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H.R.1716: ExCEL Act of 2013
About this Bill
|This bill was introduced in the||113th Congress|
|This bill is primarily about||education|
|You can||read the bill|
|Sponsor||Tom Petri, R-Wis.|
|Total Cosponsors||6 (5 Democrats, 1 Republican)|
|Introduced||April 24, 2013|
|Latest Major Action||July 8, 2013|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the House
- Bill passed in the House
- Bill passed in the Senate
- Bill signed into law
Earnings Contingent Education Loans Act of 2013 or the ExCEL Act of 2013 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to make students ineligible to receive Direct Loans (DLs) on or after July 1, 2014.
Makes certain exceptions for student borrowers who have an outstanding balance on their DLs or Federal Family Education Loans (FFELs), as of that date, and later apply for a Direct Unsubsidized, PLUS, or Consolidation Loan.
Establishes an Income Dependent Education Assistance (IDEA) Loan program, effective July 1, 2014, making federal funds available for loans to student borrowers.
Sets the interest rate on IDEA Loans at the bond equivalent rate of ten-year Treasury bills, plus 3%. Caps the total amount of interest that can accrue during a borrower's grace and repayment periods at 50% of the total amount of their IDEA Loan.
Blocks the accrual of interest on IDEA Loans for active duty military personnel.
(Source: Congressional Research Service)
|July 8, 2013||Referred to the Subcommittee on Higher Education and Workforce Training.|
|April 24, 2013||Referred to House Ways and Means|
|April 24, 2013||Referred to House Education and the Workforce|