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V.E.T. Student Loans Act

12/30/2022, 10:48 AM

Summary of Bill HR 5097

Bill 117 HR 5097, also known as the V.E.T. Student Loans Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide financial assistance to veterans who are pursuing higher education by expanding the availability of student loans specifically tailored to their needs.

The bill aims to address the unique challenges that veterans face when it comes to financing their education. It seeks to streamline the process of applying for and receiving student loans, making it easier for veterans to access the financial support they need to further their education.

One of the key provisions of the V.E.T. Student Loans Act is the establishment of a dedicated fund to provide low-interest loans to veterans. These loans would be available to veterans who have served in the military and are looking to pursue a degree or certification program at an accredited institution. Additionally, the bill includes measures to improve financial literacy among veterans, ensuring that they have the knowledge and resources necessary to make informed decisions about their student loans. This includes providing access to financial counseling and education programs to help veterans understand their options and manage their debt responsibly. Overall, the V.E.T. Student Loans Act is aimed at supporting veterans in their pursuit of higher education and helping them overcome financial barriers that may prevent them from achieving their academic goals. By providing targeted financial assistance and resources, this bill seeks to empower veterans to succeed in their educational endeavors and build a brighter future for themselves and their families.

Congressional Summary of HR 5097

Veterans Equitable Taxation of Student Loans Act or the V.E.T. Student Loans Act

This bill excludes from the gross income of veterans, for income tax purposes, income attributable to the discharge of student loan debt. The exclusion is permanent and is retroactive beginning in 2001.

Current Status of Bill HR 5097

Bill HR 5097 is currently in the status of Bill Introduced since August 24, 2021. Bill HR 5097 was introduced during Congress 117 and was introduced to the House on August 24, 2021.  Bill HR 5097's most recent activity was Referred to the House Committee on Ways and Means. as of August 24, 2021

Bipartisan Support of Bill HR 5097

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
2
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5097

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 5097

V.E.T. Student Loans Act
To amend the Internal Revenue Code of 1986 to retroactively and perpetually apply the exclusion of discharged student loan debt for veterans killed or totally and permanently disabled in connection to their service to the United States.
V.E.T. Student Loans Act
Veterans Equitable Taxation of Student Loans Act

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