,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fegi  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bf1 #bjah,mr4 
,aguilar introduced the following bill2 
which was referred to the ,committee on 
,education and the ,workforce  ,a ,,bill
  ,to amend the ,higher ,education ,act 
of #aife to provide no interest         
deferment eligibility for certain small 
business concerns1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,recent ,grads in   
,start-,ups and ,innovation ,act4  #b4  
,no interest deferment eligibility for  
owners of certain small businesses  7a7 
,amendments ,section #dee7;f77#b7 of the
 ,higher ,education ,act of #aife 7#bj  
,u4,s4,c4 #ajhg;e7f77#b77 is amended--  
7#a7 by striking or at the end of       
subparagraph 7,c72  7#b7 by striking the
 period at the end of subparagraph 7,d7 
and inserting 2 or2 and  7#c7 by adding 
at the end the following3  7,e7 not in  
excess of #d years during which the     
borrower is the owner of a small        

business concern 7as defined in section 
#c of the ,small ,business ,act7 that-- 
7i7 has at least one employee other than
 the owner2 and  7ii7 has its principal 
place of business located in a qualified
 opportunity zone 7as defined in section
 #adjj,z-#a of the ,internal ,revenue   
,code of #aihf74  4  7b7 ,effective date
 ,the amendments made by this section   
shall take effect #a year after the date
 of enactment of this ,act4  #c4 ,report
  7a7 ,in general ,not later than #a    
year after the first deferment is       
granted under section #dee7;f77#b77;,e7 
of the ,higher ,education ,act of #aife 
7#bj ,u4,s4,c4 #ajhg;e7f77#b771 as added
 by this ,act1 the ,secretary of        
,education1 in coordination with the    
,small ,business ,administration1 shall 
submit a report to ,congress on--  7#a7 
the number of recent college graduates  
who applied to receive a deferment under
 such section1 disaggregated by--  7,a7 
the number of such individuals who were 
granted such a deferment2 and  7,b7 the 

number of such individuals who were not 
granted such a deferment2  7#b7 a       
description of the recent college       
graduates who were granted such a       
deferment1 disaggregated by-- 7,a7 the  
demographic information of the graduate2
  7,b7 the type of small business       
concern for which the deferment was     
granted2  7,c7 the location of the small
 business concern2  7,d7 the number of  
jobs created by the small business      
concern2 and  7,e7 any relevant         
information on the growth of the small  
business concern2 and  7#c7             
recommendations to improve or create    
more awareness of such deferment        
program4  7b7 ,definition ,in this      
section3  7#a7 ,institution of higher   
education ,the term institution of      
higher education has the meaning given  
the term in section #ajb of the ,higher 
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajjb74  7#b7 ,recent college graduate  
,the term recent college graduate means 
an individual who has been a graduate of

 an institution of higher education with
 an associate or baccalaureate degree   
for not more than #b years4  7#c7 ,small
 business concern ,the term small       
business concern has the meaning given  
under section #c of the ,small ,business
 ,act 7#ae ,u4,s4,c4 #fcb74