IN THE SENATE OF THE UNITED STATES
March 18, 2021
Mr. Braun (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
To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.
This Act may be cited as the
Student Loan Tax Elimination Act .
Elimination of origination fees on Federal Direct loans
Repeal of origination fees
Subsection (c) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e(c)) is repealed.
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.