I 

115TH CONGRESS 

2D SESSION H. R. 5928 

To repeal the Tax Cuts and Jobs Act, forgive all outstanding Federal student 

loans, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 23, 2018 

Mr. POLIS (for himself, Mrs. CAROLYN B. MALONEY of New York, Mr. SCOTT

of Virginia, Ms. JAYAPAL, Mr. DESAULNIER, Ms. CLARKE of New York, 

Mr. ELLISON, Mr. ESPAILLAT, Ms. DELAURO, Ms. MOORE, Ms. ADAMS, 

Mrs. NAPOLITANO, and Mr. PERLMUTTER) introduced the following bill; 

which was referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, Natural Resources, and Energy and Commerce, 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 

A BILL 

To repeal the Tax Cuts and Jobs Act, forgive all outstanding 

Federal student loans, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Students Over Special 

5 Interests Act’’. 


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1 SEC. 2. SUNSET OF PUBLIC LAW 115–97. 

2 (a) IN GENERAL.—All provisions of, and amend3 ments made by, Public Law 115–97 shall not apply to cal4 endar, taxable, plan, or limitation years beginning after 

5 December 22, 2017. 

6 (b) APPLICATION OF CERTAIN LAWS.—The Internal 

7 Revenue Code of 1986 shall be applied and administered 

8 to years described in subsection (a) as if the provisions 

9 and amendments described in subsection (a) had never 

10 been enacted. 

11 SEC. 3. FORGIVENESS OF OUTSTANDING FEDERAL STU12 DENT LOANS. 

13 (a) FORGIVENESS REQUIRED.—Notwithstanding any 

14 other provision of law, not later than 180 days after the 

15 date of the enactment of this Act, the Secretary of Edu16 cation shall forgive the outstanding balance of interest and 

17 principal due on all eligible Federal student loans. 

18 (b) METHOD OF LOAN FORGIVENESS.—To provide 

19 the loan forgiveness required under subsection (a), the 

20 Secretary is authorized to carry out a program— 

21 (1) through the holder of the loan, to assume 

22 the obligation to repay the outstanding balance of 

23 interest and principal due on a loan made, insured, 

24 or guaranteed under part B of title IV of the Higher 

25 Education Act of 1965; and 


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1 (2) to cancel the outstanding balance of interest 

2 and principal due on a loan made under part D of 

3 such title. 

4 (c) EXCLUSION FROM TAXABLE INCOME.—The 

5 amount of a borrower’s eligible Federal student loans for6 given under this section shall not be included in the gross 

7 income of the borrower for purposes of the Internal Rev8 enue Code of 1986. 

9 (d) DEFINITION OF ELIGIBLE FEDERAL STUDENT

10 LOAN.—In this section the term ‘‘eligible Federal student 

11 loan’’ means any loan made, insured, or guaranteed under 

12 part B or part D of title IV of the Higher Education Act 

13 of 1965. 

14 SEC. 4. INCREASE IN FEDERAL PELL GRANTS; DEFICIT RE15 DUCTION. 

16 (a) IN GENERAL.—Of the amount of net cost savings 

17 achieved by sections 2 and 3— 

18 (1) one half shall be used by the Secretary of 

19 Education to increase the maximum Federal Pell 

20 Grant under section 401 of the Higher Education 

21 Act of 1965 (20 U.S.C. 1070a) by an equal amount 

22 for each of the 10 award years beginning after the 

23 date of the enactment of this Act; and 

24 (2) one half shall be used for the purpose of 

25 deficit reduction. 


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1 (b) TREATMENT AS MANDATORY SPENDING.—The 

2 amounts provided under subsection (a)(1) shall be avail3 able without further appropriation. 

4 (c) CONTINUATION OF MAXIMUM AMOUNT.—Not5 withstanding any other provision of law, the amount of 

6 the maximum Federal Pell Grant under section 401 of the 

7 Higher Education Act of 1965 (20 U.S.C. 1070a) for each 

8 award year beginning after the expiration of the period 

9 described in subsection (a)(1) shall be not less than the 

10 maximum amount determined for the last award year in 

11 such period. 

Æ 


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