GRADUATE Act

Giving Relief And Dollars to Undergraduates for Adequate Time for Education Act or the GRADUATE Act

This bill eliminates the time limit on taking out federally subsidized student loans, allowing borrowers who have not reached the limit of what they may borrow to continue to obtain funding.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4502 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4502

   To eliminate the time limitations on federally subsidized student 
                     loans, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 2019

Mr. Casten of Illinois (for himself, Ms. Haaland, Ms. Garcia of Texas, 
   and Mr. Krishnamoorthi) introduced the following bill; which was 
            referred to the Committee on Education and Labor

_______________________________________________________________________

                                 A BILL


 
   To eliminate the time limitations on federally subsidized student 
                     loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Giving Relief And Dollars to 
Undergraduates for Adequate Time for Education Act'' or the ``GRADUATE 
Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) From 2015-2016, 3,900,000 students dropped out of 
        college while holding Federal student debt.
            (2) Approximately half of students who dropped out with 
        debt did so because they were unable to secure funding to 
        affordably continue their studies.
            (3) Students who drop out are 4.2 times more likely to 
        default on their loans than students who graduated and comprise 
        63 percent of defaults, in large part because they don't 
        receive the increase in earnings that comes along with a 
        degree.
            (4) Eliminating the time limit on taking out federally 
        subsidized loans would allow students who have not hit the 
        borrowing limit to continue to get the funding they need to 
        graduate, and would give students more flexibility throughout 
        their education.
            (5) Eliminating the time limit on taking out federally 
        subsidized loans would ease the administrative burden on 
        colleges' financial aid offices so they can spend their time 
        focused on helping students succeed.

SEC. 3. REPEAL OF CERTAIN ELIGIBILITY REQUIREMENTS.

    Section 455(q) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(q)) is repealed.
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