Making College More Affordable Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 28, 2016)
Making College More Affordable Act
This bill amends the Higher Education Act of 1965 by creating federal interest-free education loans for undergraduate students. The loans must have the same terms and conditions and benefits to borrowers as federal direct Stafford Loans. Interest on these loans may only accrue during periods when a borrower is not earning taxable income due to professional negligence, professional incompetence, or malicious action on the part of the borrower.
The Department of Education (ED) must carry out a repayment plan program for the interest-free loans under which loans payments are automatically withheld from the pre-tax income of the borrower.
ED must cancel any outstanding balance of principal or interest due on those interest-free loans made to a borrower who has made 300 monthly payments. The borrower must be taxed on the amount canceled. Those taxes must be applied to carry out the federal direct loan program.
What just happenedSep 28, 2016
Referred to the House Committee on Education and the Workforce.
Who’s behind it
- Introduced in HouseSep 28, 2016
- Sep 28, 2016IntroReferralH11100
Referred to the House Committee on Education and the Workforce.
Education and the Workforce Committee - Sep 28, 2016IntroReferralIntro-H
Introduced in House
- Sep 28, 2016IntroReferral1000
Introduced in House