America RISING Act of 2014

Summary: America Realizing the Informational Skills and Initiative of New Graduates Act of 2014 or the America RISING Act of 2014 - Directs the Secretary of Labor and the Secretary of Education to jointly establish a program providing grants to:    eligible employers to defray the cost of compensation they pay to recent graduates from institutions of higher education (IHEs); and   such graduates to enable them to defray the cost of undertaking further postsecondary education at an IHE for up to 24 months in subjects relating to mathematics, science, engineering, or technology.  Defines an &quot;eligible employer&quot; as a small business concern or a major corporation that has an operation located in an enterprise zone or in an area in which the unemployment rate exceeds the national average unemployment rate by more than 2%. Allows college graduates who are participating in the program, either as grantees or beneficiaries of grants to their employers, to defer payment on their federal student loans under title IV (Student Assistance) of the Higher Education Act of 1965 until their participation in the program ends. Requires graduates who are awarded a program grant to be eligible to receive federal student aid under title IV without regard to whether they have been or are delinquent on title IV loans.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``America Realizing the Informational 
Skills and Initiative of New Graduates Act of 2014'' or ``America 
RISING Act of 2014''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) According to the Bureau of Labor Statistics, in 2012 
        the national unemployment rate for individuals ages 25 years 
        and older with a bachelor's degree was 4.5 percent and 6.2 
        percent for individuals with an associate's degree. For college 
        graduates ages 18 to 25 the national unemployment rate in 2012 
        was higher at 7.7 percent. Because the typical college 
        graduates leaves college owing an average of $29,400 in student 
        loan debt, a rate that has increased 6 percent every year since 
        2008, the current job market offers exceedingly few 
        opportunities for such graduates to obtain employment at a 
        salary adequate to service their college loan debt.
            (2) There are more than 26 million small businesses in the 
        United States. In the current economic climate, these small 
        businesses are experiencing difficulty in finding the resources 
        needed to increase sales, modernize operations, and hire new 
        employees.
            (3) Recent college graduates need the experience that can 
        be obtained only in the workplace to refine their skills and 
        develop the entrepreneurial qualities that can lead to the 
        creation of new businesses and jobs.
            (4) Existing small businesses, and companies will benefit 
        from the information and technology skills possessed by many of 
        the Nation's recent college graduates.
            (5) Enabling recent college graduates to obtain employment 
        with small businesses benefits the national economy by 
        providing such businesses the human capital and technical 
        expertise needed to compete and win in the global economy of 
        the 21st century.

SEC. 3. ESTABLISHMENT OF AMERICA RISING PROGRAM.

    (a) Establishment.--The Secretary of Labor and the Secretary of 
Education shall, jointly, establish a program under which--
            (1) grants are paid to eligible employers to defray the 
        cost of compensation paid by such employers to recent college 
        graduates; and
            (2) grants are paid to recent college graduates to enable 
        such graduates to defray the cost of undertaking further 
        postsecondary courses at an institution of higher education for 
        up to 24 months in subjects relating to mathematics, science, 
        engineering, or technology.
    (b) Terms and Conditions.--
            (1) In general.--A grant under this section may be made on 
        such terms and conditions as the Secretary may determine.
            (2) Deferral of federal student loan obligations.--Each 
        recent college graduate participating in the program under this 
        section (by benefitting from a grant awarded under paragraph 
        (1), or receiving a grant under paragraph (2), of subsection 
        (a)) may defer payment on Federal student loans made to the 
        graduate under title IV of the Higher Education Act of 1965 (20 
        U.S.C. 1070 et seq.) for the period of the graduate's 
        participation in the program.
            (3) Grants to eligible employers.--With respect to a grant 
        awarded under subsection (a)(1)--
                    (A) an eligible employer--
                            (i) may use the grant to defray the cost of 
                        compensation for not more than 2 recent college 
                        graduates; and
                            (ii) shall provide a compensation amount to 
                        each recent college graduate participating in 
                        the program that is equal to or greater than 
                        the grant amount received by the employer for 
                        the graduate; and
                    (B) the Secretary may not award an eligible 
                employer more than $25,000 per recent college graduate.
            (4) Grants to recent college graduates.--With respect to a 
        grant awarded under subsection (a)(2) to a recent college 
        graduate, the graduate shall be eligible to receive Federal 
        student aid under title IV of the Higher Education Act of 1965 
        (20 U.S.C. 1070 et seq.) without regard to whether the graduate 
        has been or is delinquent on any Federal student loans made to 
        the graduate under such title IV (20 U.S.C. 1070 et seq.).
    (c) Definitions.--In this section:
            (1) Eligible employer.--The term ``eligible employer'' 
        means an employer that--
                    (A) is a small business concern; or
                    (B) is a major corporation that has an operation 
                located in--
                            (i) an enterprise zone; or
                            (ii) an area in which, according to the 
                        most recent data available, the unemployment 
                        rate exceeds the national average unemployment 
                        rate by more than two percentage points.
            (2) Enterprise zone.--The term ``enterprise zone'' has the 
        meaning given the term ``HUBzone'' in section 3 of the Small 
        Business Act (15 U.S.C. 632).
            (3) Institution of higher education.--Except as provided in 
        paragraph (3)(B), the term ``institution of higher education'' 
        has the meaning given the term in section 101 of the Higher 
        Education Act of 1965 (20 U.S.C. 1001).
            (4) Major corporation.--The term ``major corporation'' 
        means an employer that earns an annual revenue of not less than 
        $5,000,000 and employs not less than 50 employees.
            (5) Recent college graduate.--
                    (A) In general.--The term ``recent college 
                graduate'' means an individual who--
                            (i) who has received a baccalaureate or 
                        associate degree from an institution of higher 
                        education on or after the date that is 24 
                        months before the grant benefitting the 
                        graduate is awarded under this section; and
                            (ii) who has not previously received any 
                        such baccalaureate or associate degree.
                    (B) Institution of higher education.--In 
                subparagraph (A), the term ``institution of higher 
                education'' has the meaning given such term in section 
                102 of the Higher Education Act of 1965 (20 U.S.C. 
                1002).
            (6) Small business concern.--The term ``small business 
        concern'' has the meaning given such term in section 3 of the 
        Small Business Act (15 U.S.C. 632).
    (d) Authorization of Appropriations.--
            (1) In general.--There is authorized to be appropriated to 
        carry out this Act $100,000,000 for each of the fiscal years 
        2015, 2016, and 2017.
            (2) Availability.--Funds appropriated under paragraph (1) 
        shall remain available until expended.