Lawmakers Are Discussing Student Loan Forgiveness: Here's What You Need to Know

By Whitney Faulconer, MD, YPS Secretary

It’s true! Lawmakers are becoming increasingly aware that repaying student loans is getting more difficult for many of our frontline healthcare workers. To address this issue, several legislators have penned bills that are outlined below. Want more details? This Forbes article is a comprehensive comparison of each bill.

Each bill still must be discussed in a committee and passed before the bill makes it to the floor for general voting, so we are still a long way from these becoming a solid plan. Still, this is worth keeping an eye on.

Opportunity for Heroes Act  by Rep. Ann Kuster (D-NH)

• Eligibility: Healthcare workers (RN, MD, DO, RT, tech), first responders, pharmacy workers, grocery store workers, postal workers
• $25,000 toward both federal and private student loans
• Not taxable income
• Can use toward college tuition, continuing education or vocational training

Student Loan Forgiveness for Frontline Healthcare Workers Act by Rep. Carolyn Maloney (D-NY)

• Eligibility: doctors, nurses, aids, residents, interns, techs, researchers) who are caring for COVID-19 patients 
• Entire loans forgiven without limit (public and private)
• Not taxable income

Student Debt Emergency Relief Act by Congresswoman Ayanna Pressley and Ilhan Omar

• Eligibility: students enrolled only
• $30,000 forgiven on federal loans only (not private loans)
• government would make payments after that for duration of the pandemic while “national emergency” is still in effect

If you're active on social media, you may have seen that there was extensive debate within the emergency medicine SoMe community related to student loan forgiveness. We're curious where you stand on the issue, so we invite you to take our survey covering this and more issues so we can accurately assess the YPS opinion and advocate on your behalf.