Title: ASPIRE Act
Policy area: Education

Summary:
American Science Principal and Interest Reduction and Employment Act or the ASPIRE Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to cancel 25% of the outstanding balance of principal due on a Federal Direct Loan made to a student or parent of a student who graduates from an undergraduate STEM program.
An undergraduate STEM program is a degree or certificate program related to science, technology, engineering, or mathematics at an institution of higher education.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 926 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 926

   To amend the Higher Education Act of 1965 to reduce the principal 
                  amount on loans made to STEM majors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2017

   Mr. Soto introduced the following bill; which was referred to the 
                Committee on Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
   To amend the Higher Education Act of 1965 to reduce the principal 
                  amount on loans made to STEM majors.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Science Principal and 
Interest Reduction and Employment Act'' or the ``ASPIRE Act''.

SEC. 2. LOAN CANCELLATION FOR STEM MAJORS.

    Part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 
1087a et seq.) is amended by adding at the end the following:

``SEC. 460A. LOAN CANCELLATION FOR STEM MAJORS.

    ``(a) Program Authorized.--
            ``(1) In general.--The Secretary shall carry out a program 
        of canceling the obligation to repay 25 percent of the 
        outstanding balance of principal due, in accordance with 
        paragraph (2), on any eligible Federal Direct Loan made to a 
        borrower who receives such loan--
                    ``(A) for attendance at an undergraduate STEM 
                program; or
                    ``(B) on behalf of a dependent student for such 
                student to attend an undergraduate STEM program.
            ``(2) Loan cancellation amount.--As soon as practicable 
        after the borrower or the borrower's dependent student 
        graduates with an undergraduate degree or certificate from the 
        program described in paragraph (1), the Secretary shall cancel 
        the obligation to repay 25 percent of the balance of principal 
        due as of the time of such cancellation, on the eligible 
        Federal Direct Loans made to the borrower.
    ``(b) Definitions.--In this section:
            ``(1) Eligible federal direct loan.--The term `eligible 
        Federal Direct Loan' means a Federal Direct Stafford Loan, 
        Federal Direct PLUS Loan, or Federal Direct Unsubsidized 
        Stafford Loan, or a Federal Direct Consolidation Loan.
            ``(2) Undergraduate stem program of study.--The term 
        `undergraduate STEM program of study' means a program of study 
        related to science, technology, engineering, or mathematics, at 
        an institution of higher education that leads to an 
        undergraduate degree or certificate.
    ``(c) Construction.--Nothing in this section shall be construed to 
authorize any refunding of any canceled loan.''.
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