A notable piece missing from this iteration of the legislation is the removal of a provision that would cancel up to $10,000 in federal student loans per borrower. The legislation does, however, offer cancellation of up to $10,000 in private student loans for economically distressed borrowers.
Key provisions of the bill include:
- Extension of campus-based aid waivers
- Limits on the Department of Education’s (ED) authority to limit student eligibility for the Higher Education Emergency Relief Fund (HEERF)
- Exclusion of emergency grants from Expected Family Contribution (EFC) calculation and from Estimated Financial Aid (EFA)
- Financial aid administrator (FAA) Professional Judgment (PJ) authority for unemployed students and family members
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