H.R. 4834 · 111th Congress
Student Debt Reduction Act
- Stage
- In committee
- Sponsor
- Mark Schauer
- Introduced
- 2010-03-11
- Latest action
- 2010-04-30 · Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Summary
Student Debt Reduction Act - Amends the Higher Education Act of 1965 to cap annual, income-based, student loan repayments under the Federal Family Education Loan and Direct Loan programs at 10% (currently, 15%) of the amount by which a borrower's and the borrower's spouse's adjusted gross income exceeds 150% of the poverty line.
Requires the Secretary of Education to cancel or repay such loans after 20 (currently, 25) years.