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S. 847: Student Loan Tax Elimination Act


The text of the bill below is as of Mar 18, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 847

IN THE SENATE OF THE UNITED STATES

March 18, 2021

(for himself, Ms. Sinema, Mr. Coons, Mr. Hawley, Mr. Warnock, and Ms. Warren) 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.

1.

Short title

This Act may be cited as the Student Loan Tax Elimination Act .

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Subsection (c) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e(c)) is repealed.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 March 27, 2020.