College for All Act 2015-05-19 Introduced in Senate College for All Act

This bill directs the Department of Education (ED) to award grants to states to eliminate tuition and required fees at public institutions of higher education (IHEs).

It also amends the Higher Education Act of 1965 to:

  • modify provisions related to interest rates on federal student loans to revise rates applicable to new loans disbursed on or after July 1, 2015;
  • allow student loan borrowers to modify interest rates on outstanding federal student loans to current rates;
  • reauthorize the Federal Work Study program for FY2016-FY2020;
  • eliminate existing base guarantees of Federal Work Study funds to IHEs and require funds to be allocated based solely on the aggregate need of the institution’s students;
  • authorize ED to establish a pilot program to streamline the federal financial assistance application process and reduce the need for students to apply for financial assistance each year; and
  • require ED to use tax information from the second preceding tax year (the “prior, prior year”) to determine a student’s financial aid eligibility.

Inclusive Prosperity Act of 2015

To offset the cost, this bill amends the Internal Revenue Code to impose a transaction tax on certain securities transfers. An individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) is eligible for a tax credit for the amount of tax paid on covered transactions.

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