S. 3593: Student Debt Relief Act of 2006

109th Congress · introduced 2006-06-28 · Education · Latest: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6644-6647)

federal

Follow this bill, step by step

Where it came from: introduced 2006-06-28 · official record
Who proposed it: Sen. Kennedy, Edward M. [D-MA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6644-6647) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Student Debt Relief Act of 2006

Plain summary

Student Debt Relief Act of 2006 - Amends the Higher Education Act of 1965 to increase yearly maximum Pell grant amounts. Authorizes and appropriates specified additional annual funding for such grants if discretionary appropriations for such year are sufficient to fund a specified maximum Pell grant award of $4,050. Requires the Secretary of Education to provide institutions of higher education Student Aid Reward Payments for participating in the Federal Family Education Loan (FFEL) or Direct Loan (DL) program most cost-effective for taxpayers. Cuts interest rates under the FFEL and DL programs. Allows students to consolidate loans under the FFEL program while still in school. Reduces DL origination fees. Eliminates exceptional performer status for lenders, servicers, and guaranty agencies, which rewards such entities for high due diligence in FFEL collection. Imposes certain requirements regarding federal fund supplementation and lender trustees on schools which act as FFEL lenders. Sets limits on funds available for administrative expenses under the FFEL and DL programs for FY2007-FY2012. Directs the Secretary to forgive the balance due on DLs and direct consolidation loans by individuals who have been public sector employees for 10 years and have made 120 income contingent payments on such loans. Defers FFEL principal and Perkins loan principal and interest repayments when borrowers are suffering economic hardship, redefined to include borrowers whose full-time earnings do not exceed 150% of the poverty line. Defers student loan repayments to the extent they would exceed 15% of the amount a borrower's adjusted gross income exceeds the poverty line. Includes such deferral periods in calculating the maximum period an income contingent repayment plan may be in effect for a non-defaulting borrower. Increases consolidation loan lender fees. Amends the Internal Revenue Code of 1986 to increase the deduction for higher education expenses and make it permanent. Establishes a tax credit for student loan interest payments.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Student Debt Relief Act of 2006

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Kennedy, Edward M. [D-MA] · 7 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Charles E. Schumer (D-NY), Richard J. Durbin (D-IL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109s3593.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/s>

Record fed-us-cong109-s3593 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109