arrow_back Back to App

Support for Young Entrepreneurs: Student Loan Relief

This act aims to help young people start their own businesses by allowing student loan deferment and partial loan cancellation. It applies to founders and employees of new small businesses, especially those operating in economically distressed areas. Additionally, the act establishes a dedicated center to support young entrepreneurs.
Key points
Student loan deferment for up to 3 years for founders of small business start-ups.
Up to $20,000 in student loan cancellation for founders of start-ups in distressed areas, after 24 months of payments and meeting conditions.
Up to $3,000 in student loan cancellation for employees of small business start-ups, after 12 months of payments and meeting conditions (up to $15,000 total).
Establishment of a Young Entrepreneurs Business Center to certify start-ups and identify distressed areas.
Cancelled student loan amounts will not be considered taxable income.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4293
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7]
Process start date: 2021-06-30
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Supporting America’s Young Entrepreneurs Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4293.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-30.

What are the main provisions?

Key points include:

  • Student loan deferment for up to 3 years for founders of small business start-ups.
  • Up to $20,000 in student loan cancellation for founders of start-ups in distressed areas, after 24 months of payments and meeting conditions.
  • Up to $3,000 in student loan cancellation for employees of small business start-ups, after 12 months of payments and meeting conditions (up to $15,000 total).
  • Establishment of a Young Entrepreneurs Business Center to certify start-ups and identify distressed areas.
  • Cancelled student loan amounts will not be considered taxable income.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velazquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Education Economy Labor