H.R. 4834 (111th): Student Debt Reduction Act

111th Congress, 2009–2010. Text as of Mar 11, 2010 (Introduced).

Status & Summary | PDF | Source: GPO

HR 4834 IH

111th CONGRESS

2d Session

H. R. 4834

To amend section 493C of the Higher Education Act of 1965 to limit student loan payments to 10 percent of discretionary income, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 11, 2010

Mr. SCHAUER introduced the following bill; which was referred to the Committee on Education and Labor

A BILL

To amend section 493C of the Higher Education Act of 1965 to limit student loan payments to 10 percent of discretionary income, 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.

    The Act may be cited as the ‘Student Debt Reduction Act’.

SEC. 2. INCOME-BASED REPAYMENT.

    Section 493C of the Higher Education Act of 1965 (20 U.S.C. 1098e) is amended--

      (1) in the matter preceding clause (i) of subsection (a)(3)(B), by striking ‘15 percent’ and inserting ‘10 percent’; and

      (2) in the matter preceding clause (i) of subsection (b)(7)(B), by striking ‘25 years’ and inserting ‘20 years’.