[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 828 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 828
To preserve mathematics- and science-based industries in the United
States.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 5, 2007
Mr. Wolf (for himself and Mr. Ehlers) introduced the following bill;
which was referred to the Committee on Education and Labor
_______________________________________________________________________
A BILL
To preserve mathematics- and science-based industries in the United
States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Math and Science Incentive Act of
2007''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) The United States can have a secure and prosperous
future only by having a robust and inventive scientific and
technical enterprise.
(2) Such an enterprise will require the United States to
produce more scientists and engineers.
(3) The United States education system must do more to
encourage students at every level to study science and
mathematics and to pursue careers related to those fields.
(4) The current performance of United States students in
science and math lags behind their international peers, and not
enough students are pursuing science and mathematics.
(5) The United States is still reaping the benefits of past
investments in research and development and education, but we
are drawing down that capital.
(6) The United States needs to recommit itself to
leadership in science, mathematics and engineering, especially
as advances are being made in such areas as nanotechnology.
(7) A program of loan forgiveness designed to attract
students to careers in science, mathematics, engineering and
technology, including teaching careers, can help the United
States maintain its technological leadership.
SEC. 3. ESTABLISHMENT OF PROGRAM.
(a) Program.--
(1) In general.--The Secretary shall carry out a program of
assuming the obligation to pay, pursuant to the provisions of
this Act, the interest on a loan made, insured, or guaranteed
under part B or D of title IV of the Higher Education Act of
1965.
(2) Eligibility.--The Secretary may assume interest
payments under paragraph (1) only for a borrower who--
(A) has submitted an application in compliance with
subsection (d);
(B) obtained one or more loans described in
paragraph (1) as an undergraduate student;
(C) is a new borrower (within the meaning of
section 103(7) of the Higher Education Act of 1965 (20
U.S.C 1003(7)) on or after the date of enactment of
this Act;
(D) is a teacher of science, technology,
engineering or mathematics at an elementary or
secondary school, or is a mathematics, science or
engineering professional; and
(E) enters into an agreement with the Secretary to
complete 5 consecutive years of service in a position
described in subparagraph (D), starting on the date of
the agreement.
(3) Prior interest limitations.--The Secretary shall not
make any payments for interest that--
(A) accrues prior to the beginning of the repayment
period on a loan in the case of a loan made under
section 428H of the Higher Education Act of 1965 (20
U.S.C. 1078-8) or a Federal Direct Unsubsidized
Stafford Loan; or
(B) has accrued prior to the signing of an
agreement under paragraph (2)(E).
(4) Initial selection.--In selecting participants for the
program under this Act, the Secretary--
(A) shall choose among eligible applicants on the
basis of--
(i) the national security, homeland
security and economic security needs of the
United States, as determined by the Secretary,
in consultation with other Federal agencies,
including the Departments of Labor, Defense,
Homeland Security, Commerce, and Energy, the
Central Intelligence Agency and the National
Science Foundation; and
(ii) the academic record or job performance
of the applicant; and
(B) may choose among eligible applicants on the
basis of--
(i) the likelihood of the applicant to
complete the five-year service obligation;
(ii) the likelihood of the applicant to
remain in science, mathematics or engineering
after the completion of the service
requirement; or
(iii) other relevant criteria determined by
the Secretary.
(5) Availability subject to appropriations.--Loan interest
payments under this Act shall be subject to the availability of
appropriations. If the amount appropriated for any fiscal year
is not sufficient to provide interest payments on behalf of all
qualified applicants, the Secretary shall give priority to
those individuals on whose behalf interest payments were made
during the preceding fiscal year.
(6) Regulations.--The Secretary is authorized to prescribe
such regulations as may be necessary to carry out the
provisions of this section.
(b) Duration and Amount of Interest Payments.--The period during
which the Secretary shall pay interest on behalf of a student borrower
who is selected under subsection (a) is the period that begins on the
effective date of the agreement under subsection (a)(2)(E), continues
after successful completion of the service obligation, and ends on the
earlier of--
(1) the completion of the repayment period of the loan;
(2) payment by the Secretary of a total of $10,000 on
behalf of the borrower;
(3) if the borrower ceases to fulfill the service
obligation under such agreement prior to the end of the 5-year
period, as soon as the borrower is determined to have ceased to
fulfill such obligation in accordance with regulations of the
Secretary; or
(4) 6 months after the end of any calendar year in which
the borrower's gross income equals or exceeds 4 times the
national per capita disposable personal income (current
dollars) for such calendar year, as determined on the basis of
the National Income and Product Accounts Tables of the Bureau
of Economic Analysis of the Department of Commerce, as
determined in accordance with regulations prescribed by the
Secretary.
(c) Repayment to Eligible Lenders.--Subject to the regulations
prescribed by the Secretary pursuant to subsection (a)(6), the
Secretary shall pay to each eligible lender or holder for each payment
period the amount of the interest that accrues on a loan of a student
borrower who is selected under subsection (a).
(d) Application for Repayment.--
(1) In general.--Each eligible individual desiring loan
interest payment under this section shall submit a complete and
accurate application to the Secretary at such time, in such
manner, and containing such information as the Secretary may
require.
(2) Failure to complete service agreement.--Such
application shall contain an agreement by the individual that,
if the individual fails to complete the 5 consecutive years of
service required by subsection (a)(2)(E), the individual agrees
to repay the Secretary the amount of any interest paid by the
Secretary on behalf of the individual.
(e) Treatment of Consolidation Loans.--A consolidation loan made
under section 428C of the Higher Education Act of 1965, or a Federal
Direct Consolidation Loan made under part D of title IV of such Act,
may be a qualified loan for the purpose of this section only to the
extent that such loan amount was used by a borrower who otherwise meets
the requirements of this section to repay--
(1) a loan made under section 428 or 428H of such Act; or
(2) a Federal Direct Stafford Loan, or a Federal Direct
Unsubsidized Stafford Loan, made under part D of title IV of
such Act.
(f) Prevention of Double Benefits.--No borrower may, for the same
service, receive a benefit under both this section and--
(1) any loan forgiveness program under title IV of the
Higher Education Act of 1965; or
(2) subtitle D of title I of the National and Community
Service Act of 1990 (42 U.S.C. 12571 et seq.).
SEC. 4. DEFINITIONS.
As used in this Act--
(1) the term ``Secretary'' means the Secretary of
Education; and
(2) the term ``mathematics, science, or engineering
professional'' means a person who--
(A) holds a baccalaureate, masters, or doctoral
degree (or a combination thereof) in science,
mathematics or engineering; and
(B) works in a field the Secretary determines is
closely related to that degree, which shall include
working as a professor at a two- or four-year
institution of higher education.
SEC. 5. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to carry out this Act such
sums as may be necessary for fiscal year 2008 and for each of the 5
succeeding fiscal years.
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