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Earnings Contingent Education Loans Act Would Replace Direct Stafford Loans

18 December 2012 30 views No Comment

Rep. Tom Petri introduced the Earnings Contingent Education Loans Act (ExCEL Act) on Monday, which would replace the Federal Direct Stafford Loan Program with an Income Dependent Education Assistance Loan (IDEA) Program, and eventually move all federal student loans to the IDEA Program (with limited grandfathering). This article provides a detailed summary of the bill.

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