[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1822 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1822

To amend the Federal Direct Loan Program to provide that interest shall 
not accrue on Federal Direct Loans for active duty service members and 
                             their spouses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 19, 2007

   Mr. Bayh introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Direct Loan Program to provide that interest shall 
not accrue on Federal Direct Loans for active duty service members and 
                             their spouses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Interest Relief Act''.

SEC. 2. NO ACCRUAL OF INTEREST FOR ACTIVE DUTY SERVICE MEMBERS AND 
              THEIR SPOUSES.

    Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) 
is amended by adding at the end the following:
    ``(m) No Accrual of Interest for Active Duty Service Members and 
Their Spouses.--
            ``(1) In general.--Notwithstanding any other provision of 
        this part, and except as provided in paragraph (3), interest on 
        a loan made under this part shall not accrue for an eligible 
        borrower.
            ``(2) Eligible borrower.--In this subsection, the term 
        `eligible borrower' means an individual--
                    ``(A) who is--
                            ``(i) serving on active duty during a war 
                        or other military operation or national 
                        emergency; or
                            ``(ii) performing qualifying National Guard 
                        duty during a war or other military operation 
                        or national emergency; or
                    ``(B) who is the spouse of an individual described 
                in subparagraph (A).
            ``(3) Limitation.--An individual who qualifies as an 
        eligible borrower under this subsection may receive the benefit 
        of this subsection for not more than 60 months.''.
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