I 
115TH CONGRESS 
1ST SESSION H. R. 4584 
To provide loan forgiveness to borrowers of Federal student loans who agree 
to delay eligibility to collect Social Security benefits, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 7, 2017 
Mr. GARRETT (for himself, Mr. MESSER, Mr. ROKITA, Mr. FERGUSON, and 
Mr. BRAT) introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Edu-
cation and the Workforce, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned 
A BILL 
To provide loan forgiveness to borrowers of Federal student 
loans who agree to delay eligibility to collect Social Secu-
rity benefits, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Student Security Act 
of 2017’’. 
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SEC. 2. STUDENT SECURITY LOAN FORGIVENESS PRO-
GRAM. 
Section 455 of the Higher Education Act of 1965 (20 
U.S.C. 1087e) is amended by adding at the end the fol-
lowing: 
‘‘(r) STUDENT SECURITY LOAN FORGIVENESS PRO-
GRAM.— 
‘‘(1) PROGRAM
AUTHORIZED.—Beginning not 
later than 180 days after the date of the enactment 
of the Student Security Act of 2017, the Secretary 
of Education, jointly with the Commissioner of So-
cial Security, shall carry out a program under which 
the Secretary shall issue student loan forgiveness 
credits to qualified borrowers of eligible Federal Di-
rect loans in exchange for delayed eligibility for old- 
age insurance benefits under title II of the Social 
Security Act (as amended by the Student Security 
Act of 2017) in accordance with this subsection. 
‘‘(2) AGREEMENT REQUIRED.—To be eligible to 
participate in the program, a qualified borrower 
shall enter into a written agreement with the Sec-
retary of Education and the Commissioner of Social 
Security under which the borrower— 
‘‘(A) elects to receive a specified number of 
student loan forgiveness credits not greater 
than 73; and 
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‘‘(B) acknowledges the extent of the bor-
rower’s delayed eligibility for old-age insurance 
benefits under title II of the Social Security Act 
(as amended by the Student Security Act of 
2017) as a result of receiving such credits. 
‘‘(3) TERMINATION.—No borrower may enter 
into an agreement under paragraph (2) unless such 
borrower was a qualified borrower on or before the 
date that is 15 years after the date of the enactment 
of the Student Security Act of 2017. 
‘‘(4) COMBINATION WITH OTHER FORGIVENESS 
PROGRAMS.—Unless otherwise provided by law, a 
qualified borrower may combine forgiveness under 
this subsection with other forgiveness programs 
under this Act, except in no case shall the total 
amount of forgiveness received by a borrower under 
all such programs exceed the amount of Federal stu-
dent loans owed by such borrower. 
‘‘(5) DEFINITIONS.—In this section: 
‘‘(A) DEFAULT.—The term ‘default’ has 
the meaning given the term in section 435(l). 
‘‘(B) ELIGIBLE FEDERAL DIRECT LOAN.— 
The term ‘eligible Federal Direct loan’ means 
any loan made under this part, including any 
such loan on which the borrower has defaulted. 
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‘‘(C) INITIAL
QUALIFYING
DATE.—The 
term ‘initial qualifying date’ means the date 
that is 24 months after the date of the enact-
ment of the Student Security Act of 2017. 
‘‘(D) QUALIFIED
BORROWER.—The term 
‘qualified borrower’— 
‘‘(i) with respect to a borrower who 
seeks to enter into an agreement under 
paragraph (2) on or before the initial 
qualifying date, means a borrower of an el-
igible Federal Direct loan who is not enti-
tled to collect old-age insurance benefits 
under title II of the Social Security Act as 
of the date of the agreement under para-
graph (2), including a borrower who is a 
defaulted borrower; and 
‘‘(ii) with respect to a borrower who 
seeks to enter into an agreement under 
paragraph (2) after the initial qualifying 
date, means— 
‘‘(I) a borrower of an eligible 
Federal Direct loan who is not enti-
tled to collect old-age insurance bene-
fits under title II of the Social Secu-
rity Act as of the date of the agree-
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ment under paragraph (2), including 
a borrower who is a defaulted bor-
rower; and 
‘‘(II) who was eligible for a 
deferment under subsection (f)(2)(A) 
at any time during the five-year pe-
riod preceding the date of the agree-
ment under paragraph (2). 
‘‘(E) STUDENT LOAN FORGIVENESS CRED-
IT.—The term ‘student loan forgiveness credit’ 
means the cancellation of the obligation of a 
qualified borrower to repay $550 in eligible 
Federal Direct loans in exchange for delayed 
eligibility for old-age insurance benefits as spec-
ified in title II of the Social Security Act (as 
amended by the Student Security Act of 
2017).’’. 
SEC. 3. DELAYED ELIGIBILITY FOR OLD-AGE INSURANCE 
BENEFITS. 
(a) RETIREMENT AGE; EARLY RETIREMENT AGE.— 
Section 216(l) of the Social Security Act (42 U.S.C. 
416(l)) is amended by adding at the end the following: 
‘‘(4) Notwithstanding the preceding paragraphs of 
this subsection, in the case of an individual who receives 
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one or more student loan forgiveness credits under section 
455(r) of the Higher Education Act of 1965— 
‘‘(A) the retirement age with respect to such in-
dividual shall be deemed to be— 
‘‘(i) the retirement age determined with re-
spect to such individual under paragraph (1); 
plus 
‘‘(ii) a number of additional months equal 
to the number of student loan forgiveness cred-
its received by the individual under such section 
455(r); and 
‘‘(B) the early retirement age with respect to 
such individual shall be deemed to be— 
‘‘(i) the early retirement age determined 
with respect to such individual under paragraph 
(2); plus 
‘‘(ii) a number of additional months equal 
to the number of student loan forgiveness cred-
its received by the individual under such section 
455(r).’’. 
(b) 
DELAYED
RETIREMENT
CREDITS.—Section 
202(w) of the Social Security Act (42 U.S.C. 402(w)) is 
amended by inserting after ‘‘age 70’’ each place it appears 
the following: ‘‘(or, in the case of an individual described 
in paragraph (4) of section 216(l), age 70 plus the number 
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of additional months determined under subparagraph 
(A)(ii) of such paragraph)’’. 
(c) VOLUNTARY SUSPENSION OF BENEFITS.—Sec-
tion 202(z) of the Social Security Act (42 U.S.C. 402(z)) 
is amended by inserting after ‘‘the age of 70’’ the fol-
lowing: ‘‘(or, in the case of an individual described in para-
graph (4) of section 216(l), the age of 70 plus the number 
of additional months determined under subparagraph 
(A)(ii) of such paragraph)’’. 
SEC. 4. INTERFUND BORROWING. 
Section 201(l) of the Social Security Act (42 U.S.C. 
401(l)) is amended to read as follows: 
‘‘(l)(1) If at any time the Managing Trustee deter-
mines that borrowing authorized under this subsection is 
necessary to pay full benefit payments from the Federal 
Disability Insurance Trust Fund, the Managing Trustee 
may borrow such necessary amounts from the Federal 
Old-Age and Survivors Insurance Trust Fund for transfer 
to and deposit in the Federal Disability Insurance Trust 
Fund. 
‘‘(2) In any case where a loan has been made to the 
Federal Disability Insurance Trust Fund under paragraph 
(1), there shall be transferred on the last day of each 
month after such loan is made, from the borrowing Trust 
Fund to the lending Trust Fund, the total interest accrued 
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to such day with respect to the unrepaid balance of such 
loan at a rate equal to the rate which the lending Trust 
Fund would earn on the amount involved if the loan were 
an investment under subsection (d) (even if such an in-
vestment would earn interest at a rate different than the 
rate earned by investments redeemed by the lending Trust 
Fund in order to make the loan). 
‘‘(3)(A) If in any month after a loan has been made 
to the Federal Disability Insurance Trust Fund under 
paragraph (1), the Managing Trustee determines that the 
assets of such Trust Fund are sufficient to permit repay-
ment of all or part of any loans made to such Fund under 
paragraph (1), he shall make such repayments as he deter-
mines to be appropriate. 
‘‘(B) The full amount of all loans made under 
paragraph (1) shall be repaid at the earliest feasible 
date. 
‘‘(4) The Board of Trustees shall make a timely re-
port to the Congress of any amounts transferred (includ-
ing interest payments) under this subsection.’’. 
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SEC. 5. EXCLUSION FROM GROSS INCOME FOR DISCHARGE 
OF STUDENT LOAN INDEBTEDNESS UNDER 
THE STUDENT SECURITY LOAN FORGIVE-
NESS PROGRAM. 
(a) IN GENERAL.—Paragraph (1) of section 108(f) 
of the Internal Revenue Code of 1986 is amended to read 
as follows: 
‘‘(1) IN
GENERAL.—In the case of an indi-
vidual, gross income does not include any amount 
which (but for this subsection) would be includible in 
gross income by reason of the discharge (in whole or 
in part) of any student loan if such discharge was 
pursuant to— 
‘‘(A) a provision of such loan under which 
all or part of the indebtedness of the individual 
would be discharged if the individual worked for 
a certain period of time in certain professions 
for any of a broad class of employers, or 
‘‘(B) the receipt of student loan forgive-
ness credits under section 455(r) of the Higher 
Education Act of 1965.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to discharges of indebtedness on 
or after the date of the enactment of this Act. 
Æ 
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