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HR 4747 116th 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: October 18, 2019 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
Oct 18, 2019
Referred to the House Committee on Education and Labor.
Oct 18, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Making College More Affordable Act

This bill creates 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 October 18, 2019

Referred to the House Committee on Education and Labor.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1