3.0.0 359 2023-01-11T20:05:01Z 2023-01-11T20:05:01Z Senate S S 2007-01-22 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-23T00:03:20Z 2007-01-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S848-851) IntroReferral 2007-01-22 Sponsor introductory remarks on measure. (CR S847-848) IntroReferral B00100 9 Library of Congress 2007-01-22 Introduced in Senate IntroReferral 10000 9 Library of Congress K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE N M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2007-01-22 True L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. 2007-01-22 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2007-01-22 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-01-22 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-01-22 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2007-02-01 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2007-03-07 False S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2007-03-20 False C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2007-04-17 False Education Administrative fees Appropriations Authorization Collection of accounts College costs Colleges Cost effectiveness Cost of living adjustments Debtor and creditor Department of Education Economics and Public Finance Education of the disadvantaged Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government lending Graduate education Higher education Income tax Indexing (Economic policy) Interest Interest rates Law Scholarships Social Welfare Student loan funds Tax credits Tax deductions Taxation Education 00 2007-01-22 Introduced in Senate 2007-02-12T20:09:05Z Student Debt Relief Act of 2007 - Amends the Higher Education Act of 1965 to extend the Pell Grant program through FY2012 and increase yearly maximum Pell grant amounts. Authorizes and appropriates specified additional annual funding for such grants.

Requires the Secretary of Education to provide institutions of higher education Student Aid Reward Payments for participating in the Federal Family Education Loan (FFEL) or Direct Loan (DL) program most cost-effective for taxpayers.

Phases-in cuts to the interest rates charged undergraduate student borrowers under the FFEL and DL programs, thereby reducing such rate from 6.8% in July 2006 to 3.4% in July 2011.

Directs the Secretary to forgive the balance due on DLs and direct consolidation loans by individuals who have been public sector employees for 10 years and have made 120 income contingent payments on such loans.

Caps FFEL and DL repayments by student borrowers at no more than 15% of the amount a borrower's adjusted gross income exceeds 150% of the poverty line. Requires the Secretary to cancel or repay such loans after 25 years.

Eliminates the three-year limit on the deferral of FFELs, DLs, and Perkins loans when borrowers are suffering economic hardship, redefined to include borrowers whose full-time earnings do not exceed 150% of the poverty line. Includes such deferral periods, as well as the months a borrower's FFEL or DL payments are capped, in calculating the maximum period an income contingent repayment plan may be in effect for a non-defaulting borrower.

Allows students to consolidate loans under the FFEL program while still in school. Reduces DL origination fees. Sets limits on funds available for administrative expenses under the FFEL and DL programs for FY2007-FY2012.

Amends the Internal Revenue Code to increase the deduction for higher education expenses and make it permanent. Establishes a tax credit for student loan interest payments.

]]> Student Debt Relief Act of 2007 Official Title as Introduced A bill to amend the Higher Education Act of 1965 to provide additional support to students. Introduced in Senate IS Display Title Student Debt Relief Act of 2007 Short Titles as Introduced Student Debt Relief Act of 2007 Introduced in Senate 2007-01-22T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s359is/xml/BILLS-110s359is.xml 2007-01-22 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S848-851) 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.