1. Short title This Act may be cited as the Equity in Student Loan Relief Act . 2. Lowering rates for borrowers with Federal family education loans (a) Temporary program of Federal subsidy payments To defray borrower interest costs on Federal family education loans Notwithstanding any other provision of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq.), the Secretary of Education shall carry out a temporary program concerning the novel coronavirus virus disease (COVID–19) outbreak to provide payment relief to borrowers with loans made under part B of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq.), that are not held by the Federal Government. (1) Under the program, the Secretary is directed to enter into agreements expeditiously with eligible lenders and guaranty agencies to reduce interest rates to 0.00 percent on such loans and shall make payments, as set forth below, to such eligible lenders and guaranty agencies to offset the cost of the reduced interest rates. Under such agreements, the Secretary shall— (A) make Federal interest subsidy payments on behalf of each borrower whose loans are held by such eligible lender or guaranty agency equal to the total amount of the interest on the unpaid principal amount of the loans, calculated at the borrower interest rates established under section 427A of the Higher Education Act of 1965 ( 20 U.S.C. 1077a ); and (B) make these Federal interest subsidy payments to an eligible lender or guaranty agency on a monthly basis, beginning as of March 13, 2020. (2) Under the program and effective as of March 13, 2020, all eligible lenders and guaranty agencies who have entered agreements with the Secretary under this subsection shall— (A) temporarily waive interest, effectively reducing the interest rates charged to borrowers on loans made under this part to 0.00 percent