3.0.0 5613 2022-03-02T16:13:00Z 2022-03-02T16:13:00Z House HR 2020-01-15 116 [Congressional Record Volume 166, Number 9 (Wednesday, January 15, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GALLEGO:H.R. 5613.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18[Page H300]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2020-01-15T15:00:40Z 2020-01-15 Referred to the House Committee on Education and Labor. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2020-01-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-01-15 Introduced in House IntroReferral 1000 9 Library of Congress G000574 Rep. Gallego, Ruben [D-AZ-7] Ruben Gallego D AZ 7 N S001193 Rep. Swalwell, Eric [D-CA-15] Eric Swalwell D CA 15 2020-01-15 True H001080 Rep. Haaland, Debra A. [D-NM-1] Debra Haaland D NM A. 1 2020-01-15 True S001211 Rep. Stanton, Greg [D-AZ-9] Greg Stanton D AZ 9 2020-01-24 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2020-11-09 False Education Economic development Government lending and loan guarantees Higher education Small business Student aid and college costs Education 00 2020-01-15 Introduced in House 2021-02-02T15:12:33Z Relief and Investment for Student Entrepreneurs Act or the RISE Act

This bill provides deferment and cancellation of certain loans under the Federal Direct Loan program for qualified entrepreneurs.

Specifically, the bill allows a qualified entrepreneur with a loan under the Federal Direct Loan program to defer loan payments for up to three years. A qualified entrepreneur is a borrower who (1) receives a degree during the 10-year period before the borrower requests a deferment, (2) registers at least one business entity, (3) raises capital of not less than $15,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000.

The Department of Education may cancel up to $17,500 of Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for a borrower who (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.

]]> RISE Act Display Title RISE Act Official Title as Introduced To amend the Higher Education Act of 1965 to allow qualified entrepreneurs to temporarily defer Federal student loan payments after starting a new business. Introduced in House IH Short Title(s) as Introduced RISE Act Introduced in House IH Short Title(s) as Introduced Relief and Investment for Student Entrepreneurs Act Introduced in House IH Introduced in House 2020-01-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr5613ih/xml/BILLS-116hr5613ih.xml 2020-01-15 Referred to the House Committee on Education and Labor. 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.