S. 2371 would amend the Higher Education Act of 1965 to make technical corrections.
Detailed Summary
<b>(This measure has not been amended since it was passed by the House on December 5, 2007. The summary of that version is repeated here.)</b>
Makes technical changes to amendments the College Cost Reduction and Access Act of 2007 made to the Higher Education Act of 1965 (HEA).
Excludes from untaxed income and benefits considered part of total income in federal student need analyses the amount of additional child tax credit claimed for federal income tax purposes, as well as the following currently included amounts: (1) welfare benefits; (2) untaxed Social Security benefits; and (3) earned income credits, credits for the federal tax on special fuels, and foreign income excluded from gross income as claimed for federal income tax purposes.<br>
Provides that, for married borrowers who file separate tax returns, income-based loan repayments under the HEA shall be determined solely on the basis of the individual borrower's student loan debt and adjusted gross income.
Amends HEA to make technical amendments with respect to Teacher Education Assistance for College and Higher Education (TEACH) Grants.
Revises the "student assistance" addend in the computation of the amount of a TEACH grant (which together with such assistance and federal assistance must not exceed the cost of attendance). Replaces "student assistance" with "other assistance the student may receive" (which may or may not include student assistance as such).
Repeals the requirement that the amount of the TEACH Grant for a teacher candidate be reduced, if necessary, until it does not exceed the cost of attendance.
Status of the Legislation
Latest Major Action: 12/19/2007: Presented to President.
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