Bill Forgiving Student Debt For Disabled Veterans Passes House | Credit Raters

Bill Forgiving Student Debt For Disabled Veterans Passes House

13 Mar 2020
Approx Reading time: 3 minutes
  • The bill, titled the FREED Vets Act, has passed the House with bipartisan support.
  • If enforced, eligible disabled veterans would find their outstanding student debt automatically canceled.
  • President Donald Trump has already signed an executive order to forgive student debt for eligible disabled veterans. However, this bill is an effort to codify this practice into law.
According to reports, a bill aimed at canceling all student debt owed by those veterans who are now permanently disabled has been passed by the House of Representatives in the US. The bill had been presented by Pennsylvania Rep. Conor Lamb and Middletown Rep. Brian Fitzpatrick. Under the propositions contained in the bill, veterans who are now permanently disabled would find their student debt automatically canceled, if the bill comes into force. The bill is titled the FREED Vets Act and is a piece of legislation that finds support on both sides of the house. According to a statement given by Lamb, who is a veteran of the Marine Corps himself, the process of canceling outstanding student debt, for those who fall under the definition of permanently disabled, as laid out in the act, would become automatic. In the joint statement, Lamb emphasized that eligible disabled veterans should not have to live under the burden of student debt in the US and that the cancelation process should not require them to file paperwork or make any similar effort, considering they have already made monumental sacrifices for the country. The bill was introduced in the House back in June 2019. In August, President Donald Trump signed an executive order to cancel all outstanding student debt owed by eligible disabled veterans. However, Lamb had stated at that time that his co-authored bill would still remain active in the House as he wished for the provisions to become permanent in law, and not rely on an executive order signed by future presidents. According to Lamb, around 42,000 veterans are expected to benefit from this forgiveness program, but so far only 20% have applied to receive this benefit. Through this bill, as per Pennsylvania Rep. Guy Reschenthaler, who is also a veteran of the Navy, returning disabled veterans would find it easier to get rid of the student debt burden. According to him, this would provide them with much-needed relief, something they are not easily able to acquire at this time due to the numerous challenges they face on a daily basis upon their return.

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Akbar Lashari

Akbar is a talented news editor who follows the consumer finance industry closely and has written for many famous news & educational websites such as Forbes.