College Affordability and Lifetime Savings Act - Amends the Internal Revenue Code to: (1) convert the current deduction for interest on education loans to a credit equal to 50 percent of the interest paid during the taxable year on any qualified education loan; and (2) exclude from gross income amounts which would be included under specified loan forgiveness programs for teachers and other public servants.
Actions
Mar 18, 2003
Referred to the House Committee on Ways and Means.
Mar 18, 2003
Sponsor introductory remarks on measure. (CR E485-486)