S.Amdt. 5284
What it does: Adds SEC. 652. NO ACCRUAL OF INTEREST FOR MEMBERS OF THE ARMED FORCES ON ACTIVE DUTY at the end of subtitle E of title VI
Sen. Evan Bayh (D-IN)What it changes
1 change to S. 3001 · shown in the bill's text
Adds SEC. 652. NO ACCRUAL OF INTEREST FOR MEMBERS OF THE ARMED FORCES ON ACTIVE DUTY at the end of subtitle E of title VI
Adds a sectionIn S. 3001 · Placed on Calendar Senate
(3) has a service-connected disability rated 100 percent disabling (including a disability of 100 percent mental disability), as determined by the Secretary of Veterans Affairs or the Secretary of the military department concerned, and is not gainfully employed because of such disability.
Inserted: SEC. 652. NO ACCRUAL OF INTEREST FOR MEMBERS OF THE ARMED FORCES ON ACTIVE DUTY.
Inserted: (a) Amendment.--Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following:
Inserted: "(n) No Accrual of Interest for Active Duty Service Members.--
Inserted: "(1) In general.--Notwithstanding any other provision of this part, and except as provided in paragraph (3), interest shall not accrue for an eligible borrower on a loan made under this part.
Inserted: "(2) Eligible borrower.--In this subsection, the term 'eligible borrower' means an individual who--
Inserted: "(A)(i) is serving on active duty during a war or other military operation or national emergency; or
Inserted: "(ii) is performing qualifying National Guard duty during a war or other military operation or national emergency; and
Inserted: "(B) is serving in an area of hostilities in which service qualifies for special pay under section 310 of title 37, United States Code.
Inserted: "(3) Limitation.--An individual who qualifies as an eligible borrower under this subsection may receive the benefit of this subsection for not more than 60 months.".
Inserted: (b) Consolidation Loans.--Section 428C(b)(5) of that Act (20 U.S.C. 1078-3(b)(5)) is amended by inserting after the first sentence the following: "In addition, in the event that a borrower chooses to obtain a consolidation loan for the purposes of using the no accrual of interest for active duty servicemembers program offered under section 455(n), the Secretary shall offer a Federal Direct Consolidation Loan to any such borrower who applies for participation in such program.".
Original wording
At the end of subtitle E of title VI, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 5284. Mr. BAYH (for himself, Mr. Sessions, Mr. Kennedy, Mrs. Clinton, Mr. Lieberman, Mr. Obama, and Mr. Inhofe) submitted an amendment intended to be proposed by him to the bill S. 3001, to authorize appropriations for fiscal year 2009 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle E of title VI, add the following:
SEC. 652. NO ACCRUAL OF INTEREST FOR MEMBERS OF THE ARMED FORCES ON ACTIVE DUTY.
(a) Amendment.--Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following:
“(n) No Accrual of Interest for Active Duty Service Members.--
“(1) In general.--Notwithstanding any other provision of this part, and except as provided in paragraph (3), interest shall not accrue for an eligible borrower on a loan made under this part.
“(2) Eligible borrower.--In this subsection, the term ‘eligible borrower' means an individual who--
“(A)(i) is serving on active duty during a war or other military operation or national emergency; or
“(ii) is performing qualifying National Guard duty during a war or other military operation or national emergency; and
“(B) is serving in an area of hostilities in which service qualifies for special pay under section 310 of title 37, United States Code.
“(3) Limitation.--An individual who qualifies as an eligible borrower under this subsection may receive the benefit of this subsection for not more than 60 months.”.
(b) Consolidation Loans.--Section 428C(b)(5) of that Act (20 U.S.C. 1078-3(b)(5)) is amended by inserting after the first sentence the following: “In addition, in the event that a borrower chooses to obtain a consolidation loan for the purposes of using the no accrual of interest for active duty servicemembers program offered under section 455(n), the Secretary shall offer a Federal Direct Consolidation Loan to any such borrower who applies for participation in such program.”.
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Senate amendment submitted
September 9, 2008