Income-Dependent Education Assistance Act of 1993

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 May 1993

   Introduced

   Referred to the House Committee on Education and Labor.

   Source: IntroReferral

2. 11 May 1993

   Introduced

   Sponsor introductory remarks on measure. (CR E1218-1220)

   Source: IntroReferral

3. 11 May 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 May 1993

   Introduced

   Introduced in House

   Source: IntroReferral

5. 27 May 1993

   Referred

   Referred to the Subcommittee on Postsecondary Education and Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 11 May 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 May 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 11 May 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 11 May 1993

  Open at official source

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  Vertaal document

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Sponsors

• Rep. Petri, Thomas E. [R-WI-6] · R · Sponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Sponsor
• Rep. Ackerman, Gary L. [D-NY-5] · D · Sponsor
• Rep. Gunderson, Steve [R-WI-3] · R · Sponsor
• Rep. Sundquist, Don [R-TN-7] · R · Sponsor
• Rep. Taylor, Charles H. [R-NC-11] · R · Sponsor
• Rep. Cunningham, Randy (Duke) [R-CA-50] · R · Sponsor
• Sen. Inhofe, James M. [R-OK] · R · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Rep. Zimmer, Dick [R-NJ-12] · R · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

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