HR 8457 United States House · 117th Congress

Making College More Affordable Act

Summary

Making College More Affordable Act This bill creates federal interest-free education loans for undergraduate students. The loans must generally have the same terms and conditions and benefits to borrowers as Federal Direct Stafford Loans. Interest on these loans may only accrue during periods when a borrower is earning taxable income, is in repayment on such loans, and is not making payments under a repayment plan. The Department of Education (ED) must carry out a repayment plan program for the interest-free loans under which loan payments are automatically withheld from the wages of the borrower. ED must cancel any outstanding balance of principal or interest due on those interest-free loans made to a borrower who has made 360 monthly payments. The bill also allows for a tax deduction for amounts paid on these loans.

Issues: ✓ Education

Bill status in committee 1 of 4 stages cleared

Introduction

Jul 2022

Committee Review

Floor Vote

President

Introduced Jul 21, 2022 Last action Jul 21, 2022

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Committee

Jul 21, 2022

Committee

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.

lower

Jul 21, 2022

Introduced

Introduced in House

lower

1 primary · 0 co-sponsors