Student Debt Relief Act of 2007

Summary

Student Debt Relief Act of 2007 - Amends the Higher Education Act of 1965 to extend the Pell Grant program through FY2012 and increase yearly maximum Pell grant amounts. Authorizes and appropriates specified additional annual funding for such grants. Requires the Secretary of Education to provide institutions of higher education Student Aid Reward Payments for participating in the Federal Family Education Loan (FFEL) or Direct Loan (DL) program most cost-effective for taxpayers. Phases-in cuts to the interest rates charged undergraduate student borrowers under the FFEL and DL programs, thereby reducing such rate from 6.8% in July 2006 to 3.4% in July 2011. Directs the Secretary to forgive the balance due on DLs and direct consolidation loans by individuals who have been public sector employees for 10 years and have made 120 income contingent payments on such loans. Caps FFEL and DL repayments by student borrowers at no more than 15% of the amount a borrower's adjusted gross income exceeds 150% of the poverty line. Requires the Secretary to cancel or repay such loans after 25 years. Eliminates the three-year limit on the deferral of FFELs, DLs, and Perkins loans when borrowers are suffering economic hardship, redefined to include borrowers whose full-time earnings do not exceed 150% of the poverty line. Includes such deferral periods, as well as the months a borrower's FFEL or DL payments are capped, in calculating the maximum period an income contingent repayment plan may be in effect for a non-defaulting borrower. Allows students to consolidate loans under the FFEL program while still in school. Reduces DL origination fees. Sets limits on funds available for administrative expenses under the FFEL and DL programs for FY2007-FY2012. Amends the Internal Revenue Code to increase the deduction for higher education expenses and make it permanent. Establishes a tax credit for student loan interest payments.

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Timeline

1. 22 January 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S848-851)

   Source: IntroReferral

2. 22 January 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S847-848)

   Source: IntroReferral

3. 22 January 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 January 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 January 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 January 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 22 January 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · ID · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Obama, Barack [D-IL] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Smith, Gordon H. [R-OR] · R · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• · ssfi00 · Standing

Related records

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