3.0.0 2186 2023-01-11T13:29:31Z 2023-01-11T13:29:31Z Senate S 2015-10-20 114 ssfi00 Finance Committee Senate Standing Referred to 2015-10-20T19:29:22Z Investing in Student Success Act of 2015 114 3432 HR 2015-11-16 Referred to the Subcommittee on Higher Education and Workforce Training. Related bill CRS 2015-10-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-10-20 Introduced in Senate IntroReferral 10000 9 Library of Congress R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL N C000542 Sen. Coats, Daniel [R-IN] DANIEL COATS R IN RAY 2015-12-10 False C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2016-02-03 False Education Contracts and agency Federal preemption Financial services and investments Higher education Income tax exclusion Student aid and college costs Wages and earnings Education 00 2015-10-20 Introduced in Senate 2016-10-05T11:23:04Z Investing in Student Success Act of 2015

This bill authorizes an individual (i.e., a student) and another person (i.e., an investor) to enter an income-share agreement (ISA) in which the student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for postsecondary education, workforce development, or other purposes.

An ISA that complies with specified terms and conditions and meets certain disclosure requirements is a valid, binding, and enforceable contract and is not subject to state laws that limit interest rates or regulate assignments of future income.

The bill amends the Internal Revenue Code to include an ISA as a qualified education loan (a qualified education loan is not dischargeable in bankruptcy), but it prohibits a tax deduction for interest paid on an ISA (interest paid on a qualified education loan is tax deductible).

Payments to a student under an ISA are not includible as: (1) gross income for tax purposes, or (2) income or assets for federal financial aid eligibility purposes under the Higher Education Act of 1965.

The bill amends the Investment Company Act of 1940 to exclude as an investment company any person whose business substantially consists of making ISAs.

]]> Investing in Student Success Act of 2015 Display Title Investing in Student Success Act of 2015 Official Title as Introduced A bill to provide the legal framework necessary for the growth of innovative private financing options for students to fund postsecondary education, and for other purposes. Introduced in Senate IS Short Titles as Introduced Investing in Student Success Act of 2015 Introduced in Senate 2015-10-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2186is/xml/BILLS-114s2186is.xml 2015-10-20 Read twice and referred to the Committee on Finance. 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.