Student Loan Tax Elimination Act

Bill: 117-s-847
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2021-03-18
Policy area: Education
Subjects: Government lending and loan guarantees

Higher education

Student aid and college costs

User charges and fees
Latest action: action_date: 2021-03-18
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2021-03-18
action_desc: Introduced in Senate
text: <p><b>Student Loan Tax Elimination Act</b></p> <p>This bill eliminates the origination fee on federal student loans. Origination fees are the fees lenders charge for processing new loan applications.</p>

tv_txt: II 117th CONGRESS 1st Session S. 847 IN THE SENATE OF THE UNITED STATES March 18, 2021 Mr. Braun (for himself, Ms. Sinema , Mr. Coons , Mr. Hawley , Mr. Warnock , and Ms. Warren ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.

1. Short title This Act may be cited as the Student Loan Tax Elimination Act . 2. Elimination of origination fees on Federal Direct loans (a) Repeal of origination fees Subsection (c) of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(c) ) is repealed. (b) Effective date The amendment made by subsection (a) shall apply with respect to loans made under part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) for which the first disbursement of principal is made, or, in the case of a Federal Direct Consolidation Loan, the application is received, on or after March 27, 2020.