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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.

USA115th CongressHR-2580| House 
| Updated: 5/19/2017
Lee M. Zeldin

Lee M. Zeldin

Republican Representative

New York

Ways and Means Committee, Education and Workforce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Earnings Contingent Education Loans Act of 2017 or the ExCEL 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 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 identify 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.
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Timeline
Mar 30, 2017

Latest Companion Bill Action

S 115-799
Introduced in Senate
May 19, 2017
Introduced in House
May 19, 2017
Referred 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.
  • March 30, 2017

    Latest Companion Bill Action

    S 115-799
    Introduced in Senate


  • May 19, 2017
    Introduced in House


  • May 19, 2017
    Referred 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.

Education

Education programs fundingEmployee hiringEmployment taxesGovernment information and archivesGovernment lending and loan guaranteesHigher educationInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaMilitary personnel and dependentsStudent aid and college costsTax administration and collection, taxpayersUser charges and fees

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.

USA115th CongressHR-2580| House 
| Updated: 5/19/2017
Earnings Contingent Education Loans Act of 2017 or the ExCEL 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 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 identify 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 30, 2017

Latest Companion Bill Action

S 115-799
Introduced in Senate
May 19, 2017
Introduced in House
May 19, 2017
Referred 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.
  • March 30, 2017

    Latest Companion Bill Action

    S 115-799
    Introduced in Senate


  • May 19, 2017
    Introduced in House


  • May 19, 2017
    Referred 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.
Lee M. Zeldin

Lee M. Zeldin

Republican Representative

New York

Ways and Means Committee, Education and Workforce Committee

Education

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Education programs fundingEmployee hiringEmployment taxesGovernment information and archivesGovernment lending and loan guaranteesHigher educationInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaMilitary personnel and dependentsStudent aid and college costsTax administration and collection, taxpayersUser charges and fees