New Collar Jobs Act of 2017 This bill amends the Internal Revenue Code to establish an employee cybersecurity education tax credit, not to exceed $5,000 a year per employee, for an employer who incurs costs for an employee who earns a certificate or degree at the undergraduate or graduate level or an industry-recognized certification listed in the National Initiative for Cybersecurity Education's Cybersecurity Workforce Framework. The Federal Acquisition Regulation is amended to provide a business that utilizes the employee cybersecurity education tax credit and submits a bid for a competitive federal contract valued at more than $5 million a 5% increase in the business's bid score. The bill amends the Higher Education Act of 1965 to authorize the Department of Education to cancel eligible Federal Direct Loans for borrowers who have: (1) made 36 consecutive monthly payments, and (2) held a cybersecurity job in an economically distressed area during at least 12 months of payments. The program will cancel up to $25,000 in loans. The Cybersecurity Enhancement Act of 2014 is amended to include teaching cybersecurity as an acceptable employment option to satisfy post-award obligations for recipients of a CyberCorps Scholarship-for-Service award.