Student Loan Tax Elimination Act

Hozzl · 2023-12-15T16:06:52Z

Explore the details of Senate Bill 1004 Student Loan Tax Elimination Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/15/2023, 4:06 PM

Summary of Bill S 1004

Bill 118 s 1004, also known as the Student Loan Tax Elimination Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to eliminate the tax on student loans, making it easier for individuals to pay off their student debt.

Under the current tax code, individuals who have their student loans forgiven or canceled are required to pay taxes on the amount forgiven. This can create a significant financial burden for individuals who are already struggling to pay off their student loans.

The Student Loan Tax Elimination Act seeks to alleviate this burden by eliminating the tax on forgiven student loans. This would provide much-needed relief to individuals who are working hard to pay off their student debt and would make it easier for them to achieve financial stability. Supporters of the bill argue that eliminating the tax on student loans would help to reduce the financial strain on individuals and families, allowing them to invest in their futures and contribute to the economy. Critics, however, raise concerns about the potential cost of implementing this policy and its impact on government revenue. Overall, the Student Loan Tax Elimination Act is a proposed piece of legislation that aims to address the financial challenges faced by individuals with student loans. It is currently being debated in Congress, and its fate will ultimately depend on the outcome of these discussions.

Congressional Summary of S 1004

Student Loan Tax Elimination Act

This bill eliminates the origination fee on federal student loans. Origination fees are the fees lenders charge for processing new loan applications.

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Current Status of Bill S 1004

Bill S 1004 is currently in the status of Bill Introduced since March 28, 2023. Bill S 1004 was introduced during Congress 118 and was introduced to the Senate on March 28, 2023. Bill S 1004's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of March 28, 2023

Bipartisan Support of Bill S 1004

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1004

Primary Policy Focus

Education

Alternate Title(s) of Bill S 1004

Student Loan Tax Elimination ActStudent Loan Tax Elimination ActA bill to amend the Higher Education Act of 1965 to eliminate origination fees on Federal Direct loans.

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