Re: "Ross Introduces Student Loan Repayment Bill" (press releases: Sept 27, 2016)

http://DennisRoss.house.gov/news/documentsingle.aspx?DocumentID=398516 Cache: http://www.PublicNow.com/view/EF728DFDCB4CFA971A1542ED0AFE48875BD2B3F3

 

Thank you all for your combined efforts, here (especially recently) to help me fix the broken higher ed system, but I'm still a bit confused about Congressman Ross' recent press release: I have reviewed it, and I think it gives a 1-time tax credit of $1,500.oo, broken down into three 500-dollar segments, spread out over 3 years, if and *only* if the employer contributes at least $2,000.oo/year to a matching fund to pay down the college debt. If I'm reading this right, it basically allows the employer to have a slight advantage at being able to give a 2,000-dollar-paycheck bonus each year, for 3 years, and only cost the company 1,500 dollars each year (2,000 less the 500/year tax credit).

 

Question 1: Is this right?

Q2: Secondly, how much Big Government bureaucratic red tape is involved?

Q3: My main point of confusion, however, is the part about whether it's a "one-time" credit, or rather one that can be renewed.

Q4: And, if it's one time, is this "per degree" the student has? (And how would a double major count? AND: What about my Associates in Science degree: does that count too?)

Q5: What is the bill number? (And, where can I look it up? I am having trouble navigating House.gov)

Q6: Lastly, how will this reduce the cost of college (a common goal among all of us)? Colleges, when they learn of these tax credits, will treat them as subsidies, such as college loans, and, as the "Bill Bennett" hypothesis on subsidies-vs-costs, jack up tuition to match the increased funding available, won't they? (And, as these are tax credits, this is putting the taxpayer on the hook again, isn't it?)

 

PS: I gave my word that if Dennis did "anything," to help fix the broken higher ed mess, I would give him appropriate support, positive feedback, votes, etc., and (so far as I can see), he fulfilled my requirements. While I think it was "just barely" helpful to the higher ed mess, I am a man of my word, and I will keep my word, but I don't understand the bill in question (my apologies: I'm supposed to be 'smart'), and so that's the holdup here in my confusion. Thank you, in advance, for your clarification, here.

 

I think it would be good to poll constituents to see which approach they would prefer, Dennis' approach, my approach, or a combination of the above. A survey would be appropriate here, I think, to address this question.