,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #eibh  ,,in ,,the ,,house ,,of  
,,representatives  ,may #bc1 #bjah,mr4  
,polis 7for himself1 ,mrs4 ,carolyn ,b4 
,maloney of ,new ,york1 ,mr4 ,scott of  
,virginia1 ,ms4 ,jayapal1 ,mr4          
,de,saulnier1 ,ms4 ,clarke of ,new      
,york1 ,mr4 ,ellison1 ,mr4 ,espaillat1  
,ms4 ,de,lauro1 ,ms4 ,moore1 ,ms4       
,adams1 ,mrs4 ,napolitano1 and ,mr4     
,perlmutter7 introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means1 and in  
addition to the ,committees on          
,education and the ,workforce1 ,natural 
,resources1 and ,energy and ,commerce1  
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     
repeal the ,tax ,cuts and ,jobs ,act1   
forgive all outstanding ,federal student
 loans1 and for other purposes4  #a4    
,short title ,this ,act may be cited as 

the ,students ,over ,special ,interests 
,act4  #b4 ,sunset of public law #aae-ig
  7a7 ,in general ,all provisions of1   
and amendments made by1 ,public ,law    
#aae-ig shall not apply to calendar1    
taxable1 plan1 or limitation years      
beginning after ,december #bb1 #bjag4   
7b7 ,application of certain laws ,the   
,internal ,revenue ,code of #aihf shall 
be applied and administered to years    
described in subsection 7a7 as if the   
provisions and amendments described in  
subsection 7a7 had never been enacted4  
#c4 ,forgiveness of outstanding ,federal
 student loans  7a7 ,forgiveness        
required ,notwithstanding any other     
provision of law1 not later than #ahj   
days after the date of the enactment of 
this ,act1 the ,secretary of ,education 
shall forgive the outstanding balance of
 interest and principal due on all      
eligible ,federal student loans4  7b7   
,method of loan forgiveness ,to provide 
the loan forgiveness required under     
subsection 7a71 the ,secretary is       

authorized to carry out a program--     
7#a7 through the holder of the loan1 to 
assume the obligation to repay the      
outstanding balance of interest and     
principal due on a loan made1 insured1  
or guaranteed under part ,b of title    
,,iv of the ,higher ,education ,act of  
#aife2 and  7#b7 to cancel the          
outstanding balance of interest and     
principal due on a loan made under part 
,d of such title4  7c7 ,exclusion from  
taxable income ,the amount of a         
borrower's eligible ,federal student    
loans forgiven under this section shall 
not be included in the gross income of  
the borrower for purposes of the        
,internal ,revenue ,code of #aihf4  7d7 
,definition of eligible ,federal student
 loan ,in this section the term eligible
 ,federal student loan means any loan   
made1 insured1 or guaranteed under part 
,b or part ,d of title ,,iv of the      
,higher ,education ,act of #aife4  #d4  
,increase in ,federal ,pell ,grants2    
deficit reduction  7a7 ,in general ,of  

the amount of net cost savings achieved 
by sections #b and #c-- 7#a7 one half   
shall be used by the ,secretary of      
,education to increase the maximum      
,federal ,pell ,grant under section #dja
 of the ,higher ,education ,act of #aife
 7#bj ,u4,s4,c4 #ajgj;a7 by an equal    
amount for each of the #aj award years  
beginning after the date of the         
enactment of this ,act2 and  7#b7 one   
half shall be used for the purpose of   
deficit reduction4  7b7 ,treatment as   
mandatory spending ,the amounts provided
 under subsection 7a77#a7 shall be      
available without further appropriation4
  7c7 ,continuation of maximum amount   
,notwithstanding any other provision of 
law1 the amount of the maximum ,federal 
,pell ,grant under section #dja of the  
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajgj;a7 for each award year  
beginning after the expiration of the   
period described in subsection 7a77#a7  
shall be not less than the maximum      
amount determined for the last award    

year in such period4