Dynamic Repayment Act of 2017
Latest action · Mar 30, 2017 Read twice and referred to the Committee on Finance.
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.
- IntroducedMar 30, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Dynamic Repayment Act of 2017
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 income and forgives remaining balances after 20 or 30 years of payments.
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;
- forgive remaining balances after either 20 or 30 years of payments, depending on the amount of the loan; and
- prohibit the accrual of interest on loans for active duty service members.
The bill amends the Social Security Act (SSAct) to require ED and the Department of Health and Human Services to exchange information necessary to use the National Directory of New Hires to assist in the collection of student loans.
The bill amends the Internal Revenue Code to: (1) require the Department of the Treasury to disclose to ED tax return information necessary to carry out the IDEA Loan Repayment Program, and (2) to exclude loan forgiveness under the program from gross income.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 30, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Marco Rubio | Original | Mar 30, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 30, 2017 |
Actions 2
Everything that happened, newest first.
- Mar 30, 2017Introduced in Senate
- Mar 30, 2017Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-725 | REAUTHORIZING THE HIGHER EDUCATION ACT: FINANCIAL AID SIMPLIFICATION AND TRANSPARENCY96 pages | Health, Education, Labor, and Pensions Committee | Jan 18, 2018 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2456 | Dynamic Repayment Act of 2016 | Reintroduction of | Jan 20, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to simplify and improve the Federal student loan program through income-contingent repayment to provide stronger protections for borrowers, encourage responsible borrowing, and save money for taxpayers.
- Short Titles as Introduced
- Dynamic Repayment Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Education
- Education programs funding
- Employee hiring
- Government information and archives
- Government lending and loan guarantees
- Higher education
- Income tax exclusion
- Interest, dividends, interest rates
- Military personnel and dependents
- Student aid and college costs
- Tax administration and collection, taxpayers
- User charges and fees
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Mar 30, 2017Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
