A bill to amend the Internal Revenue Code of 1954 to allow a credit against the individual income tax to a taxpayer who pays the tuition and certain related items of a student at an institution of higher education, where the taxpayer and the student agree to repay the credit (with interest) to the United States after the education is completed.

Allows, under the Internal Revenue Code of 1954, a tax credit, against the individual income tax, to a taxpayer who pays the tuition and specified related items of a student at an institution of higher education, where the taxpayer and the student agree to repay the credit (with interest) to the United States after the education is completed. Limits each such credit to no more than $1500 during any one year. Provides that the aggregate credits outstanding shall not exceed $10,000.