,i #aacth ,,congress #b;d ,session ,h4 ,r4 #eedj ,,in ,,the ,,house ,,of ,,representatives ,september #ah1 #bjad ,ms4 ,jackson ,lee 7for herself and ,mr4 ,cartwright7 introduced the following bill2 which was referred to the ,committee on ,education and the ,workforce ,a ,,bill ,to establish a grant program for stipends to assist in the cost of compensation paid by employers to certain recent college graduates and to provide funding for their further education in subjects relating to mathematics1 science1 engineering1 and technology4 #a4 ,short title ,this ,act may be cited as the ,america ,realizing the ,informational ,skills and ,initiative of ,new ,graduates ,act of #bjad or ,america ,,rising ,act of #bjad4 #b4 ,findings ,congress finds the following3 7#a7 ,according to the ,bureau of ,labor ,statistics1 in #bjab the national unemployment rate for individuals ages #be years and older with a bachelor's degree was #d4e percent and #f4b percent for individuals with an associate's degree4 ,for college graduates ages #ah to #be the national unemployment rate in #bjab was higher at #g4g percent4 ,because the typical college graduates leaves college owing an average of #bi1djj in student loan debt1 a rate that has increased #f percent every year since #bjjh1 the current job market offers exceedingly few opportunities for such graduates to obtain employment at a salary adequate to service their college loan debt4 7#b7 ,there are more than #bf million small businesses in the ,united ,states4 ,in the current economic climate1 these small businesses are experiencing difficulty in finding the resources needed to increase sales1 modernize operations1 and hire new employees4 7#c7 ,recent college graduates need the experience that can be obtained only in the workplace to refine their skills and develop the entrepreneurial qualities that can lead to the creation of new businesses and jobs4 7#d7 ,existing small businesses1 and companies will benefit from the information and technology skills possessed by many of the ,nation's recent college graduates4 7#e7 ,enabling recent college graduates to obtain employment with small businesses benefits the national economy by providing such businesses the human capital and technical expertise needed to compete and win in the global economy of the #bast century4 #c4 ,establishment of ,america ,,rising program 7a7 ,establishment ,the ,secretary of ,labor and the ,secretary of ,education shall1 jointly1 establish a program under which-- 7#a7 grants are paid to eligible employers to defray the cost of compensation paid by such employers to recent college graduates2 and 7#b7 grants are paid to recent college graduates to enable such graduates to defray the cost of undertaking further postsecondary courses at an institution of higher education for up to #bd months in subjects relating to mathematics1 science1 engineering1 or technology4 7b7 ,terms and conditions 7#a7 ,in general ,a grant under this section may be made on such terms and conditions as the ,secretary may determine4 7#b7 ,deferral of ,federal student loan obligations ,each recent college graduate participating in the program under this section 7by benefitting from a grant awarded under paragraph 7#a71 or receiving a grant under paragraph 7#b71 of subsection 7a77 may defer payment on ,federal student loans made to the graduate under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47 for the period of the graduate's participation in the program4 7#c7 ,grants to eligible employers ,with respect to a grant awarded under subsection 7a77#a7-- 7,a7 an eligible employer-- 7i7 may use the grant to defray the cost of compensation for not more than #b recent college graduates2 and 7ii7 shall provide a compensation amount to each recent college graduate participating in the program that is equal to or greater than the grant amount received by the employer for the graduate2 and 7,b7 the ,secretary may not award an eligible employer more than #be1jjj per recent college graduate4 7#d7 ,grants to recent college graduates ,with respect to a grant awarded under subsection 7a77#b7 to a recent college graduate1 the graduate shall be eligible to receive ,federal student aid under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq47 without regard to whether the graduate has been or is delinquent on any ,federal student loans made to the graduate under such title ,,iv 7#bj ,u4,s4,c4 #ajgj et seq474 7c7 ,definitions ,in this section3 7#a7 ,eligible employer ,the term eligible employer means an employer that-- 7,a7 is a small business concern2 or 7,b7 is a major corporation that has an operation located in-- 7i7 an enterprise zone2 or 7ii7 an area in which1 according to the most recent data available1 the unemployment rate exceeds the national average unemployment rate by more than two percentage points4 7#b7 ,enterprise zone ,the term enterprise zone has the meaning given the term ,h,u,bzone in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7#c7 ,institution of higher education ,except as provided in paragraph 7#c77;,b71 the term institution of higher education has the meaning given the term in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja74 7#d7 ,major corporation ,the term major corporation means an employer that earns an annual revenue of not less than #e1jjj1jjj and employs not less than #ej employees4 7#e7 ,recent college graduate 7,a7 ,in general ,the term recent college graduate means an individual who-- 7i7 who has received a baccalaureate or associate degree from an institution of higher education on or after the date that is #bd months before the grant benefitting the graduate is awarded under this section2 and 7ii7 who has not previously received any such baccalaureate or associate degree4 7,b7 ,institution of higher education ,in subparagraph 7,a71 the term institution of higher education has the meaning given such term in section #ajb of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajjb74 7#f7 ,small business concern ,the term small business concern has the meaning given such term in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7d7 ,authorization of appropriations 7#a7 ,in general ,there is authorized to be appropriated to carry out this ,act #ajj1jjj1jjj for each of the fiscal years #bjae1 #bjaf1 and #bjag4 7#b7 ,availability ,funds appropriated under paragraph 7#a7 shall remain available until expended4