SECTION 1. Every public agency or authority of the commonwealth, including, but not limited to, the Massachusetts Educational Financing Authority shall, during the period of the declaration of the governor of a state of emergency to respond to COVID-19 under executive order 519 and until 360 days after the expiration of such emergency, suspend payment and collection of student loan payments provided for post-secondary education or vocational training. Interest on such payments will not accrue during this time, nor will any additional fees as a result of the suspension.
For the purposes of this act, the term “student loan” shall mean a loan to a borrower to finance or refinance a student's attendance at an institution for higher education or vocational school.
SECTION 2. Notwithstanding any general or special law to the contrary, a bond or note issued pursuant to chapter 12 of the General Laws or any other general or special law whose proceeds were used to provide student loans, shall, on the effective date of this act, become a general obligation of the commonwealth and subject to the provisions of this act. The commonwealth shall be obligated to pay the principal and interest of any such bond or note under the full faith and credit and taxing power of the commonwealth.
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