Mr. McKeon moves to recommit the bill H.R. 5 to the Committee on Education and Labor with instructions to report the same back to the House forthwith with the following amendment:At the end of the bill, add the following new section:
SEC. __. BENEFITS CONTINGENT ON INCOME OR MILITARY SERVICE.
(a) Eligibility for Reduced Rates.--Notwithstanding the amendments made by section 2 of this Act, a borrower shall not be eligible for a reduced interest rate under the amendments made by such section for any year during the repayment period of the loan unless--
(1) the borrower demonstrates, in accordance with regulations prescribed by the Secretary, that the borrower's adjusted gross income for the most recently preceding year was less than $65,000; or
(2) the borrower, during any part of that year--
(A) is serving on active duty during a war or other military operation or national emergency (as such term is defined in section 481(d)(4) of the Higher Education Act of 1965 (20 U.S.C. 188(d)(4)); or
(B) is performing qualifying National Guard duty during a war or other military operation or national emergency (as such term is defined in section 481(d)(5) of such Act (20 U.S.C. 188(d)(5)).
(b) Income Verification.--In prescribing regulations for purposes of subsection (a)(1), the Secretary shall provide methods for verifying the adjusted gross income of a borrower that are, as nearly as practical, identical to the methods used to determine adjusted gross income and to verify that income for borrowers of income contingent loans under section 455(e) of the Higher Education Act of 1965 (20 U.S.C. 1087e(e)).
This motion failed 186-241, 8 not voting.
1 comments: