H.R. 5613 116th Congress House

RISE Act

Official title: To amend the Higher Education Act of 1965 to allow qualified entrepreneurs to temporarily defer Federal student loan payments after starting a new business.

Introduced: January 15, 2020 Introduced by: Ruben Gallego Democratic · Arizona See on congress.gov

Education Economic developmentGovernment lending and loan guaranteesHigher educationSmall businessStudent aid and college costs

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 15, 2020

Referred to the House Committee on Education and Labor.

Jan 15, 2020

Introduced in House

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Latest action January 15, 2020

Referred to the House Committee on Education and Labor.

Plain-English summary Congressional Research Service

Relief and Investment for Student Entrepreneurs Act or the RISE Act

This bill provides deferment and cancellation of certain loans under the Federal Direct Loan program for qualified entrepreneurs.

Specifically, the bill allows a qualified entrepreneur with a loan under the Federal Direct Loan program to defer loan payments for up to three years. A qualified entrepreneur is a borrower who (1) receives a degree during the 10-year period before the borrower requests a deferment, (2) registers at least one business entity, (3) raises capital of not less than $15,000 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 Stafford Loans and Federal Direct 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.

Bill text 1 version