H.R.14147 - Capital Availability for Higher Education Act95th Congress (1977-1978)
|Sponsor:||Rep. Maguire, Andrew [D-NJ-7] (Introduced 09/21/1978)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 09/21/1978 Referred to House Committee on Education and Labor. (All Actions)|
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Summary: H.R.14147 — 95th Congress (1977-1978)All Information (Except Text)
Introduced in House (09/21/1978)
Capital Availability for Higher Education Act - Amends the Higher Education Act of 1965 to: (1) raise from $2,500 to $3,500 the limit per academic year on federally insured loans to undergraduate students; (2) raise from $7,500 to $10,500 the total amount of such loans per undergraduate student; and (3) remove the $15,000 loan ceiling for graduate students.
Authorizes eligible lenders to elect to have such loans collected by the Federal Government through the Secretary of the Treasury and the Commissioner of Education. Establishes guidelines and requirements for such program, including the deduction and withholding of wages by employers of student borrowers.
Establishes the Guaranteed Student Loan Fund in the United States Treasury to repay funds withheld from the wages borrowers to lenders.
Establishes an advisory panel to consider questions relating to such federally insured higher education loans.