S.Amdt. 2636

SA 2636. Mr. REED submitted an amendment intended to be proposed to
amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill
H.R. 1, to provide for reconciliation pursuant to title II of H. Con.
Res. 14; which was ordered to lie on the table; as follows:

At the end of section 82002, add the following:
(c) Eliminating Interest Accrual During Certain Federal
Student Loan Deferments.--
(1) In general.--Section 455(f) of the Higher Education Act
of 1965 (20 U.S.C. 1087e(f)) is amended--
(A) in paragraph (1), by striking ``, and interest--'' and
all that follows through the period at the end of
subparagraph (B) and inserting ``, and interest shall not
accrue.'';
(B) in paragraph (4)(A), by striking ``, and interest--''
and all that follows through the period at the end of clause
(ii), and inserting ``and interest shall not accrue.''; and
(C) by adding at the end the following:
``(9) Interest accrual during certain 6-month periods of
deferment for federal direct plus loans.--
``(A) Parent borrowers.--In the case of a Federal Direct
PLUS Loan made under this part to a parent borrower and for
which the parent has received a deferral pursuant to section
428B(d)(1)(B)(i), interest shall not accrue with respect to
such loan during such period.
``(B) Graduate or professional student borrowers.--In the
case of a Federal Direct PLUS Loan made under this part to a
graduate or professional student borrower and for which the
student has received a deferral pursuant to section
428B(d)(1)(B)(ii), interest shall not accrue with respect to
such loan during such period.''.
(2) Applicability.--The amendments made by this subsection
shall not apply to any loan made prior to the date of
enactment of this Act.
______