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HR 6250 114th Congress House Education Economic development Government lending and loan guarantees Higher education Small business Student aid and college costs

RISE Act

Introduced: September 28, 2016 Introduced by: Gallego, Ruben Democratic · Arizona See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 28, 2016
Referred to the House Committee on Education and the Workforce.
Sep 28, 2016
Introduced in House
 Plain-English summary Congressional Research Service

Relief and Investment for Student Entrepreneurs Act or the RISE Act

This bill amends the Higher Education Act of 1965 by allowing a qualified entrepreneur with a loan under the William D. Ford Federal Direct Loan program to defer loan payments for up to 3 years. A "qualified entrepreneur" is a borrower who: (1) has received a degree during the 10-year period before the date of the deferment, (2) has at least one registered business entity, (3) has raised capital of not less than $30,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000.

The Department of Education may cancel up to $17,500 of federal direct and unsubsidized Stafford loans for a borrower who: (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.

What's happening now September 28, 2016

Referred to the House Committee on Education and the Workforce.

 Committees of jurisdiction 1