Text: H.R.4502 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (09/26/2019)


116th CONGRESS
1st Session
H. R. 4502


To eliminate the time limitations on federally subsidized student loans, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

September 26, 2019

Mr. Casten of Illinois (for himself, Ms. Haaland, Ms. Garcia of Texas, and Mr. Krishnamoorthi) introduced the following bill; which was referred to the Committee on Education and Labor


A BILL

To eliminate the time limitations on federally subsidized student loans, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Giving Relief And Dollars to Undergraduates for Adequate Time for Education Act” or the “GRADUATE Act”.

SEC. 2. Findings.

Congress finds the following:

(1) From 2015–2016, 3,900,000 students dropped out of college while holding Federal student debt.

(2) Approximately half of students who dropped out with debt did so because they were unable to secure funding to affordably continue their studies.

(3) Students who drop out are 4.2 times more likely to default on their loans than students who graduated and comprise 63 percent of defaults, in large part because they don’t receive the increase in earnings that comes along with a degree.

(4) Eliminating the time limit on taking out federally subsidized loans would allow students who have not hit the borrowing limit to continue to get the funding they need to graduate, and would give students more flexibility throughout their education.

(5) Eliminating the time limit on taking out federally subsidized loans would ease the administrative burden on colleges’ financial aid offices so they can spend their time focused on helping students succeed.

SEC. 3. Repeal of certain eligibility requirements.

Section 455(q) of the Higher Education Act of 1965 (20 U.S.C. 1087e(q)) is repealed.