3.0.0 2612 2023-01-11T13:25:47Z 2023-01-11T13:25:47Z Senate S S 2014-07-16 113 ssfi00 Finance Committee Senate Standing Referred to 2014-07-16T17:50:47Z ExCEL Act of 2013 113 1716 HR 2013-07-08 Referred to the Subcommittee on Higher Education and Workforce Training. Related bill CRS 2014-07-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-07-16 Introduced in Senate IntroReferral 10000 9 Library of Congress W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. N R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2014-07-16 True 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 Education 00 2014-07-16 Introduced in Senate 2014-09-16T20:30:33Z Dynamic Repayment Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to make students ineligible to receive William D. Ford Federal Direct Loans (DLs) on or after July 1, 2015.

Makes certain exceptions for student borrowers who have an outstanding balance on their DLs or Federal Family Education Loans (FFELs) as of that date and who later apply for a Direct Unsubsidized, PLUS, or Consolidation Loan.

Establishes an Income Dependent Education Assistance (IDEA) Loan program, effective July 1, 2015, making federal funds available for loans to student borrowers who: (1) have no outstanding balance due on a DL or FFEL, or (2) consolidate such loans into an IDEA Consolidation Loan.

Sets forth the formulae for determining the interest rates on IDEA Loans, which are capped at 8.25% for undergraduate students and 9.25% for graduate or professional students.

Blocks the accrual of interest on IDEA Loans for active duty military personnel.

Makes an IDEA Loan eligible for loan forgiveness after: (1) 20 years of payments if the borrower begins repayment with an outstanding balance that does not equal or exceed the maximum aggregate amount of Direct Unsubsidized Loans that an undergraduate student borrower would have been eligible to borrow but for this Act; and (2) 30 years if the borrower begins repayment with an outstanding balance equal to or greater than that amount.

Allows student borrowers to consolidate FFELs, DLs, and Perkins Loans into IDEA Consolidation Loans that bear interest at an annual rate that equals the weighted average of the interest rates on the loans consolidated.

Establishes the IDEA Loan Repayment program under which: (1) the Secretary of the Treasury provides the Secretary of Education with the tax information needed to determine each borrower's income-based repayment obligation; and (2) those obligations are withheld from the borrower's wages.

Allows borrowers to opt-out of the withholding process and make payments on a monthly basis.

Sets the annual repayment obligation for borrowers at an amount equal to 10% of the excess of their taxable income over the sum of: (1) an exemption amount equal to $10,000, adjusted for inflation; and (2) the lesser of $3,000 or specified income other than wages, salaries, tips, and other employee compensation.

Sets the income-based repayment obligation of individuals who are not required to file a federal tax return at zero.

Allows borrowers to prepay all or part of an IDEA Loan without penalty.

Penalizes borrowers who fail to pay their full repayment amount for a taxable year.

Makes specified FFEL and DL loan repayment or forgiveness programs applicable to IDEA Loans.

Amends the Social Security Act to require the Secretary of Health and Human Services (HHS) to provide the Secretary of Education with information in the National Directory of New Hires regarding IDEA Loan borrowers for the purpose of improving the collection of such loans.

Amends the Internal Revenue Code to require the Secretary of the Treasury to disclose borrowers' tax return information to the Department of Education for purposes of the IDEA Loan Repayment program.

Excludes IDEA Loan forgiveness from a borrower's gross income for income tax purposes.

]]> Dynamic Repayment Act of 2014 Display Title Dynamic Repayment Act of 2014 Official Title as Introduced A bill to simplify and improve the Federal student loan program through income-contingent repayment to provide strong protections for borrowers, encourage responsible borrowing, and save money for taxpayers. Introduced in Senate IS Short Titles as Introduced Dynamic Repayment Act of 2014 Introduced in Senate 2014-07-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2612is/xml/BILLS-113s2612is.xml 2014-07-16 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.