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Committee on Education and LaborHigher Education and Workforce InvestmentIntroducedMarch 11th, 2010
- house Committees
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Student Debt Reduction Act
To amend section 493C of the Higher Education Act of 1965 to limit student loan payments to 10 percent of discretionary income, and for other purposes.
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.