,i #aafth ,,congress #b;d ,session ,h4 ,r4 #efac ,,in ,,the ,,house ,,of ,,representatives ,january #ae1 #bjbj,mr4 ,gallego 7for himself1 ,mr4 ,swalwell of ,california1 and ,ms4 ,haaland7 introduced the following bill2 which was referred to the ,committee on ,education and ,labor ,a ,,bill ,to amend the ,higher ,education ,act of #aife to allow qualified entrepreneurs to temporarily defer ,federal student loan payments after starting a new business4 #a4 ,short title ,this ,act may be cited as the ,relief and ,investment for ,student ,entrepreneurs ,act or the ,,rise ,act4 #b4 ,deferment of ,federal student loan payments for qualified entrepreneurs ,section #dee7;f7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7f77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by striking or at the end of subparagraph 7,a77ii72 7,b7 by striking the period at the end of subparagraph 7,b7 and inserting 2 or2 and 7,c7 by adding at the end the following3 7,c7 notwithstanding subparagraphs 7,a7 and 7,b71 in the case of a deferment described in paragraph 7#b77;,e71 shall not accrue4 2 7#b7 in paragraph 7#b7-- 7,a7 in subparagraph 7,c71 by striking or at the end2 7,b7 in subparagraph 7,d71 by striking the period at the end and inserting 2 or2 and 7,c7 by adding at the end the following new subparagraph3 7,e7 subject to paragraph 7#e71 not in excess of #c years during which the borrower is a qualified entrepreneur4 2 and 7#c7 by adding at the end the following new paragraph3 7#e7 ,deferment for qualified entrepreneurs 7,a7 ,definition of qualified entrepreneur ,for the purpose of this subsection1 the term qualified entrepreneur means a borrower who-- 7i7 receives a degree from an institution of higher education during the #aj-year period ending on the date on which the borrower requests a deferment under paragraph 7#b77;,e72 7ii7 registers at least #a business entity in a ,state during the #ah-month period ending on the date on which the borrower requests a deferment under paragraph 7#b77;,e72 7iii7 raises capital investment of not less than #ae1jjj for such business entity2 and 7iv7 has an outstanding balance of principal and interest on a loan made under this part of not less than #e1jjj4 7,b7 ,minimum employee requirement ,a borrower granted deferment under paragraph 7#b77;,e7 shall not be eligible to continue such deferment unless1 on the date that is #a year after the date on which such deferment is granted1 the borrower-- 7i7 employs at the business entity described in subparagraph 7,a77ii7 not fewer than #a full-time employee who is not the borrower or relative of the borrower2 and 7ii7 pays such employees at a rate not less than the minimum wage prescribed by the ,state or locality in which the business entity is located4 4 #c4 ,loan cancellation for entrepreneurs ,part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 is further amended by adding at the end the following3 #dfj;,a4 ,loan cancellation for entrepreneurs 7a7 ,program authorized ,the ,secretary is authorized to carry out a program of canceling the obligation to repay a qualified loan amount in accordance with subsection 7b7 for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans made under this part for any borrower who-- 7#a7 for not less than a #c-year period and not more than a #aj-year period ending on the date on which the borrower requests a cancellation under this section1 has owned and controlled a qualified ,h,u,b,zone small business concern 7as determined by the ,administrator of the ,small ,business ,administration71 which has been registered as business in a ,state2 and 7#b7 is not in default on a loan for which the borrower seeks forgiveness4 7b7 ,qualified loan amount 7#a7 ,in general ,the ,secretary shall cancel not more than #ag1ejj in the aggregate of the loan obligation on a ,federal ,direct ,stafford ,loan or a ,federal ,direct ,unsubsidized ,stafford ,loan that is outstanding4 7#b7 ,treatment of consolidation loans ,a loan amount for a ,federal ,direct ,consolidation ,loan may be a qualified loan amount for the purposes of this subsection only to the extent that such loan amount was used to repay a ,federal ,direct ,stafford ,loan1 a ,federal ,direct ,unsubsidized ,stafford ,loan1 or a loan made under section #dbh or #dbh;,h1 for a borrower who meets the requirements of subsection 7a71 as determined in accordance with regulations prescribed by the ,secretary4 7c7 ,priority ,the ,secretary shall grant loan forgiveness under this section on a first-come1 first-served basis1 and subject to the availability of appropriations4 7d7 ,rule of construction ,nothing in this section shall be construed to authorize the refunding of any repayment of a loan4 4 #d4 ,publication and report 7a7 ,publication ,the ,secretary of ,education and the ,administrator of the ,small ,business ,administration shall each make available1 on publicly accessible websites of the ,department of ,education and the ,small ,business ,administration1 respectively1 information on the student loan deferment program for qualified entrepreneurs under section #dee7;f7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7f771 as amended by this ,act4 7b7 ,report to ,congress ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of ,education shall submit to ,congress a report that includes-- 7#a7 an assessment of the progress of the ,secretary in carrying out the student loan deferment program for qualified entrepreneurs under section #dee7;f7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7f771 as amended by this ,act2 and 7#b7 a description of any ongoing efforts to increase participation in such program4