SB 114-35: Student Loan Debt Relief Act (Passed)

[LAKISYLVANIA]

Pyro amendment is adopted

Motioning for a final vote

24 hours to object.

[LAKISYLVANIA]

A final vote is now open. Senators, please vote Aye, Nay, or Abstain.

[LAKISYLVANIA]

Aye

[Dr. MB]

Aye

[West_Midlander]

Nay

[Vice President Christian Man]

Nay

[At-Large Senator LouisvilleThunder]

Nay

[Adam Griffin]

Aye

[The world will shine with light in our nightmare]

Aye

[Kahane's Grave Is A Gender-Neutral Bathroom]

Nay

[Sirius_]

Aye

[Utah Neolib]

Aye

[LAKISYLVANIA]

Bill passes 6-4-0-8

[FT-02 Senator A.F.E. 🇵🇸🤝🇺🇸🤝🇺🇦]

Aye ftr

[The world will shine with light in our nightmare]

Ayes: 6 (Laki, MB, West Midlander, Adam Griffin, Scott, Sirius, UNL)
Nays: 4 (West Midlander, Christian Man, Louisville Thunder, theflyingmongoose)
Abstentions: 0
Not Voting: 8 (Muad'dib, OriAr, Old School Republican, nerd73, Pericles, Spiral, AFE, Mr. Reactionary)                          

STUDENT LOAN DEBT RELIEF ACT

1. Any person who owes federal student loan debt shall, upon application to the Secretary of Internal Affairs with supporting documentation, receive a discharge of such debt according to the following schedule:

A. Any person with an annual income of less than $55,000 averaged over the last three (3) years shall be entitled to a complete discharge of student loan debt;

B. Any person with an annual income of $55,000 or more but less than $75,000 averaged over the last three (3) years shall be entitled to a discharge of up to $40,000 in student loan debt;

C. Any person with an annual income of $75,000 or more but less than $102,000 averaged over the last three (3) years shall be entitled to a discharge of up to $10,000 in student loan debt;

D. The discharge, forgiveness, or cancellation of student loan debt shall not be subject to federal income tax.

2. No college or university that accepts federal student loan funding shall be permitted to increase tuition costs for students more than 5% every three (3) years. When any such college or university increases tuition costs, such increase proposal shall be made public along with any accompanying documentation justifying the amount of the proposed increase. The federal government shall have ninety (90) days to review a proposed increase before it shall take effect. If the proposed increase is not justified by the supporting documentation, such proposal shall not be implemented by the college or university or else its participation in the student loan program shall be suspended for two (2) years.

3. No college or university that accepts federal student loan funding shall require students to pay any general activity fee used to fund clubs, organizations, or other groups to attend or reside at such college or university. Nothing in this act shall prohibit clubs, organizations, or other groups affiliated with such colleges or universities from requiring the payment of an activity fee in order for a student to actually participate in such clubs, organizations, or groups.

4. No college or university that accepts federal student loan funding shall withhold degrees or transcripts from any current or former student based on the current or former student owing money to such college or university.

5. The Tax the Woke Act shall be amended as follows:

...

1. Beginning in fiscal year 2024 there shall be levied a minimum tax of 1% 5% on the investment earnings of any private college or university that has at least 500 tuition-paying students and net endowment assets of at least $500,000,000.

2. The investment tax shall increase by 2 percentage point per each additional $1,000,000,000 in total investments held by a university endowment fund.

...

6. This act shall take effect July 1, 2024.

Passed in the Senate of the Republic of Atlasia 6-4-0-8

Scott
President pro tempore