Original Status

AAB- “Committee Number”- “Bill Number”:

In the Amending Congress

Date:

Authors:

Sponsors:

Title:

Preamble:

In the WHEREAS clauses, describe individual reasons why this bill should pass. End the WHEREAS clauses with “, and” so that it runs as one long sentence until the last WHEREAS clause.

Therefore:

Section #:

Section #:

Section #

AAB-06-001 is a bill that will reorganize government spending within the education industry regarding loans, subsidies and tax exemptions and deductions in order to decrease the cost of education for both the government and the students.

AAB-06-001:

*The government will no longer provide subsidies to private education.

*Private education will no longer be tax-exempt nor deductible.

* Schools will no longer receive funding for sports programs from the government nor force students to pay for the sports but must instead fundraise on their own.

*All current government loans to students will be replaced with the following.

-The only government loan that will be provided is a full-tuition loan, or a loan necessary to complete the remaining years of college, to students within a vocation degree course or one or multiple of the four STEM degree programs.

-This loan will not demand repayment until two years after the student graduates from either vocational or STEM degrees.

-Payment of this loan will occur over the course of ten years with the first five years including an interest rate of 3% and the remaining five years with 6%. If the student pays off the full loan within the first five years then the only interest rate for that student's loan will be 10%.

-During the ten year repayment period, the student will pay the monthly of the loan they received with the interest rate.