Income-Dependent Education Assistance Act of 2007

Fact Sheet API

Bill Number

HR 2465

Introduced

May 23, 2007

Latest Action

Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

Sponsor

Cosponsors

Topics

Bankruptcy Collection of accounts Disabled Economics and Public Finance Education Federally-guaranteed loans Finance and Financial Sector Government lending Government Operations and Politics Government paperwork Health Higher education Identification devices Income tax Interest Interest rates Loan defaults Medical education Social Welfare Student loan funds Tax exclusion Tax returns Taxation Withholding tax

Full Text

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Votes

Summary

Income-Dependent Education Assistance Act of 2007 - Directs the Secretary of Education to conduct a direct income-dependent education assistance (IDEA) loan program, from July 1, 2008, through July 1, 2014, under which student borrowers of Federal Family Education Loans (FFELs) or Direct Loans (DLs), under parts B and D of title IV of the Higher Education Act of 1965, may elect to convert or consolidate such loans to direct IDEA loans.

Provides that when a student defaults on a loan under the FFEL or DL programs and it is repaid or canceled by the Secretary, it is thereby converted to a direct IDEA loan.

Amends the Internal Revenue Code to provide for collection of IDEA loan repayments through the income tax collection system.

Actions

Jul 17, 2007

Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
May 23, 2007

Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 23, 2007

Sponsor introductory remarks on measure. (CR E1136)
May 23, 2007

Introduced in House

Amendments

Related Bills