ExCEL Act of 2015
Latest action · Mar 23, 2016 Referred to the Subcommittee on Higher Education and Workforce Training.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 6, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Earnings Contingent Education Loans Act of 2015 or the ExCEL Act of 2015
This bill amends the Higher Education Act of 1965 to replace several existing federal student loan programs with a single repayment plan that caps annual debt repayments based on the borrower's income.
The bill terminates the authority of the Department of Education (ED) to make federal Direct Stafford Loans, Direct Unsubsidized Stafford Loans, and Direct PLUS loans, subject to exceptions for existing student borrowers, PLUS loans made to parents of undergraduates, and Direct Consolidation Loans.
To replace the programs, the bill establishes the Income Dependent Education Assistance (IDEA) Loan Program and the IDEA Loan Repayment Program, which limit annual repayments based on the borrower's income and prohibit the accrual of interest on loans for active duty service members. Loans under the program are not eligible for the federal public service loan forgiveness program.
ED must provide through the Internet a tool to enable borrowers to make payments and access specified details regarding loans.
The bill amends the Social Security Act (SSAct) to provide ED with access to information in the National Directory of New Hires to determine when borrowers are hired and remind them of their repayment status and obligation to provide accurate employment information.
The bill amends the Internal Revenue Code to require: (1) reporting on W-2 forms the total amount deducted and withheld under the IDEA Loan Repayment Program, and (2) the Department of the Treasury to disclose to ED tax return information necessary to carry out the IDEA Loan Repayment Program.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Mar 23, 2016Referred to the Subcommittee on Higher Education and Workforce Training.
- Oct 6, 2015Introduced in House
- Oct 6, 2015Referred to the Committee on Education and the Workforce, 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3752 | ExCEL Act of 2015 | Related bill | Mar 23, 2016 |
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Education
- Education programs funding
- Employee hiring
- Employment taxes
- Government information and archives
- Government lending and loan guarantees
- Higher education
- Interest, dividends, interest rates
- Internet and video services
- Internet, web applications, social media
- Military personnel and dependents
- Student aid and college costs
- Tax administration and collection, taxpayers
- User charges and fees
Text 1
Each version as it was printed, newest first.
- Oct 6, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.