PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Jan 15, 2020
Relief and Investment for Student Entrepreneurs Act or the RISE Act
This bill provides deferment and cancellation of certain loans under the Federal Direct Loan program for qualified entrepreneurs.
Specifically, the bill allows a qualified entrepreneur with a loan under the Federal Direct Loan program to defer loan payments for up to three years. A qualified entrepreneur is a borrower who (1) receives a degree during the 10-year period before the borrower requests a deferment, (2) registers at least one business entity, (3) raises capital of not less than $15,000 for such business entity, and (4) has an outstanding loan balance of not less than $5,000.
The Department of Education may cancel up to $17,500 of Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans for a borrower who (1) has operated a small business located in a historically underutilized business zone for at least three years, and (2) is not currently in default on the loan.
People & committees
Rep. Gallego, Ruben [D-AZ-7] · D–AZ
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Education and Labor.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jul 21, 2025. Consult Congress.gov for the current record.
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