,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #dehd  ,,in ,,the ,,house ,,of  
,,representatives  ,december #g1        
#bjag,mr4 ,garrett 7for himself1 ,mr4   
,messer1 ,mr4 ,rokita1 ,mr4 ,ferguson1  
and ,mr4 ,brat7 introduced the following
 bill2 which was referred to the        
,committee on ,ways and ,means1 and in  
addition to the ,committee on ,education
 and the ,workforce1 for a period to be 
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to provide loan forgiveness 
to borrowers of ,federal student loans  
who agree to delay eligibility to       
collect ,social ,security benefits1 and 
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,student 
,security ,act of #bjag4  #b4 ,student  
,security ,loan ,forgiveness ,program   
,section #dee of the ,higher ,education 
,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7 is
 amended by adding at the end the       

following3  7r7 ,student ,security ,loan
 ,forgiveness ,program  7#a7 ,program   
authorized ,beginning not later than    
#ahj days after the date of the         
enactment of the ,student ,security ,act
 of #bjag1 the ,secretary of ,education1
 jointly with the ,commissioner of      
,social ,security1 shall carry out a    
program under which the ,secretary shall
 issue student loan forgiveness credits 
to qualified borrowers of eligible      
,federal ,direct loans in exchange for  
delayed eligibility for old-age         
insurance benefits under title ,,ii of  
the ,social ,security ,act 7as amended  
by the ,student ,security ,act of #bjag7
 in accordance with this subsection4    
7#b7 ,agreement required ,to be eligible
 to participate in the program1 a       
qualified borrower shall enter into a   
written agreement with the ,secretary of
 ,education and the ,commissioner of    
,social ,security under which the       
borrower--  7,a7 elects to receive a    
specified number of student loan        

forgiveness credits not greater than    
#gc2 and  7,b7 acknowledges the extent  
of the borrower's delayed eligibility   
for old-age insurance benefits under    
title ,,ii of the ,social ,security ,act
 7as amended by the ,student ,security  
,act of #bjag7 as a result of receiving 
such credits4  7#c7 ,termination ,no    
borrower may enter into an agreement    
under paragraph 7#b7 unless such        
borrower was a qualified borrower on or 
before the date that is #ae years after 
the date of the enactment of the        
,student ,security ,act of #bjag4  7#d7 
,combination with other forgiveness     
programs ,unless otherwise provided by  
law1 a qualified borrower may combine   
forgiveness under this subsection with  
other forgiveness programs under this   
,act1 except in no case shall the total 
amount of forgiveness received by a     
borrower under all such programs exceed 
the amount of ,federal student loans    
owed by such borrower4  7#e7            
,definitions ,in this section3 7,a7     

,default ,the term default has the      
meaning given the term in section       
#dce7l74  7,b7 ,eligible ,federal       
,direct loan ,the term eligible ,federal
 ,direct loan means any loan made under 
this part1 including any such loan on   
which the borrower has defaulted4  7,c7 
,initial qualifying date ,the term      
initial qualifying date means the date  
that is #bd months after the date of the
 enactment of the ,student ,security    
,act of #bjag4  7,d7 ,qualified borrower
 ,the term qualified borrower-- 7i7 with
 respect to a borrower who seeks to     
enter into an agreement under paragraph 
7#b7 on or before the initial qualifying
 date1 means a borrower of an eligible  
,federal ,direct loan who is not        
entitled to collect old-age insurance   
benefits under title ,,ii of the ,social
 ,security ,act as of the date of the   
agreement under paragraph 7#b71         
including a borrower who is a defaulted 
borrower2 and  7ii7 with respect to a   
borrower who seeks to enter into an     

agreement under paragraph 7#b7 after the
 initial qualifying date1 means--  7,i7 
a borrower of an eligible ,federal      
,direct loan who is not entitled to     
collect old-age insurance benefits under
 title ,,ii of the ,social ,security    
,act as of the date of the agreement    
under paragraph 7#b71 including a       
borrower who is a defaulted borrower2   
and  7,,ii7 who was eligible for a      
deferment under subsection 7f77#b77;,a7 
at any time during the five-year period 
preceding the date of the agreement     
under paragraph 7#b74  7,e7 ,student    
loan forgiveness credit ,the term       
student loan forgiveness credit means   
the cancellation of the obligation of a 
qualified borrower to repay #eej in     
eligible ,federal ,direct loans in      
exchange for delayed eligibility for    
old-age insurance benefits as specified 
in title ,,ii of the ,social ,security  
,act 7as amended by the ,student        
,security ,act of #bjag74  4  #c4       
,delayed eligibility for old-age        

insurance benefits  7a7 ,retirement age2
 early retirement age ,section #baf7l7  
of the ,social ,security ,act 7#db      
,u4,s4,c4 #daf7l77 is amended by adding 
at the end the following3  7#d7         
,notwithstanding the preceding          
paragraphs of this subsection1 in the   
case of an individual who receives one  
or more student loan forgiveness credits
 under section #dee7r7 of the ,higher   
,education ,act of #aife--  7,a7 the    
retirement age with respect to such     
individual shall be deemed to be-- 7i7  
the retirement age determined with      
respect to such individual under        
paragraph 7#a72 plus  7ii7 a number of  
additional months equal to the number of
 student loan forgiveness credits       
received by the individual under such   
section #dee7r72 and  7,b7 the early    
retirement age with respect to such     
individual shall be deemed to be-- 7i7  
the early retirement age determined with
 respect to such individual under       
paragraph 7#b72 plus  7ii7 a number of  

additional months equal to the number of
 student loan forgiveness credits       
received by the individual under such   
section #dee7r74  4  7b7 ,delayed       
retirement credits ,section #bjb7w7 of  
the ,social ,security ,act 7#db         
,u4,s4,c4 #djb7w77 is amended by        
inserting after age #gj each place it   
appears the following3 7or1 in the case 
of an individual described in paragraph 
7#d7 of section #baf7l71 age #gj plus   
the number of additional months         
determined under subparagraph 7,a77ii7  
of such paragraph74  7c7 ,voluntary     
suspension of benefits ,section #bjb7z7 
of the ,social ,security ,act 7#db      
,u4,s4,c4 #djb7z77 is amended by        
inserting after the age of #gj the      
following3 7or1 in the case of an       
individual described in paragraph 7#d7  
of section #baf7l71 the age of #gj plus 
the number of additional months         
determined under subparagraph 7,a77ii7  
of such paragraph74  #d4 ,interfund     
borrowing ,section #bja7l7 of the       

,social ,security ,act 7#db ,u4,s4,c4   
#dja7l77 is amended to read as follows3 
7l7 7#a7 ,if at any time the ,managing  
,trustee determines that borrowing      
authorized under this subsection is     
necessary to pay full benefit payments  
from the ,federal ,disability ,insurance
 ,trust ,fund1 the ,managing ,trustee   
may borrow such necessary amounts from  
the ,federal ,old-,age and ,survivors   
,insurance ,trust ,fund for transfer to 
and deposit in the ,federal ,disability 
,insurance ,trust ,fund4  7#b7 ,in any  
case where a loan has been made to the  
,federal ,disability ,insurance ,trust  
,fund under paragraph 7#a71 there shall 
be transferred on the last day of each  
month after such loan is made1 from the 
borrowing ,trust ,fund to the lending   
,trust ,fund1 the total interest accrued
 to such day with respect to the        
unrepaid balance of such loan at a rate 
equal to the rate which the lending     
,trust ,fund would earn on the amount   
involved if the loan were an investment 

under subsection 7d7 7even if such an   
investment would earn interest at a rate
 different than the rate earned by      
investments redeemed by the lending     
,trust ,fund in order to make the loan74
  7#c7  7,a7 ,if in any month after a   
loan has been made to the ,federal      
,disability ,insurance ,trust ,fund     
under paragraph 7#a71 the ,managing     
,trustee determines that the assets of  
such ,trust ,fund are sufficient to     
permit repayment of all or part of any  
loans made to such ,fund under paragraph
 7#a71 he shall make such repayments as 
he determines to be appropriate4  7,b7  
,the full amount of all loans made under
 paragraph 7#a7 shall be repaid at the  
earliest feasible date4  7#d7 ,the      
,board of ,trustees shall make a timely 
report to the ,congress of any amounts  
transferred 7including interest         
payments7 under this subsection4  4  #e4
 ,exclusion from gross income for       
discharge of student loan indebtedness  
under the ,student ,security ,loan      

,forgiveness ,program  7a7 ,in general  
,paragraph 7#a7 of section #ajh7;f7 of  
the ,internal ,revenue ,code of #aihf is
 amended to read as follows3  7#a7 ,in  
general ,in the case of an individual1  
gross income does not include any amount
 which 7but for this subsection7 would  
be includible in gross income by reason 
of the discharge 7in whole or in part7  
of any student loan if such discharge   
was pursuant to--  7,a7 a provision of  
such loan under which all or part of the
 indebtedness of the individual would be
 discharged if the individual worked for
 a certain period of time in certain    
professions for any of a broad class of 
employers1 or  7,b7 the receipt of      
student loan forgiveness credits under  
section #dee7r7 of the ,higher          
,education ,act of #aife4  4  7b7       
,effective date ,the amendments made by 
this section shall apply to discharges  
of indebtedness on or after the date of 
the enactment of this ,act4