Income-Dependent Education Assistance Act of 2007 - Directs the Secretary of Education to conduct a direct income-dependent education assistance (IDEA) loan program, from July 1, 2008, through July 1, 2014, under which student borrowers of Federal Family Education Loans (FFELs) or Direct Loans (DLs), under parts B and D of title IV of the Higher Education Act of 1965, may elect to convert or consolidate such loans to direct IDEA loans.
Provides that when a student defaults on a loan under the FFEL or DL programs and it is repaid or canceled by the Secretary, it is thereby converted to a direct IDEA loan.
Amends the Internal Revenue Code to provide for collection of IDEA loan repayments through the income tax collection system.
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