A bill to amend the Higher Education Act of 1965 to raise the limits on insured loans for undergraduate students, to allow lenders to use a government service administered by the Commission of Education and the Secretary of the Treasury for the collection of such loans, and for other purposes.
Capital Availability for Higher Education Act - Amends the Higher Education Act of 1965 to: (1) raise from $2,500 to $3,500 the limit per academic year on federally insured loans to undergraduate students; (2) raise from $7,500 to $10,500 the total amount of such loans per undergraduate student; and (3) remove the $15,000 loan ceiling for graduate students.
Authorizes eligible lenders to elect to have such loans collected by the Federal Government through the Secretary of the Treasury and the Commissioner of Education. Establishes guidelines and requirements for such program, including the deduction and withholding of wages by employers of student borrowers.
Establishes the Guaranteed Student Loan Fund in the United States Treasury to repay funds withheld from the wages borrowers to lenders.
Establishes an advisory panel to consider questions relating to such federally insured higher education loans.
Introduced in House
Introduced in House
Referred to House Committee on Education and Labor.
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