Title II — Borrower Relief

In general— Not later than 1 year after the date the list required under section 101(b)(1) is published, the Secretaries concerned shall jointly carry out a program under which a qualified borrower, with respect to the covered loans and private education of loans of such qualified borrower, shall be eligible to receive in accordance with subsection (b) an amount equal to the lesser of the following:

Election by borrower— A qualified borrower may elect to apply the amount determined with respect to such borrower under subsection (a) to—

In general— The Secretary of the Treasury shall make available to each essential worker an amount equal to—

Use of credit— The amount an essential worker receives under subsection (a) may only be used to attend an institution of higher education, a workforce development program, or continuing medical education (as defined in section 2) by the essential worker and their spouse or children.

Availability— The amount available to an essential worker under subsection (a) may be used in accordance with subsection (b) not later than December 31, 2070.

the requirements to provide loan relief and essential worker credits to essential workers and their children or spouse under this title;

the opportunity for such a borrower to make an election under section 201(b) with respect to the application of such loan relief to the covered loans and private education loans of such borrower and their children or spouse; and

the opportunity for such an essential worker and their children or spouse to receive a credit under section 202.

Secretary of Education— Contractors of the Secretary of Education and lenders, institutions that are holders of loans made under part E, and guaranty agencies holding loans made, insured, or guaranteed under part B shall report, to the satisfaction of the Secretary of Education, the information necessary to calculate the amount to be applied under sections 201 and 202.

Secretary of Treasury— Holders and ser­vi­cers of private education loans shall report, to the satisfaction of the Secretary of the Treasury, the information necessary to calculate the amount to be applied under sections 201 and 202.

Report to Congress— Not later than 2 years after the date of the enactment of this Act and every subsequent 5 years until 2070, the Secretaries shall jointly submit to Congress a report on the implementation of this Act.

In general— Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139H the following new section:

Clerical amendment— The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139H the following new item:

Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2019.