H.R. 2981 · 118th Congress
AID Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StevensSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill creates a new student loan allowance calculation for determining the Student Aid Index (SAI). The SAI is an eligibility index number that is used to determine the amount of federal student aid a student is eligible to receive.
What it does: CRS summary · Introduced in House · Apr 27, 2023
Alleviating Intergenerational Debt Act or the AID Act
This bill creates a new student loan allowance calculation for determining the Student Aid Index (SAI). The SAI is an eligibility index number that is used to determine the amount of federal student aid a student is eligible to receive.
In particular, the bill revises the SAI formula to create a new allowance against income for dependent students' parents who have their own outstanding federal student loan debt, subject to income limitations.
The Department of Education (ED) must annually publish a revised table of student loan allowances.
The bill requires ED to submit an annual report to Congress on the impacts of the bill, including (1) the number and percentage of students whose SAI include the subtraction of this allowance, separated out by eligibility for Federal Pell Grants; and (2) the average amount of the allowance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: AID Act
Also known as: Alleviating Intergenerational Debt Act
Latest action (Apr 27, 2023): Referred to the House Committee on Education and the Workforce.
Policy area: Education · Origin: House · Introduced: Apr 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.