United States 115th Congress Status: In Committee 1 D cosponsors

S 848 — Reigniting Opportunity for Innovators Act

Last action — Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S2367)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Reigniting Opportunity for Innovators Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make qualified founders and full-time employees of small business start-ups eligible for deferring for up to three years their loans under the federal Direct Loan program. If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000 under that program.

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 provisions for loan deferment and cancellation for founders and employees of small business startups under the Higher Education Act of 1965.

  • 20 U.S.C. 1087e(f)

    (5) Deferment without interest accrual for small business startup founders and employees.--(A) In general.--Subject to subparagraph (B), a qualifying small business startup borrower shall be eligible for a deferment, during which periodic installments of principal need not be paid and interest shall not accrue, during any period while the borrower is employed as a founder or full-time employee of a small business startup.

    Introduces a deferment option without interest accrual for borrowers working as founders or full-time employees in small business startups.

  • 20 U.S.C. 1087e(f)

    (B) Limitations.--A qualifying small business startup borrower shall not receive a deferment under this paragraph for any period--(i) in excess of 3 years; or (ii) that begins more than 5 years, or ends more than 8 years, after the date the small business startup was established.

    Establishes limitations on the deferment period for small business startup founders and employees.

  • 20 U.S.C. 1087e

    (r) Loan Cancellation for Founders and Employees of Small Business Startups in Distressed Areas.--(1) Loan cancellation.--(A) In general.--The Secretary shall cancel the balance of interest and principal due, subject to subparagraph (B), on any eligible Federal Direct Loan not in default for a borrower who--(i) at the time of such cancellation, is employed as a founder or full-time employee of a small business startup in a distressed area...

    Provides for the loan cancellation for founders and employees of small business startups in designated distressed areas.

  • 20 U.S.C. 1087e

    (B) Loan cancellation maximum.--The Secretary shall cancel under this subsection not more than an aggregate of $20,000 of the loan obligation on the eligible Federal Direct Loans of a borrower.

    Sets a cap on the amount of loan cancellation for eligible borrowers.

  • 20 U.S.C. 1087e

    (2) Definitions.--(A) Distressed area.--The term `distressed area' has the meaning given the term in section 21(o)(1) of the Small Business Act (15 U.S.C. 648(o)(1)).(B) Eligible federal direct loan.--The term `eligible Federal Direct Loan' means a Federal Direct Stafford Loan, Federal Direct PLUS Loan, Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Consolidation Loan.

    Defines terms related to loan cancellations and deferments specific to small business startups and distressed areas.

  • 20 U.S.C. 1087e(f)

    (5) Loan deferment for founders and full-time employees of a small business startup.--(A) Application.--In order to be approved by a small business development center for eligible Federal Direct Loan deferment under subsection (f)(5), a borrower of an eligible Federal Direct Loan shall submit to the small business development center an application that includes such information as the Administrator may require.

    Establishes application requirements for loan deferment for small business startup founders and employees.

  • 20 U.S.C. 1087e(r)

    (6) Loan cancellation for founders and full-time employees of a small business startup in a distressed area.--(A) Application.--In order to be approved by a small business development center for eligible Federal Direct Loan cancellation under subsection (r), a borrower of an eligible Federal Direct Loan shall submit to the small business development center an application...

    Sets application requirements for loan cancellation for employees of small business startups in distressed areas.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S2367)

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 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

education technology
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Frequently asked questions

What does S 848 do?
Reigniting Opportunity for Innovators Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make qualified founders and full-time employees of small business start-ups eligible for deferring for up to three years their loans under the federal Direct Loan program. If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000 under that program.
Who sponsors S 848?
S 848 is sponsored by Hassan, Margaret Wood (Democratic).
What is the current status of S 848?
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 S 848?
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