May 14, 2020
Education Provisions in the HEROES Act
Democrats in the House of Representatives recently released their proposal for a fourth major COVID-19 response package, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. AAF’s Data Analyst Tom Lee explains the two main education provisions in the bill: student-loan forgiveness and additional funding for education systems.
His central points:
- The HEROES Act, the proposed fourth coronavirus aid package, contains several education provisions that are much more generous than those that were in the Coronavirus Aid, Relief, and Economic Security (CARES) Act; and
- Under HEROES, student loan holders would see up to $10,000 in outstanding balances forgiven, which could cost up to $440 billion in lost revenue for the Department of Education; and
- HEROES would provide an additional $90 billion in state grants to be used for early childhood, elementary, secondary, and post-secondary education systems; a third of funds must go to higher education institutions.