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)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
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 the interest-free 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.