H.R.4102 - Student Loan Relief Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Comstock, Barbara [R-VA-10] (Introduced 11/19/2015)|
|Committees:||House - Education and the Workforce; Ways and Means|
|Latest Action:||House - 03/23/2016 Referred to the Subcommittee on Higher Education and Workforce Training. (All Actions)|
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Summary: H.R.4102 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (11/19/2015)
Student Loan Relief Act of 2015
This bill authorizes the Department of the Treasury to establish a temporary three-year program to facilitate federal student loan refinancing into the private market, at no cost to the federal government, to ensure payment of lower interest rates on student loans. Private lenders under such refinancing program shall be eligible to receive a federal government guarantee of 95% of loans.
Treasury shall, in consultation with the Department of Education, begin a national awareness campaign to alert student loan borrowers about such refinancing program with a disclosure that a private loan that results from such refinancing is not eligible for income driven repayment or loan forgivingness.
The bill amends the Internal Revenue Code to allow an exclusion from gross income for the payment of an employer, either to an employee or a lender, of any indebtedness of an employee under a qualified education refinance loan or any interest relating to such a loan. The term "qualified education refinance loan" means any indebtedness used solely to refinance a qualified education loan with respect to which the lender offers the borrower protection in the event of unemployment or financial hardship.