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Income-Dependent Education Assistance Act of 1993

Introduced: May 11, 1993 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 27, 1993
Referred to the Subcommittee on Postsecondary Education and Training.
May 11, 1993
Referred to the House Committee on Ways and Means.
May 11, 1993
Referred to the House Committee on Education and Labor.
May 11, 1993
Sponsor introductory remarks on measure. (CR E1218-1220)
May 11, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Income-Dependent Education Assistance Act of 1993 - Establishes the income-dependent education assistance (IDEA) program of supplemental direct higher education student loans in which a borrower's annual repayment obligation is dependent upon both postschool income level and borrowing history.

Title I: System for Making Income-Dependent Education Assistance Loans - Directs the Secretary of the Treasury to: (1) make IDEA loans to eligible students; (2) establish an account for each IDEA loan borrower; and (3) collect repayments on such loans using the income tax collection system added by title II of this Act.

Provides for interest charges on such loans, based on an interest rate equal to the lesser of: (1) ten percent; or (2) the sum of the average bond equivalent rates of 91-day Treasury bills auctioned for the previous year, plus two percentage points.

Provides for conversion and consolidation of certain other types of student loans as IDEA loans (Stafford loans under the Higher Education Act of 1965 and HEAL loans under the Public Health Service Act).

Requires conversion of certain defaulted student loans to IDEA loans.

Terminates the authority to make additional loans under the Higher Education Act of 1965 (HEA) programs of supplemental loans for students (SLS) and direct loans to students in institutions of higher education.

Title II: Collection of Income-Dependent Education Assistance Loans - Amends the Internal Revenue Code to provide for the collection of IDEA loans.

Directs the Secretary of the Treasury to notify each IDEA loan borrower of his or her yearly repayment obligation.

Sets forth formulas for computation of the annual IDEA loan repayment amount.

Directs the Secretary of the Treasury to assess and collect any unpaid amount in the same manner as for any delay in the payment of income tax.

Provides for discharge, by the Secretary of Education, of the IDEA loan liability of any borrower who dies or becomes permanently and totally disabled.

Provides that, in general, an IDEA loan shall not be dischargeable in bankruptcy, but authorizes the Secretary of the Treasury to postpone certain portions of the loan liability in such cases.

What's happening now May 27, 1993

Referred to the Subcommittee on Postsecondary Education and Training.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1