Reigniting Opportunity for Innovators Act This bill makes qualified founders and full-time employees of small business start-ups eligible to defer payments on their Federal Direct Loans for up to three years. If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000. The bill also excludes from an individual's gross income, for tax purposes, the amount of such canceled student loan debt.