H.R.4079: ExCEL Act of 2019
H.R. 4079 would eliminate the William D. Ford Federal Direct Loan (Direct Loan) Program, which includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans. Under the Direct Loan Program, The U.S. Department of Education (ED) is the lender. The legislation would create, in its place, an “Income Dependent Education Assistance (IDEA)” Loan Program, which would include income based repayment and automatic wage withholding as repayment. These loans would be subject to the same terms, conditions, benefits, and available in the same amounts as Direct Unsubsidized Stafford Loans.