‘‘(III) the occupations listed in 
section 465 that qualify for Federal 
Perkins Loan cancellation under sec-
tion 465(a); 
‘‘(iii) the options of the borrower to 
prepay the IDEA Consolidation Loan; 
‘‘(iv) the consequences of default on 
the IDEA Consolidation Loan; and 
‘‘(v) that by applying for an IDEA 
Consolidation Loan, the borrower is not 
obligated to agree to take the consolidation 
loan. 
‘‘(b) INTEREST RATE.— 
‘‘(1) IN
GENERAL.—Notwithstanding section 
499B(e), an IDEA Consolidation Loan for which the 
application is received on or after July 1, 2019, shall 
bear interest at an annual rate on the unpaid prin-
cipal balance of the loan that is equal to the weight-
ed average of the interest rates on the loans consoli-
dated, rounded to the nearest higher one-eighth of 
one percent. Interest that accrues on such an IDEA 
Consolidation Loan shall not be capitalized. 
‘‘(2) APPLICATION OF INTEREST RATE DURING 
THE LIFE OF THE LOAN.—The applicable rate of in-
terest determined under paragraph (1) shall be fixed 
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for the life of the IDEA Consolidation Loan, except 
that interest shall cease to accrue when the total 
amount of interest (both paid and unpaid) that has 
accrued on such Loan equals 50 percent of the total 
amount of the loans consolidated (as calculated on 
the date such Consolidation Loan is made, and equal 
to the sum of the unpaid principal, interest, pen-
alties, and fees of all loans received by the borrower 
which are selected by the borrower for consolidation 
under this section). 
‘‘Subpart 2—IDEA Loan Repayment Program 
‘‘CHAPTER 1—ESTABLISHMENT OF THE 
IDEA LOAN REPAYMENT PROGRAM 
‘‘SEC. 499D. DUTIES OF THE SECRETARY OF THE TREAS-
URY. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury, 
in consultation with the Secretary of Education, shall es-
tablish a program (hereinafter referred to as the ‘IDEA 
Loan Repayment Program’) that provides for— 
‘‘(1) repaying loans under this part through vol-
untary wage withholding and quarterly estimated 
payments as provided in subsection (b); and 
‘‘(2) transmitting to the Secretary of Edu-
cation— 
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‘‘(A) an account of the amounts collected 
under subsection (b) with respect to each indi-
vidual for whom a loan made under this part is 
in repayment status; and 
‘‘(B) such tax return information of each 
such individual as is necessary to determine the 
individual’s income-based repayment obligation 
as provided in subsection (c). 
‘‘(b) WAGE WITHHOLDING AND ESTIMATED PAY-
MENTS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall, under rules similar to the rules of 
chapter 24 of the Internal Revenue Code of 1986, 
provide for employers making payment of wages to 
deduct and withhold upon such wages amounts de-
termined in accordance with tables or computational 
procedures prescribed by the Secretary with respect 
to an employee who elects withholding under this 
subsection with respect to a loan made under this 
part that is in repayment status and, if so elected, 
with respect to any such loans of the employee’s 
spouse. 
‘‘(2) WITHHOLDING REQUIREMENTS.—The ta-
bles, procedures, and guidance prescribed under 
paragraph (1) shall provide— 
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‘‘(A) for the election to have amounts with-
held as provided under this subsection; 
‘‘(B) procedures and forms for an em-
ployee to indicate— 
‘‘(i) whether the employee (and, in the 
case of a married individual, whether the 
employee’s spouse) has a loan made under 
this part that is in repayment status; 
‘‘(ii) in the case of a married indi-
vidual, whether the employee anticipates 
filing jointly (and accompanying guidance 
explaining that if filing status for the tax-
able year is uncertain the employee should 
indicate filing jointly to avoid underwith-
holding); 
‘‘(iii) whether the exemption amount 
to which the employee is entitled under 
this section should be taken into account 
in determining withholding (and accom-
panying guidance explaining that, in order 
to avoid underwithholding, the employee 
should only take into account the exemp-
tion in the case of the employee’s primary 
employer, unless total wages from more 
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than one place of employment will not ex-
ceed the exemption amount); 
‘‘(iv) in the case of a married indi-
vidual, whether the exemption amount to 
which the employee’s spouse is entitled 
under this section should be taken into ac-
count in determining withholding from the 
wages of the employee (and accompanying 
guidance explaining that, in order to avoid 
underwithholding, the employee should 
only take into account such exemption if 
such spouse is not employed, or if the total 
wages from the employee’s job and the 
spouse’s employment will not exceed the 
exemption amount); 
‘‘(v) the number of dependents of the 
employee with respect to whom the em-
ployee is entitled to a deduction under sec-
tion 151(c) of the Internal Revenue Code 
of 1986, and, if a different number, in the 
case of a married employee, the number of 
dependents of the employee’s spouse with 
respect to whom such spouse is entitled to 
such deduction; and 
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‘‘(vi) an election to have additional 
amounts withheld; and 
‘‘(C) for withholding with respect to any 
employee in an amount equal to the sum of— 
‘‘(i) in the case of an employee who 
has a loan made under this part in repay-
ment status, the percentage of so much of 
the employee’s wages that would count to-
wards the employee’s income-based repay-
ment obligation provided in subsection (c) 
as exceeds any exemption amount taken 
into account with respect to the employee 
under subparagraph (A)(iii) (prorated to 
the payroll period), plus 
‘‘(ii) in the case of an employee who 
indicates that the employee’s spouse has a 
loan made under this part in repayment 
status, the percentage of so much of the 
employee’s wages that would count towards 
the employee’s spouse’s income-based re-
payment obligation (as provided in sub-
section (c)) as exceeds any exemption 
amount taken into account with respect to 
the employee’s spouse under subparagraph 
(A)(iv) (prorated to the payroll period). 
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