Since I am still a recovering lawyer, I need to point out that under the current Senate Bill, the 15K is no longer a loan, but a real tax credit that need never be repayed. As PeteD noted, the prior "credit" was and is fraudulent since it must be repayed and therefore is a disguised loan. Of course the worse rip of all is the so called Rapid Refund or Refund Anticipation Loan with APRs > 200% .