A bill to amend the Internal Revenue Code of 1954 to provide for the collection of defaulted Federal student loans from income tax refunds.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide for the collection of defaulted Federal student loans by offset against income tax refunds of those individuals found to be in default on such loans. Defines "Federal student loan" for purposes of this Act. Sets forth special rules with respect to joint returns and fiscal year taxpayers. Requires the Secretary of the Treasury to: (1) notify the Secretary of Education of the amounts collected with respect to any loan to any individual; and (2) transfer such amounts to the Secretary of Education as is necessary to reimburse the entity or fund to which such loan is repayable. Requires that such notification and transfer be made not less often than monthly.…