A bill to amend the Higher Education Act of 1965 to encourage entrepreneurship by providing loan deferment and loan cancellation for founders and employees of small business startups, and for other purposes.
Reigniting Opportunity for Innovators Act
This bill makes qualified founders and full-time employees of small business start-ups eligible to defer payments on their Federal Direct Loans for up to three years.
If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000.
The bill also excludes from an individual's gross income, for tax purposes, the amount of such canceled student loan debt.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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