3.0.0 136 2025-05-27T14:16:40Z 2025-05-27T14:16:40Z Senate S S 2023-01-30 118 ssfi00 Finance Committee Senate Standing Referred To 2023-01-30T21:38:20Z 2023-01-30 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2023-01-30 Introduced in Senate IntroReferral 10000 9 Library of Congress Y000064 Sen. Young, Todd [R-IN] Todd Young R IN N W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2023-01-30 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2023-01-30 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2023-01-30 True Finance and Financial Sector Finance and Financial Sector 2023-03-01T22:45:22Z

00 2023-01-30 Introduced in Senate 2023-03-24T19:54:17Z <p><b>ISA Student Protection Act of 2023 </b></p> <p>This bill sets forth consumer protections and other requirements for educational income share agreements (ISAs). In an educational ISA, a provider credits or advances funding for a recipient's postsecondary education or other training; in turn, the recipient agrees to pay the provider a percentage of the recipient's future earnings over a set period of time. (The Department of Education currently considers educational ISAs as private education loans for the purposes of preferred lender arrangement disclosures.) </p> <p>Under the bill, the recipient is only obligated to pay back the provider if the recipient earns over a certain amount. The recipient's obligation to pay ends at the specified time even if the recipient does not pay back the full amount of the funding. Further, payments are limited to 20% of the recipient's income. Recipients earning under a certain threshold are exempt from payments. </p> <p>If a recipient files for bankruptcy, ISAs are not subject to the same undue hardship standard typical of student loan discharges, therefore making these agreements easier to discharge. The bill also applies current consumer loan protections to these agreements. A provider must make certain disclosures to the recipient before entering into an ISA, including how payments are calculated, the length of the agreement, and how these agreements compare to student loan options. </p> <p>The bill establishes the tax treatment of ISAs, including by exempting from taxable income the amounts received under an ISA. </p>

Display Title 45 2024-07-24T15:23:56Z Short Title(s) as Introduced 101 2024-05-24T13:42:44Z Introduced in Senate IS Official Title as Introduced 6 2023-02-15T02:28:42Z Introduced in Senate IS Introduced in Senate 2023-01-30T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s136is/xml/BILLS-118s136is.xml 2023-01-30 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.