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S. 704: REDI Act

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The text of the bill below is as of Mar 8, 2023 (Introduced).

II

118th CONGRESS

1st Session

S. 704

IN THE SENATE OF THE UNITED STATES

March 8, 2023

(for herself and Mr. Boozman) 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 provide for interest-free deferment on student loans for borrowers serving in a medical or dental internship or residency program.

1.

Short title

This Act may be cited as the Resident Education Deferred Interest Act or the REDI Act.

2.

Deferment during a medical or dental internship or residency program

Section 455(f) of the Higher Education Act of 1965 (20 U.S.C. 1087e(f)) is amended—

(1)

in paragraph (1), in the matter preceding subparagraph (A), by striking A borrower and inserting Except as provided in paragraph (6), a borrower;

(2)

in paragraph (2)(A)—

(A)

in clause (i), by striking or after the semicolon;

(B)

by striking the matter following clause (ii);

(C)

in clause (ii), by striking the comma at the end and inserting ; or; and

(D)

by adding at the end the following:

(iii)

is serving in a medical or dental internship or residency program;

; and

(3)

by adding at the end the following:

(6)

Special rule for certain in school deferment

Notwithstanding any other provision of this Act, a borrower described in paragraph (2)(A)(iii) shall be eligible for a deferment, during which periodic installments of principal need not be paid and interest shall not accrue on any loan made to the borrower under this part.

.