Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Relief and Investment for Student
Entrepreneurs Act'' or the ''RISE Act''.

SEC. 2. DEFERMENT OF FEDERAL STUDENT LOAN PAYMENTS FOR QUALIFIED
ENTREPRENEURS.

Section 455(f) of the Higher Education Act of 1965 (20 U.S.C.
1087e(f)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (C), by striking ''or'' at the
end;
(B) in subparagraph (D), by striking the period at
the end and inserting ''; or''; and
(C) by adding at the end the following new
subparagraph:
''(E) subject to paragraph (5), not in excess of 3
years during which the borrower is a qualified
entrepreneur.''; and
(2) by adding at the end the following new paragraph:
''(5) Deferment for qualified entrepreneurs.--
''(A) Definition of qualified entrepreneur.--For
the purpose of this subsection, the term 'qualified
entrepreneur' means a borrower who--
''(i) received a degree from an institution
of higher education during the 10-year period
ending on the date on which deferment is
granted under paragraph (2)(E);
''(ii) registered at least 1 business
entity in a State during the 18-month period
ending on such date;
''(iii) raised capital investment of not
less than $30,000 for such business entity; and
''(iv) has an outstanding balance of
principal and interest on loans made under this
part of not less than $5,000.
''(B) Minimum employee requirement.--A borrower
granted deferment under paragraph (2)(E) shall not be
eligible to continue such deferment unless, on the date
that is 1 year after date on which such deferment is
granted, the borrower--
''(i) employs at the business entity
described in subparagraph (A)(ii) not fewer
than 2 full-time employees who are not the
borrower or relatives of the borrower; and
''(ii) pays such employees at a rate not
less than the minimum wage prescribed by the
State in which the business entity is
located.''.

SEC. 3. LOAN CANCELLATION FOR ENTREPRENEURS.

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

''SEC. 460A. LOAN CANCELLATION FOR ENTREPRENEURS.

''(a) Program Authorized.--The Secretary is authorized to carry out
a program of canceling the obligation to repay a qualified loan amount
in accordance with subsection (b) for Federal Direct Stafford Loans and
Federal Direct Unsubsidized Stafford Loans made under this part for any
borrower who--
''(1) for not less than a 3-year period ending on the date
of application under this section, has carried out a qualified
HUBZone small business concern listed under section 3(p)(5)(B)
of the Small Business Act, which has been registered as
business in a State; and
''(2) is not in default on a loan for which the borrower
seeks forgiveness.
''(b) Qualified Loan Amount.--
''(1) In general.--The Secretary shall cancel not more than
$17,500 in the aggregate of the loan obligation on a Federal
Direct Stafford Loan or a Federal Direct Unsubsidized Stafford
Loan that is outstanding.
''(2) Treatment of consolidation loans.--A loan amount for
a Federal Direct Consolidation Loan may be a qualified loan
amount for the purposes of this subsection only to the extent
that such loan amount was used to repay a Federal Direct
Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or
a loan made under section 428 or 428H, for a borrower who meets
the requirements of subsection (a), as determined in accordance
with regulations prescribed by the Secretary.
''(c) Priority.--The Secretary shall grant loan forgiveness under
this section on a first-come, first-served basis, and subject to the
availability of appropriations.
''(d) Rule of Construction.--Nothing in this section shall be
construed to authorize the refunding of any repayment of a loan.''.

SEC. 4. PUBLICATION AND REPORT.

(a) Publication.--The Secretary of Education and the Administrator
of the Small Business Administration shall each make available, on
publicly accessible websites of the Department of Education and the
Small Business Administration, respectively, information on the student
loan deferment program for qualified entrepreneurs under section 455(f)
of the Higher Education Act of 1965 (20 U.S.C. 1087e(f)), as amended by
this Act.
(b) Report to Congress.--Not later than 180 days after the date of
the enactment of this Act, the Secretary of Education shall submit to
Congress a report that includes--
(1) an assessment of the progress of the Secretary in
carrying out the student loan deferment program for qualified
entrepreneurs under section 455(f) of the Higher Education Act
of 1965 (20 U.S.C. 1087e(f)), as amended by this Act; and
(2) a description of any ongoing efforts to increase
participation in such program.
A:
Relief and Investment for Student Entrepreneurs Act or the RISE Act This bill amends the Higher Education Act of 1965 by allowing a qualified entrepreneur with a loan under the William D. Ford Federal Direct Loan program to defer loan payments for up to 3 years. A "qualified entrepreneur" is a borrower who: (1) has received a degree during the 10-year period before the date of the deferment, (2) has at least one registered business entity, (3) has raised capital of not less than $30,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000. The Department of Education may cancel up to $17,500 of federal direct and unsubsidized Stafford loans for a borrower who: (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.