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S 1822 IS
110th CONGRESS
1st Session
S. 1822
To amend the Federal Direct Loan Program to provide that interest shall not accrue on Federal Direct Loans for active duty service members and their spouses.
IN THE SENATE OF THE UNITED STATES
July 19, 2007
Mr. BAYH introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Federal Direct Loan Program to provide that interest shall not accrue on Federal Direct Loans for active duty service members and their spouses.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. NO ACCRUAL OF INTEREST FOR ACTIVE DUTY SERVICE MEMBERS AND THEIR SPOUSES.
Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following:
`(m) No Accrual of Interest for Active Duty Service Members and Their Spouses-
`(1) IN GENERAL- Notwithstanding any other provision of this part, and except as provided in paragraph (3), interest on a loan made under this part shall not accrue for an eligible borrower.
`(2) ELIGIBLE BORROWER- In this subsection, the term `eligible borrower' means an individual--
`(A) who is--
`(i) serving on active duty during a war or other military operation or national emergency; or
`(ii) performing qualifying National Guard duty during a war or other military operation or national emergency; or
`(B) who is the spouse of an individual described in subparagraph (A).
`(3) LIMITATION- An individual who qualifies as an eligible borrower under this subsection may receive the benefit of this subsection for not more than 60 months.'.
U.S. Congress - Text of S.1822 as Introduced in Senate Interest Relief Act
