legislation: 102-s-2255
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| 102-s-2255 | 102 | s | 2255 | A bill to amend part D of title IV of the Higher Education Act of 1965 to provide for income dependent education assistance. | Education | 1992-02-25 | 1992-02-25 | Read twice and referred to the Committee on Labor and Human Resources. | Senate | Sen. Kennedy, Edward M. [D-MA] | MA | D | K000105 | 6 | Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to establish the Income Dependent Education Assistance (IDEA) program as part D of such title. (Replaces the current part D, Income Contingent Direct Loan Demonstration Project.) Authorizes the Secretary of Education (the Secretary) to carry out IDEA as a program that: (1) makes direct loans (self-reliance loans) to all eligible students enrolled at participating institutions of higher education, without regard to student financial need; and (2) establishes an account for each borrower and collects repayments on such loans in accordance with the Internal Revenue Code (as amended by this Act). Directs the Secretary to: (1) make IDEA payments to participating institutions on the basis of estimated borrowing needs of students; and (2) make initial IDEA payments in a manner similar to the procedure for distribution of Pell Grants. Deems eligible students at participating institutions to have a contractual right against the United States to receive a self-reliance loan, regardless of financial need, but requires such students nonetheless to undergo needs test assessments for the Pell Grant and Stafford Loan programs for the fiscal year for which the self-reliance loan is to be received. Directs the Secretary to select for IDEA program participation diverse types of institutions of higher education from among those eligible to participate in Stafford Loan programs. Limits the initial selection to 300 institutions by May 1, 1993, with the projected volume of new student borrowing under IDEA not to exceed specified limits for each of FY 1994 through 1997. Provides for expansion of the program, beginning on August 1, 1997, by directing the Secretary to permit participation by all institutions of higher education that have the administrative and fiscal capacity to administer a self-reliance loan program, if the Congress: (1) does not act before such date to terminate or modify the program; and (2) takes the affirmative step to approve such expansion by providing sufficient resources to offset program costs. Directs the Secretary to publish criteria for institutional eligibility for the IDEA program by September 1, 1995. Sets forth requirements for institutional applications and program agreements. Sets forth borrowing limits on self-reliance loans, as follows: (1) annual: $5,000 for an undergraduate, $15,000 for a graduate student; (2) aggregate: $25,000 for an undergraduate, $30,000 for a gradute student (with a $30,000 maximum for any student); (3) maximum in combination with Stafford guaranteed loan programs and Perkins direct loans, equal to specified limits on aggregate indebtedness under the Stafford loans program except that independent students under the Supplemental Loans for Students (SLS) program may borrow an additional $10,000 under IDEA above those limits; and (4) no self-reliance loan to exceed the student's cost of attendance for the year in question. Requires the interest rate for self-reliance loans to be: (1) established at the time the loan is made; and (2) equal to the interest rate on 52-week Treasury bills plus an additional two percentage points. Directs the Secretary to establish such interest rate at the same time and with the same frequency as interest rates are established for the Supplemental Loans for Students program. Requires repayment of self-reliance loans through the income tax collection system. Requires borrowers to devote seven percent of their adjusted gross income to such repayment, except that the Secretary is required to allow the following options to borrowers at the following levels of indebtedness when they enter repayment: (1) for low indebtedness, three, five, or seven percent of such income; and (2) for moderate indebtedness, five or seven percent of such income. Provides that self-reliance loan borrowers shall be in repayment status for any taxable year, unless: (1) the borrower was, during at least seven months of such year, a student enrolled in an institution of higher education on at least a half-time basis; or (2) such taxable year was the first year in which the borrower was such a student and the borrower was such a student during the last three months of such year. Requires repayment to continue until the loan has been repaid or for 25 years after the borrower ceases to be enrolled on at least a half-time basis, whichever occurs first. Provides that no repayment shall be due in any year in which the borrower is not required to file a tax return under the Internal Revenue Code. Requires borrowers who marry individuals who have not received self-reliance loans to make repayments on the basis of the greater of: (1) one-half of the adjusted gross income on the joint income tax return; or (2) the individual borrower's adjusted gross income. Allows borrowers to defer, at their own discretion, payment of interest on self-reliance loans while they attend institutions of higher education on at least a half-time basis. Allows borrowers to prepay all or part of a self-reliance loan to the Secretary without a penalty. Provides for discharge, by the Secretary, of the self-reliance loan liability of any borrower who dies or becomes permanently and totally disabled. Provides that, in general, a self-reliance loan shall not be dischargeable in a case of bankruptcy, but authorizes the Secretary to postpone certain portions of the loan liability in such cases. Makes the Secretary responsible for: (1) promulgating terms and conditions of self-reliance loans that are not otherwise specified in this Act; (2) enforcing compliance with institutional program participation requirements through limitation, suspension, or termination actions and additional criteria for monitoring participant performance; (3) developing and administering a central data system for use in administering self-reliance loans; (4) annually certifying to the Secretary of the Treasury specified amounts relating to each borrower's repayment status; (5) developing standard forms and data formats; (6) sending certain reports, including annual reports, to the Congress; and (7) overseeing all participating institutions. Defines eligible student, for IDEA program purposes, as a U.S. citizen aged 17 to 51. Amends the Internal Revenue Code to direct the Secretary of the Treasury to enter into an agreement with the Secretary of Education to provide for collection of repayments of self-reliance loans. Imposes an educational loan repayment tax equal to the repayment percentage of the taxpayer's adjusted gross income for the taxable year. | 2025-04-21T12:24:17Z |