Investing in Student Success Act of 2015
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 29, 2015)
Investing in Student Success Act of 2015
This bill authorizes an individual (i.e., a student) and another person (i.e., an investor) to enter an income-share agreement (ISA) in which the student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for postsecondary educational expenses.
An ISA that complies with specified terms and conditions and meets certain disclosure requirements is a valid, binding, and enforceable contract and is not subject to state laws that limit interest rates or regulate assignments of future income.
The bill amends the Internal Revenue Code to include an ISA as a qualified education loan (a qualified education loan is not dischargeable in bankruptcy), but it prohibits a tax deduction for interest paid on an ISA (interest paid on a qualified education loan is tax deductible).
Payments to a student under an ISA are not includible as: (1) gross income for tax purposes, or (2) income or assets for federal financial aid eligibility purposes under the Higher Education Act of 1965.
The bill amends the Investment Company Act of 1940 to exclude as an investment company any person whose business substantially consists of making ISAs.
What just happenedNov 16, 2015
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseJul 29, 2015
- Nov 16, 2015Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Jul 29, 2015IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Financial Services Committee - Jul 29, 2015IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Education and the Workforce Committee - Jul 29, 2015IntroReferralH11100-A
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Jul 29, 2015IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jul 29, 2015IntroReferralIntro-H
Introduced in House
- Jul 29, 2015IntroReferral1000
Introduced in House