H.R.4834 - Student Debt Reduction Act111th Congress (2009-2010)
|Sponsor:||Rep. Schauer, Mark H. [D-MI-7] (Introduced 03/11/2010)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 04/30/2010 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. (All Actions)|
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Summary: H.R.4834 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (03/11/2010)
Student Debt Reduction Act - Amends the Higher Education Act of 1965 to cap annual, income-based, student loan repayments under the Federal Family Education Loan and Direct Loan programs at 10% (currently, 15%) of the amount by which a borrower's and the borrower's spouse's adjusted gross income exceeds 150% of the poverty line.
Requires the Secretary of Education to cancel or repay such loans after 20 (currently, 25) years.