H.R.2848 - RISE Act115th Congress (2017-2018)
|Sponsor:||Rep. Gallego, Ruben [D-AZ-7] (Introduced 06/08/2017)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 06/08/2017 Referred to the House Committee on Education and the Workforce. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2848 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (06/08/2017)
Relief and Investment for Student Entrepreneurs Act or the RISE Act
This bill amends the Higher Education Act of 1965 to allow a qualified entrepreneur with a loan under the William D. Ford Federal Direct Loan program to defer loan payments for up to 3 years. A "qualified entrepreneur" is a borrower who: (1) has received a degree during the 10-year period before the date of the deferment, (2) has at least one registered business entity, (3) has raised capital of not less than $30,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000.
The Department of Education may cancel up to $17,500 of federal direct and unsubsidized Stafford loans for a borrower who: (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.