[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7637-S7638]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1798. Ms. WARREN submitted an amendment intended to be proposed to 
amendment SA 1618 proposed by Mr.

[[Page S7638]]

McConnell (for Mr. Hatch (for himself and Ms. Murkowski)) to the bill 
H.R. 1, to provide for reconciliation pursuant to titles II and V of 
the concurrent resolution on the budget for fiscal year 2018; which was 
ordered to lie on the table; as follows:

       At the end of title I, add the following:

                Subtitle _____--Student Loan Forgiveness

     SEC. ___01. SHORT TITLE.

       This subtitle may be cited as the ``Student Loan 
     Forgiveness Act of 2017''.

     SEC. ___02. REPEAL OF INCREASED ESTATE AND GIFT TAX EXEMPTION 
                   AND REDUCTION IN CORPORATE TAX RATE.

       Notwithstanding any other provision of law, sections 11061, 
     13001, and 13002 of this Act shall be repealed, and the 
     Internal Revenue Code of 1986 shall be applied as if such 
     sections, and the amendments made thereby, had never been 
     enacted.

     SEC. ___02. FEDERAL STUDENT LOAN FORGIVENESS.

       (a) Definition of Federal Student Loan.--In this section, 
     the term ``Federal student loan'' means a loan that--
       (1) originated before the date of enactment of this Act; 
     and
       (2) was made, insured, or guaranteed under title IV of the 
     Higher Education Act of 1965 (20 U.S.C. 1070 et seq.), 
     including any loan made under part B, D, or E of such title.
       (b) Cancellation of All Outstanding Federal Direct Student 
     Loans.--Notwithstanding title IV of the Higher Education Act 
     of 1965 (20 U.S.C. 1070 et seq.) or any other provision of 
     law, the Secretary of Education shall, as appropriate for 
     each Federal student loan--
       (1) cancel the balance of interest, principal, and fees due 
     on such loan as of the date of such cancellation; or
       (2) assume, through the holder of such loan, the obligation 
     to repay the balance of interest, principal, and fees due on 
     such loan, as of the date of such assumption.
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