United States 115th Congress Status: In Committee 4 D cosponsors

HR 201 — Supporting America's Young Entrepreneurs Act of 2017

Last action — Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Supporting America's Young Entrepreneurs Act of 2017 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make eligible for deferment and cancellation under the Federal Direct Loan program a borrower who is an employee or founder of a small business start-up in a distressed area. It also amends the Internal Revenue Code to exclude from an individual's gross income the amount of such canceled student loan debt. The bill establishes a Federal Direct Refinanced Private Loan program to refinance private education loans. Finally, it establishes a young entrepreneurs business center within the Small Business Administration to certify small business start-ups, identify distressed areas, and approve loan cancelation for founders of small business start-ups.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill introduces loan deferment and cancellation for founders and employees of small business start-ups under the Higher Education Act of 1965.

  • 20 U.S.C. 1087e(f)

    A borrower of a loan → Except as provided in paragraph (5), a borrower of a loan

    The bill explicitly provides exceptions to deferment eligibility under certain conditions.

  • 20 U.S.C. 1087e

    Loan Cancellation for Certain Small Business Start-Up Employees. (1) Founder of a small business start-up in a distressed area. (A) In general.--The Secretary shall cancel $20,000 of the balance of interest and principal due, in accordance with subparagraph (B), on any eligible Federal Direct Loan not in default for a borrower who--(i) has made 24 monthly payments on the eligible Federal Direct Loan after the date of the enactment of this subsection... (2) Employee of a small business start-up. (A) In general.--The Secretary shall cancel $3,000 of the balance of interest and principal due...

    The bill creates a loan cancellation program for founders and employees of small business start-ups based on specific criteria.

  • 20 U.S.C. 1087e(f)

    A borrower of a loan made under this part shall be eligible for a deferment, during which periodic installments of principal and interest need not be paid, during any period not in excess of 3 years during which the borrower is employed as a founder of a small business start-up...

    The bill allows for deferment of loan repayment for founders of small business start-ups for up to three years.

  • 15 U.S.C. 1638

    Notice required along with billing statements.--Along with each billing statement sent to the borrower, the private educational lender shall include a statement informing the borrower that the borrower may be eligible for the Federal Direct Refinanced Private Loan program...

    The bill mandates lenders to inform borrowers about the potential eligibility for a refinancing program with their billing statements.

  • 20 U.S.C. 1087e

    Definitions.--In this subsection: (A) Distressed area.--The term 'distressed area' means an area identified under section 47 of the Small Business Act (16 U.S.C. 631 et seq.). (B) Eligible federal direct loan.--The term 'eligible Federal Direct Loan' means a Federal Direct Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Consolidation Loan.

    The bill defines key terms related to the loan cancellation program for small business start-up employees.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  4. Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  5. Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  6. Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  7. Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 543 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (543)

543 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

labor education
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Frequently asked questions

What does HR 201 do?
Supporting America's Young Entrepreneurs Act of 2017 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make eligible for deferment and cancellation under the Federal Direct Loan program a borrower who is an employee or founder of a small business start-up in a distressed area. It also amends the Internal Revenue Code to exclude from an individual's gross income the amount of such canceled student loan debt. The bill establishes a Federal Direct Refinanced Private Loan program to refinance private education loans. Finally, it establishes a young entrepreneurs business center within the Small Business Administration to certify small business start-ups, identify distressed areas, and approve loan cancelation for founders of small business start-ups.
Who sponsors HR 201?
HR 201 is sponsored by Velázquez, Nydia M. (Democratic), Serrano, Jose E. (Democratic), Napolitano, Grace F. (Democratic), and Castor, Kathy (Democratic).
What is the current status of HR 201?
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 201?
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