Tribal Colleges and Universities Faculty Loan Forgiveness Act

Bill: 110-s-481
Sponsor: Sen. Conrad, Kent [D-ND]
Introduced: 2007-02-01 in the Senate
Policy area: Native Americans
Subjects: College teachers
Economics and Public Finance
Education
Federal aid to Indians
Federal aid to education
Federally-guaranteed loans
Finance and Financial Sector
Health
Higher education
Income tax
Indian education
Minorities
Nursing education
Scholarships
Student loan funds
Tax exclusion
Taxation

Summary:
action_date: 2007-02-01
text: 
Tribal Colleges and Universities Faculty Loan Forgiveness Act - Amends the Higher Education Act of 1965 to provide for the cancellation of a specified percentage of the total amount of any Federal Perkins loan, Federal Family Education loan, or direct student loan for each year of employment (up to five) as a full-time faculty member at a tribal college or university if the borrower is not in default on such loan. 
 
Requires the Secretary to assume or cancel the obligation to repay: (1) 15% of the amount of all such loans made, insured, or guaranteed after enactment of this Act to a student for the first or second year of employment; (2) 20% for the third or fourth year of such employment; and (3) 30% for the fifth year.
 
Limits the total amount of loan repayment or cancellation per student to $15,000. Allows for repayment or cancellation of consolidation loans only to the extent of the qualified student loans involved.
 
Prohibits a borrower from receiving, for the same service, both a benefit from this Act and a benefit from the National Community Service Act of 1990.
 
Amends the Public Health Service Act to provide for repayment by the Secretary of Health and Human Services of educational loans for nurse training costs on behalf of nursing instructors at tribal colleges or universities, or any land-grant institution listed in the Equity in Educational Land-Grant Status Act of 1994.
 
Provides that the amount of any loan forgiven under this Act shall not be treated as gross income for federal tax purposes.

action_date: 2007-04-10
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Tribal Colleges and Universities Faculty Loan Forgiveness Act - Amends the Higher Education Act of 1965 to provide for the cancellation of a specified percentage of the total amount of any Federal Perkins loan, Federal Family Education loan, or direct student loan for each year of employment (up to five) as a full-time faculty member at a tribal college or university if the borrower is not in default on such loan. 
 
Requires the Secretary to assume or cancel the obligation to repay: (1) 15% of the amount of all such loans made, insured, or guaranteed after enactment of this Act to a student for the first or second year of employment; (2) 20% for the third or fourth year of such employment; and (3) 30% for the fifth year.
 
Limits the total amount of loan repayment or cancellation per student to $15,000. Allows for repayment or cancellation of consolidation loans only to the extent of the qualified student loans involved.
 
Prohibits a borrower from receiving, for the same service, both a benefit from this Act and a benefit from the National Community Service Act of 1990.
 
Amends the Public Health Service Act to provide for repayment by the Secretary of Health and Human Services of educational loans for nurse training costs on behalf of nursing instructors at tribal colleges or universities, or any land-grant institution listed in the Equity in Educational Land-Grant Status Act of 1994.
 
Provides that the amount of any loan forgiven under this Act shall not be treated as gross income for federal tax purposes.


Legislative actions:
action_date: 2007-04-10
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 111.
action_date: 2007-04-10
text: Committee on Indian Affairs. Reported by Senator Dorgan without amendment. With written report No. 110-46.
action_date: 2007-04-10
text: Committee on Indian Affairs. Reported by Senator Dorgan without amendment. With written report No. 110-46.
action_date: 2007-02-08
text: Committee on Indian Affairs. Ordered to be reported without amendment favorably.
action_date: 2007-02-01
text: Read twice and referred to the Committee on Indian Affairs.
action_date: 2007-02-01
text: Sponsor introductory remarks on measure. (CR S1530)
action_date: 2007-02-01
text: Introduced in Senate