H.R.6231 - Making College More Affordable Act114th Congress (2015-2016)
|Sponsor:||Rep. Cicilline, David N. [D-RI-1] (Introduced 09/28/2016)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 09/28/2016 Referred to the House Committee on Education and the Workforce. (All Actions)|
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Summary: H.R.6231 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (09/28/2016)
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.