119-S942

Bill is currently in: Senate
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House Senate President

119th CONGRESS

1st Session

S. 942

1. Short title
2. Deferment during a medical or dental internship or residency program

1. Short title

This Act may be cited as the "Resident Education Deferred Interest Act" or the "REDI Act".

2. Deferment during a medical or dental internship or residency program

Section 455(f) of the Higher Education Act of 1965 (20 U.S.C. 1087e(f)) is amended—

(1) - in paragraph (1), in the matter preceding subparagraph (A), by striking "A borrower" and inserting "Except as provided in paragraph (6), a borrower";

(2) - in paragraph (2)(A)—

(A) - in clause (i), by striking "or" after the semicolon;

(B) - by striking the matter following clause (ii);

(C) - in clause (ii), by striking the comma at the end and inserting "; or"; and

(D) - by adding at the end the following:

(iii) - is serving in a medical or dental internship or residency program;

(3) Special rule for certain in school deferment - by adding at the end the following:

(6) Special rule for certain in school deferment - Notwithstanding any other provision of this Act, a borrower described in paragraph (2)(A)(iii) shall be eligible for a deferment, during which periodic installments of principal need not be paid and interest shall not accrue on any loan made to the borrower under this part.