HR 3572 115th Congress House Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs Wages and earnings

Making College More Affordable Act

Introduced: July 28, 2017 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 28, 2017

Referred to the House Committee on Education and the Workforce.

Jul 28, 2017

Introduced in House

Plain-English summary Congressional Research Service

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's happening now July 28, 2017

Referred to the House Committee on Education and the Workforce.

Committees of jurisdiction 1