Text: S.1696 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (06/03/2019)


116th CONGRESS
1st Session
S. 1696


To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.


IN THE SENATE OF THE UNITED STATES

June 3, 2019

Mr. Braun (for himself, Ms. Sinema, Mr. Coons, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions


A BILL

To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.

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 “Student Loan Tax Elimination Act ”.

SEC. 2. Elimination of origination fees on Federal Direct loans.

(a) Repeal of origination fees.—Subsection (c) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e(c)) is repealed.

(b) Effective date.—The amendment made by subsection (a) shall apply with respect to loans made under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for which the first disbursement of principal is made, or, in the case of a Federal Direct Consolidation Loan, the application is received, on or after July 1, 2019.