,i #aae? ,,congress #a/ ,session ,h4 ,r4 #dehd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #g1 #bjag,mr4 ,g>rett 7= himself1 ,mr4 ,mess]1 ,mr4 ,rokita1 ,mr4 ,f]guson1 & ,mr4 ,brat7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,education & ! ,work=ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to provide loan =giv5ess to borr[]s ( ,f$]al /ud5t loans :o agree to delay eligibility to collect ,social ,security b5efits1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5t ,security ,act ( #bjag4 #b4 ,/ud5t ,security ,loan ,=giv5ess ,program ,section #dee ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7 is am5d$ by add+ at ! end ! foll[+3 7r7 ,/ud5t ,security ,loan ,=giv5ess ,program 7#a7 ,program au?oriz$ ,beg9n+ n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ! ,/ud5t ,security ,act ( #bjag1 ! ,secret>y ( ,education1 jo9tly ) ! ,commission] ( ,social ,security1 %all c>ry out a program "u :i* ! ,secret>y %all issue /ud5t loan =giv5ess cr$its to qualifi$ borr[]s ( eligible ,f$]al ,direct loans 9 ex*ange = delay$ eligibility = old-age insurance b5efits "u title ,,ii ( ! ,social ,security ,act 7z am5d$ by ! ,/ud5t ,security ,act ( #bjag7 9 accordance ) ?is subsection4 7#b7 ,agreem5t requir$ ,to be eligible to p>ticipate 9 ! program1 a qualifi$ borr[] %all ent] into a writt5 agreem5t ) ! ,secret>y ( ,education & ! ,commission] ( ,social ,security "u :i* ! borr[]-- 7,a7 elects to receive a specifi$ numb] ( /ud5t loan =giv5ess cr$its n great] ?an #gc2 & 7,b7 ackn[l$ges ! ext5t ( ! borr[]'s delay$ eligibility = old-age insurance b5efits "u title ,,ii ( ! ,social ,security ,act 7z am5d$ by ! ,/ud5t ,security ,act ( #bjag7 z a result ( receiv+ su* cr$its4 7#c7 ,t]m9ation ,no borr[] may ent] into an agreem5t "u p>agraph 7#b7 unless su* borr[] 0 a qualifi$ borr[] on or be=e ! date t is #ae ye>s aft] ! date ( ! enactm5t ( ! ,/ud5t ,security ,act ( #bjag4 7#d7 ,comb9ation ) o!r =giv5ess programs ,unless o!rwise provid$ by law1 a qualifi$ borr[] may comb9e =giv5ess "u ?is subsection ) o!r =giv5ess programs "u ?is ,act1 except 9 no case %all ! total am\nt ( =giv5ess receiv$ by a borr[] "u all su* programs exce$ ! am\nt ( ,f$]al /ud5t loans ow$ by su* borr[]4 7#e7 ,def9itions ,9 ?is section3 7,a7 ,default ,! t]m default has ! mean+ giv5 ! t]m 9 section #dce7l74 7,b7 ,eligible ,f$]al ,direct loan ,! t]m eligible ,f$]al ,direct loan means any loan made "u ?is "p1 includ+ any su* loan on :i* ! borr[] has default$4 7,c7 ,initial qualify+ date ,! t]m initial qualify+ date means ! date t is #bd mon?s aft] ! date ( ! enactm5t ( ! ,/ud5t ,security ,act ( #bjag4 7,d7 ,qualifi$ borr[] ,! t]m qualifi$ borr[]-- 7i7 ) respect to a borr[] :o seeks to ent] into an agreem5t "u p>agraph 7#b7 on or be=e ! initial qualify+ date1 means a borr[] ( an eligible ,f$]al ,direct loan :o is n entitl$ to collect old-age insurance b5efits "u title ,,ii ( ! ,social ,security ,act z ( ! date ( ! agreem5t "u p>agraph 7#b71 includ+ a borr[] :o is a default$ borr[]2 & 7ii7 ) respect to a borr[] :o seeks to ent] into an agreem5t "u p>agraph 7#b7 aft] ! initial qualify+ date1 means-- 7,i7 a borr[] ( an eligible ,f$]al ,direct loan :o is n entitl$ to collect old-age insurance b5efits "u title ,,ii ( ! ,social ,security ,act z ( ! date ( ! agreem5t "u p>agraph 7#b71 includ+ a borr[] :o is a default$ borr[]2 & 7,,ii7 :o 0 eligible = a def]m5t "u subsection 7f77#b77;,a7 at any "t dur+ ! five-ye> p]iod prec$+ ! date ( ! agreem5t "u p>agraph 7#b74 7,e7 ,/ud5t loan =giv5ess cr$it ,! t]m /ud5t loan =giv5ess cr$it means ! cancellation ( ! obligation ( a qualifi$ borr[] to repay #eej 9 eligible ,f$]al ,direct loans 9 ex*ange = delay$ eligibility = old-age insurance b5efits z specifi$ 9 title ,,ii ( ! ,social ,security ,act 7z am5d$ by ! ,/ud5t ,security ,act ( #bjag74 4 #c4 ,delay$ eligibility = old-age insurance b5efits 7a7 ,retirem5t age2 e>ly retirem5t age ,section #baf7l7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #daf7l77 is am5d$ by add+ at ! end ! foll[+3 7#d7 ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 9 ! case ( an individual :o receives "o or m /ud5t loan =giv5ess cr$its "u section #dee7r7 ( ! ,high] ,education ,act ( #aife-- 7,a7 ! retirem5t age ) respect to su* individual %all be deem$ to be-- 7i7 ! retirem5t age det]m9$ ) respect to su* individual "u p>agraph 7#a72 plus 7ii7 a numb] ( additional mon?s equal to ! numb] ( /ud5t loan =giv5ess cr$its receiv$ by ! individual "u su* section #dee7r72 & 7,b7 ! e>ly retirem5t age ) respect to su* individual %all be deem$ to be-- 7i7 ! e>ly retirem5t age det]m9$ ) respect to su* individual "u p>agraph 7#b72 plus 7ii7 a numb] ( additional mon?s equal to ! numb] ( /ud5t loan =giv5ess cr$its receiv$ by ! individual "u su* section #dee7r74 4 7b7 ,delay$ retirem5t cr$its ,section #bjb7w7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #djb7w77 is am5d$ by ins]t+ aft] age #gj ea* place x appe>s ! foll[+3 7or1 9 ! case ( an individual describ$ 9 p>agraph 7#d7 ( section #baf7l71 age #gj plus ! numb] ( additional mon?s det]m9$ "u subp>agraph 7,a77ii7 ( su* p>agraph74 7c7 ,volunt>y susp5sion ( b5efits ,section #bjb7z7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #djb7z77 is am5d$ by ins]t+ aft] ! age ( #gj ! foll[+3 7or1 9 ! case ( an individual describ$ 9 p>agraph 7#d7 ( section #baf7l71 ! age ( #gj plus ! numb] ( additional mon?s det]m9$ "u subp>agraph 7,a77ii7 ( su* p>agraph74 #d4 ,int]fund borr[+ ,section #bja7l7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dja7l77 is am5d$ to read z foll[s3 7l7 7#a7 ,if at any "t ! ,manag+ ,tru/ee det]m9es t borr[+ au?oriz$ "u ?is subsection is necess>y to pay full b5efit paym5ts f ! ,f$]al ,disability ,insurance ,tru/ ,fund1 ! ,manag+ ,tru/ee may borr[ su* necess>y am\nts f ! ,f$]al ,old-,age & ,survivors ,insurance ,tru/ ,fund = transf] to & deposit 9 ! ,f$]al ,disability ,insurance ,tru/ ,fund4 7#b7 ,9 any case :]e a loan has be5 made to ! ,f$]al ,disability ,insurance ,tru/ ,fund "u p>agraph 7#a71 !re %all be transf]r$ on ! la/ day ( ea* mon? aft] su* loan is made1 f ! borr[+ ,tru/ ,fund to ! l5d+ ,tru/ ,fund1 ! total int]e/ accru$ to su* day ) respect to ! unrepaid balance ( su* loan at a rate equal to ! rate :i* ! l5d+ ,tru/ ,fund w\ld e>n on ! am\nt involv$ if ! loan 7 an inve/m5t "u subsection 7d7 7ev5 if su* an inve/m5t w\ld e>n int]e/ at a rate diff]5t ?an ! rate e>n$ by inve/m5ts r$eem$ by ! l5d+ ,tru/ ,fund 9 ord] to make ! loan74 7#c7 7,a7 ,if 9 any mon? aft] a loan has be5 made to ! ,f$]al ,disability ,insurance ,tru/ ,fund "u p>agraph 7#a71 ! ,manag+ ,tru/ee det]m9es t ! assets ( su* ,tru/ ,fund are suffici5t to p]mit repaym5t ( all or "p ( any loans made to su* ,fund "u p>agraph 7#a71 he %all make su* repaym5ts z he det]m9es to be appropriate4 7,b7 ,! full am\nt ( all loans made "u p>agraph 7#a7 %all be repaid at ! e>lie/ feasible date4 7#d7 ,! ,bo>d ( ,tru/ees %all make a timely report to ! ,congress ( any am\nts transf]r$ 7includ+ int]e/ paym5ts7 "u ?is subsection4 4 #e4 ,exclusion f gross income = dis*>ge ( /ud5t loan indebt$ness "u ! ,/ud5t ,security ,loan ,=giv5ess ,program 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #ajh7;f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,9 g5]al ,9 ! case ( an individual1 gross income does n include any am\nt :i* 7b = ?is subsection7 w\ld be includible 9 gross income by reason ( ! dis*>ge 79 :ole or 9 "p7 ( any /ud5t loan if su* dis*>ge 0 pursuant to-- 7,a7 a provision ( su* loan "u :i* all or "p ( ! indebt$ness ( ! individual w\ld be dis*>g$ if ! individual work$ = a c]ta9 p]iod ( "t 9 c]ta9 pr(essions = any ( a broad class ( employ]s1 or 7,b7 ! receipt ( /ud5t loan =giv5ess cr$its "u section #dee7r7 ( ! ,high] ,education ,act ( #aife4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to dis*>ges ( indebt$ness on or aft] ! date ( ! enactm5t ( ?is ,act4