Sec. 3. Establishment of America RISING program
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The Secretary of Labor and the Secretary of Education shall, jointly, establish a program under which— grants are paid to eligible employers to defray the cost of compensation paid by such employers to recent college graduates; and grants are paid to recent college graduates to enable such graduates to defray the cost of undertaking further postsecondary courses at an institution of higher education for up to 24 months in subjects relating to mathematics, science, engineering, or technology.
A grant under this section may be made on such terms and conditions as the Secretary may determine. Each recent college graduate participating in the program under this section (by benefitting from a grant awarded under paragraph (1), or receiving a grant under paragraph (2), of subsection (a)) may defer payment on Federal student loans made to the graduate under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) for the period of the graduate’s participation in the program.
With respect to a grant awarded under subsection (a)(1)— an eligible employer— may use the grant to defray the cost of compensation for not more than 2 recent college graduates; and shall provide a compensation amount to each recent college graduate participating in the program that is equal to or greater than the grant amount received by the employer for the graduate; and the Secretary may not award an eligible employer more than $25,000 per recent college graduate. With respect to a grant awarded under subsection (a)(2) to a recent college graduate, the graduate shall be eligible to receive Federal student aid under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) without regard to whether the graduate has been or is delinquent on any Federal student loans made to the graduate under such title IV ( 20 U.S.C. 1070 et seq. ).
In this section: The term eligible employer means an employer that— is a small business concern; or is a major corporation that has an operation located in— an enterprise zone; or an area in which, according to the most recent data available, the unemployment rate exceeds the national average unemployment rate by more than two percentage points. The term enterprise zone has the meaning given the term HUBzone in section 3 of the Small Business Act ( 15 U.S.C. 632 ). Except as provided in paragraph (3)(B), the term institution of higher education has the meaning given the term in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 ).
The term major corporation means an employer that earns an annual revenue of not less than $5,000,000 and employs not less than 50 employees. The term recent college graduate means an individual— who has received a baccalaureate or associate degree from an institution of higher education on or after the date that is 24 months before the grant benefitting the graduate is awarded under this section; and who has not previously received any such baccalaureate or associate degree.
In subparagraph (A), the term institution of higher education has the meaning given such term in section 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1002 ). The term small business concern has the meaning given such term in section 3 of the Small Business Act ( 15 U.S.C. 632 ). There is authorized to be appropriated to carry out this Act $100,000,000 for each of the fiscal years 2018, 2019, and 2020. Funds appropriated under paragraph
(1)shall remain available until expended.
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