Investing in Student Success Act of 2015

Summary

Investing in Student Success Act of 2015 This bill authorizes an individual (i.e., a student) and another person (i.e., an investor) to enter an income-share agreement (ISA) in which the student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for postsecondary educational expenses. An ISA that complies with specified terms and conditions and meets certain disclosure requirements is a valid, binding, and enforceable contract and is not subject to state laws that limit interest rates or regulate assignments of future income. The bill amends the Internal Revenue Code to include an ISA as a qualified education loan (a qualified education loan is not dischargeable in bankruptcy), but it prohibits a tax deduction for interest paid on an ISA (interest paid on a qualified education loan is tax deductible). Payments to a student under an ISA are not includible as: (1) gross income for tax purposes, or (2) income or assets for federal financial aid eligibility purposes under the Higher Education Act of 1965. The bill amends the Investment Company Act of 1940 to exclude as an investment company any person whose business substantially consists of making ISAs.

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Timeline

1. 29 July 2015

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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.

   Source: IntroReferral

2. 29 July 2015

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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.

   Source: IntroReferral

3. 29 July 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 July 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 16 November 2015

   Referred

   Referred to the Subcommittee on Higher Education and Workforce Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 July 2015 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 July 2015

  Open at official source

Sponsors

• Todd Young · R · Sponsor
• Jared Polis · D · Sponsor
• · hsed00 · Standing
• · hsba00 · Standing
• · hswm00 · Standing

Related records

• related to ← Investing in Student Success Act of 2015