Income-Dependent Education Assistance Act of 1993

[AI summary unavailable — showing source text] Income-Dependent Education Assistance Act of 1993 - Establishes the income-dependent education assistance (IDEA) program of supplemental direct higher education student loans in which a borrower's annual repayment obligation is dependent upon both postschool income level and borrowing history. Title I: System for Making Income-Dependent Education Assistance Loans - Directs the Secretary of the Treasury to: (1) make IDEA loans to eligible students; (2) establish an account for each IDEA loan borrower; and (3) collect repayments on such loans using the income tax collection system added by title II of this Act. Provides for interest charges on such loans, based on an interest rate equal to the lesser of: (1) ten percent; or (2) the sum of the average bond equivalent rates of 91-day Treasury bills auctioned for the previous year, plus two percentage points. Provides for conversion and consolidation of certain other types of student loans as IDEA loans (Stafford loans under the Higher Education Act of 1965 and HEAL loans under the Public Health Service Act). Requires conversion of certain defaulted student loans to IDEA loans. Terminates the authority to make additional loans under the…