3.0.0 1098 2018-02-03T21:07:21Z 2023-01-12T12:49:23Z Senate S S 2005-05-23 109 Emergency Loan Abuse Prevention Act of 2005 109 134 HR 2005-06-22 Referred to the Subcommittee on 21st Century Competitiveness. Related bill CRS 2005-05-24 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 113. Calendars 2005-05-23 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2005-05-23 Introduced in Senate IntroReferral 10000 9 Library of Congress K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE N M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2005-05-23 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2005-05-23 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2005-05-23 True D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2005-05-23 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2005-05-23 True Education Charities Disabled Elementary and secondary education Elementary education Federal aid to education Finance and Financial Sector Higher education Interest rates Mathematics Nonprofit organizations Scholarships Secondary education Social Welfare Special education Student loan funds Teacher education Education 00 2005-05-23 Introduced in Senate 2005-06-20T22:25:14Z Student Loan Abuse Prevention Act of 2005 - Amends the Higher Education Act of 1965 as amended by the Taxpayer-Teacher Protection Act of 2004 (HEA) to reduce special allowance payments to holders of student loans by making permanent the ending of a 9.5% minimum guaranteed rate of return to such holders.

Directs the Secretary of Education to give incentives, in the form of certain reductions in principal or interest rate, to borrowers to consolidate any current loans for which the holder is entitled to a special allowance that ensures such a 9.5 rate of return, provided such an incentive does not increase the cost of such loan to the federal government.

Increases to $23,000 the maximum amount of student loan forgiveness under the Federal Family Education Loan and the Federal Direct Student Loan programs for certain eligible teachers of: (1) mathematics or science in secondary schools; and (2) special education in elementary and secondary schools.

Directs the Secretary to use funds available from reduced expenditures resulting from this Act's reduction of special allowances to loan holders, as follows: (1) first, for the student loan cancellation and forgiveness programs for teachers under HEA as amended by this Act; and (2) then, the remainder for payments to nonprofit lenders meeting certain criteria and using such payments to confer grant or scholarship benefits on students eligible for Federal Pell Grants.

]]> Student Loan Abuse Prevention Act of 2005 Short Titles as Introduced Student Loan Abuse Prevention Act of 2005 Display Title Student Loan Abuse Prevention Act of 2005 Official Title as Introduced A bill to prevent abuse of the special allowance subsidies under the Federal Family Education Loan Program. Placed on Calendar Senate 2005-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1098pcs/xml/BILLS-109s1098pcs.xml 2005-05-24 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 113. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.