H.R. 5613 · 116th Congress
RISE Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GallegoSponsor4 cosponsors · 4 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Relief and Investment for Student Entrepreneurs Act or the RISE Act
What it does: CRS summary · Introduced in House · Jan 15, 2020
Relief and Investment for Student Entrepreneurs Act or the RISE Act
This bill provides deferment and cancellation of certain loans under the Federal Direct Loan program for qualified entrepreneurs.
Specifically, the bill allows a qualified entrepreneur with a loan under the Federal Direct Loan program to defer loan payments for up to three years. A qualified entrepreneur is a borrower who (1) receives a degree during the 10-year period before the borrower requests a deferment, (2) registers at least one business entity, (3) raises capital of not less than $15,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000.
The Department of Education may cancel up to $17,500 of Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for a borrower who (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: RISE Act
Also known as: Relief and Investment for Student Entrepreneurs Act
Latest action (Jan 15, 2020): Referred to the House Committee on Education and Labor.
Policy area: Education · Origin: House · Introduced: Jan 15, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.