US Congress House Bill 4747 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on October 18 2019 - 25% progression, died in committee
Action: 2019-10-18 - Referred to the House Committee on Education and Labor.
Pending: House Education and Labor Committee
Text: Latest bill text (Introduced) [PDF]

Creates federal interest-free education loans for undergraduate students. The loans must have the same terms and conditions and benefits to borrowers as federal direct Stafford Loans. Interest on these loans may only accrue during periods when a borrower is not earning taxable income due to professional negligence, professional incompetence, or malicious action on the part of the borrower. The Department of Education (ED) must carry out a repayment plan program for the interest-free loans under which loans payments are automatically withheld from the pre-tax income of the borrower. ED must cancel any outstanding balance of principal or interest due on those interest-free loans made to a borrower who has made 300 monthly payments. The borrower must be taxed on the amount canceled. Those taxes must be applied to carry out the federal direct loan program.

Making College More Affordable Act

Rep. David Cicilline [D-RI]

Rep. Janice Schakowsky [D-IL]

Rep. Jose Serrano [D-NY]

Rep. Sheila Jackson-Lee [D-TX]

Date	Chamber	Action
2019-10-18	House	Referred to the House Committee on Education and Labor.
2019-10-18	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/4747/all-info
Text	https://www.congress.gov/116/bills/hr4747/BILLS-116hr4747ih.pdf