H.R.6521 - Students and Families Empowerment Act114th Congress (2015-2016)
|Sponsor:||Rep. Rice, Kathleen M. [D-NY-4] (Introduced 12/08/2016)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||House - 12/08/2016 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.6521 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (12/08/2016)
Students and Families Empowerment Act
This bill amends the Internal Revenue Code, with respect to the deduction for interest on education loans, to replace the dollar limitation and the limitation based on modified adjusted gross income with a $1 million limit ($2 million in the case of a joint return) on the aggregate amount of qualified education loans that may be taken into account for the deduction.
The bill excludes from gross income the discharge of any student loan debt pursuant to income contingent and income-based repayment plans under the Higher Education Act of 1965.
The bill also amends the Higher Education Act of 1965 to extend from 6 months to 12 months: (1) the grace period before payment must begin on Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans after the student ceases to carry at least one-half of the normal full-time academic workload, and (2) the deferment periods for parent borrowers and graduate or professional student borrowers with Federal Direct PLUS Loans.
The bill prohibits interest from accruing on a Federal Direct Unsubsidized Stafford Loan or a Federal Direct PLUS Loan during the 12-month extension or deferral period.