S. 2612: Dynamic Repayment Act of 2014

113th Congress · introduced 2014-07-16 · Education · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2014-07-16 · official record
Who proposed it: Sen. Warner, Mark R. [D-VA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Dynamic Repayment Act of 2014

Plain summary

Dynamic Repayment Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to make students ineligible to receive William D. Ford Federal Direct Loans (DLs) on or after July 1, 2015. 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 who later apply for a Direct Unsubsidized, PLUS, or Consolidation Loan. Establishes an Income Dependent Education Assistance (IDEA) Loan program, effective July 1, 2015, making federal funds available for loans to student borrowers who: (1) have no outstanding balance due on a DL or FFEL, or (2) consolidate such loans into an IDEA Consolidation Loan. Sets forth the formulae for determining the interest rates on IDEA Loans, which are capped at 8.25% for undergraduate students and 9.25% for graduate or professional students. Blocks the accrual of interest on IDEA Loans for active duty military personnel. Makes an IDEA Loan eligible for loan forgiveness after: (1) 20 years of payments if the borrower begins repayment with an outstanding balance that does not equal or exceed the maximum aggregate amount of Direct Unsubsidized Loans that an undergraduate student borrower would have been eligible to borrow but for this Act; and (2) 30 years if the borrower begins repayment with an outstanding balance equal to or greater than that amount. Allows student borrowers to consolidate FFELs, DLs, and Perkins Loans into IDEA Consolidation Loans that bear interest at an annual rate that equals the weighted average of the interest rates on the loans consolidated. Establishes the IDEA Loan Repayment program under which: (1) the Secretary of the Treasury provides the Secretary of Education with the tax information needed to determine each borrower's income-based repayment obligation; and (2) those obligations are withheld from the borrower's wages. Allows borrowers to opt-out of the withholding process and make payments on a monthly basis. Sets the annual repayment obligation for borrowers at an amount equal to 10% of the excess of their taxable income over the sum of: (1) an exemption amount equal to $10,000, adjusted for inflation; and (2) the lesser of $3,000 or specified income other than wages, salaries, tips, and other employee compensation. Sets the income-based repayment obligation of individuals who are not required to file a federal tax return at zero. Allows borrowers to prepay all or part of an IDEA Loan without penalty. Penalizes borrowers who fail to pay their full repayment amount for a taxable year. Makes specified FFEL and DL loan repayment or forgiveness programs applicable to IDEA Loans. Amends the Social Security Act to require the Secretary of Health and Human Services (HHS) to provide the Secretary of Education with information in the National Directory of New Hires regarding IDEA Loan borrowers for the purpose of improving the collection of such loans. Amends the Internal Revenue Code to require the Secretary of the Treasury to disclose borrowers' tax return information to the Department of Education for purposes of the IDEA Loan Repayment program. Excludes IDEA Loan forgiveness from a borrower's gross income for income tax purposes.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Dynamic Repayment Act of 2014

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Warner, Mark R. [D-VA] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Sen. Warner, Mark R. [D-VA] reported raising $20.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s2612.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s2612 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113