Income-Dependent Education Assistance Act of 1985

[AI summary unavailable — showing source text] Income-Dependent Education Assistance Act of 1985 - Establishes the income-dependent education assistance (IDEA) program of supplemental higher education 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 Education to make IDEA program agreements with guarantee agencies which desire to participate to provide funds to eligible institutions which have entered into IDEA program agreements to make IDEA loans to eligible students. Sets forth provisions for: (1) the terms of such IDEA program agreements with guarantee agencies; (2) issuance of approved debt obligations; (3) allocation of the proceeds of such debt obligations; and (4) authorized conversion and consolidation, upon the borrower's request, of federally insured or guaranteed student loans under title IV of the Higher Education Act of 1965 (HEA) as a new IDEA loan under this Act. Sets forth provisions for the terms and enforcement of IDEA program agreements between the Secretary of Education and eligible institutions. Sets forth provisions for the amounts a…