Students and Families Empowerment Act
Latest action · Mar 14, 2019 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 14, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Students and Families Empowerment Act
This bill expands tax deductions and grace periods that apply to student loan payments.
The bill modifies the tax deduction for interest on education loans to replace the dollar limitation and the limitation based on modified adjusted gross income with a $750,000 limit ($1.5 million in the case of a joint return) on the aggregate amount of qualified education loans that may be taken into account for the deduction.
The bill excludes from gross income the discharge of any student loan debt pursuant to income contingent and income-based repayment plans under the Higher Education Act of 1965.
The bill extends from 6 months to 12 months (1) the grace period before payment must begin on Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans after the student ceases to carry at least one-half of the normal full-time academic workload, and (2) the deferment periods for parent borrowers and graduate or professional student borrowers with Federal Direct PLUS Loans.
The bill prohibits interest from accruing on a Federal Direct Unsubsidized Stafford Loan or a Federal Direct PLUS Loan during the 12-month extension or deferral period.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Mar 14, 2019Introduced in House
- Mar 14, 2019Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 14, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.