Earnings Contingent Education Loans Act of 2015 ExCEL Act of 2015
Official Titles
Official Titles - House of Representatives
Official Title as Introduced
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.
Actions Overview (1)
Date
Actions Overview
10/09/2015
Introduced in House
10/09/2015 Introduced in House
All Actions (5)
Date
All Actions
03/23/2016
Referred to the Subcommittee on Higher Education and Workforce Training. Action By: Committee on Education and the Workforce
10/09/2015
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. Action By: House of Representatives
10/09/2015
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. Action By: House of Representatives
10/09/2015
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. Action By: House of Representatives
10/09/2015
Introduced in House Action By: House of Representatives
03/23/2016 Referred to the Subcommittee on Higher Education and Workforce Training.
10/09/2015 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.
10/09/2015 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.
10/09/2015 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.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Related Documents
House Education and the Workforce
10/09/2015
Referred to
House Education and the Workforce Subcommittee on Higher Education and Workforce Training
Earnings Contingent Education Loans Act of 2015 or the ExCEL Actof 2015
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.
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 require the Department of the Treasury to disclose to ED tax return information necessary to carry out the IDEA Loan Repayment Program.
All Summaries (1)
Shown Here: Introduced in House (10/09/2015)
Earnings Contingent Education Loans Act of 2015 or the ExCEL Actof 2015
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.
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 require the Department of the Treasury to disclose to ED tax return information necessary to carry out the IDEA Loan Repayment Program.
