,,ii  ,cal5d> ,no4 #dji #aac? ,,congress
  #b;d ,session  ,s4 #bdcb  ,,9 ,,!     
,,s5ate ,,( ,,! ,,unit$ ,,/ates  ,june  
#d1 #bjad ,ms4 ,w>r5 7= h]self1 ,mr4    
,frank51 ,mr4 ,h>k91 ,mr4 ,re$1 ,mr4    
,durb91 ,ms4 ,baldw91 ,mr4 ,rockefell]1 
,mr4 ,reid1 ,mrs4 ,fe9/e91 ,mrs4 ,box]1 
,mrs4 ,murray1 ,ms4 ,l&rieu1 ,ms4       
,/ab5[1 ,mr4 ,c>d91 ,mr4 ,br[n1 ,ms4    
,klobu*>1 ,mr4 ,:iteh\se1 ,mr4 ,udall ( 
,colorado1 ,mrs4 ,%ahe51 ,mrs4 ,hagan1  
,mr4 ,m]kley1 ,mr4 ,begi*1 ,mr4 ,b5net1 
,mrs4 ,gillibr&1 ,mr4 ,blum5?al1 ,mr4   
,s*atz1 ,mr4 ,murphy1 ,ms4 ,hirono1 ,ms4
 ,heitkamp1 ,mr4 ,m>key1 ,mr4 ,book]1   
,mr4 ,udall ( ,new ,mexico1 ,mr4        
,he9ri*1 ,mr4 ,s&]s1 ,mr4 ,m55dez1 ,mr4 
,s*um]1 ,ms4 ,mikulski1 ,mr4 ,leahy1    
,ms4 ,cantwell1 & ,mr4 ,lev97 introduc$ 
! foll[+ bill2 :i* 0 read ! fir/ "t     
,june #e1 #bjad,read ! second "t & plac$
 on ! cal5d>  ,a ,,bill  ,to am5d !     
,high] ,education ,act ( #aife to       
provide = ! ref9anc+ ( c]ta9 ,f$]al     
/ud5t loans1 & = o!r purposes4  #a4     

,%ort title  ,?is ,act may be cit$ z !  
,bank on ,/ud5ts ,em]g5cy ,loan         
,ref9anc+ ,act4  ,i ,ref9anc+ ,programs 
#aja4  ,ref9anc+ programs  7a7  ,program
 au?ority  ,section #dea7;a7 ( ! ,high] 
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a7a77 is am5d$--  7#a7 by /rik+ & 
7#b7 & ins]t+ 7#b72 &  7#b7 by ins]t+ 2 
& 7#c7 to make loans "u section #dfj;,a 
& section #dfj;,b aft] section #dei;,a4 
7b7  ,ref9anc+ ,program  ,"p ,d ( title 
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 is am5d$
 by add+ at ! end ! foll[+3  #dfj;,a4   
,ref9anc+ ,,ffel & ,f$]al ,direct ,loans
  7a7  ,9 g5]al  ,beg9n+ n lat] ?an #ahj
 days aft] ! date ( enactm5t ( ! ,bank  
on ,/ud5ts ,em]g5cy ,loan ,ref9anc+     
,act1 ! ,secret>y %all e/abli% a program
 "u :i* ! ,secret>y1 ^u ! receipt ( an  
application f a qualifi$ borr[]1 makes a
 loan "u ?is "p1 9 accordance ) !       
provisions ( ?is section1 9 ord] to     
p]mit ! borr[] to obta9 ! int]e/ rate   
provid$ "u subsection 7c74  7b7         

,ref9anc+ ,direct ,loans  7#a7  ,f$]al  
,direct ,loans  ,^u application ( a     
qualifi$ borr[]1 ! ,secret>y %all repay 
a ,f$]al ,direct ,/af=d ,loan1 a ,f$]al 
,direct ,unsubsidiz$ ,/af=d ,loan1 a    
,f$]al ,direct ,,plus ,loan1 or a ,f$]al
 ,direct ,consolidation ,loan ( !       
qualifi$ borr[]1 = :i* ! fir/           
disbursem5t 0 made1 or ! application = !
 consolidation loan 0 receiv$1 be=e     
,july #a1 #bjac1 ) ! proce$s ( a        
ref9anc$ ,f$]al ,direct ,/af=d ,loan1 a 
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan1 a ,f$]al ,direct ,,plus ,loan1 or
 a ,f$]al ,direct ,consolidation ,loan1 
respectively1 issu$ to ! borr[] 9 an    
am\nt equal to ! sum ( ! unpaid         
pr9cipal1 accru$ unpaid int]e/1 & late  
*>ges ( ! orig9al loan4  7#b7  ,ref9anc+
 ,,ffel program loans z ref9anc$ ,f$]al 
,direct ,loans  ,^u application ( a     
qualifi$ borr[] = any loan t 0 made1    
insur$1 or gu>ante$ "u "p ,b & = :i* !  
fir/ disbursem5t 0 made1 or !           
application = ! consolidation loan 0    

receiv$1 be=e ,july #a1 #bjaj1 !        
,secret>y %all make a loan "u ?is "p1 9 
an am\nt equal to ! sum ( ! unpaid      
pr9cipal1 accru$ unpaid int]e/1 & late  
*>ges ( ! orig9al loan to ! borr[] 9    
accordance ) ! foll[+3  7,a7 ,!         
,secret>y %all pay ! proce$s ( su* loan 
to ! eligible l5d] ( ! loan made1       
insur$1 or gu>ante$ "u "p ,b1 9 ord] to 
dis*>ge ! borr[] f any rema9+ obligation
 to ! l5d] ) respect to ! orig9al loan4 
7,b7 ,a loan made "u ?is section t 0    
orig9ally--  7i7 a loan orig9ally made1 
insur$1 or gu>ante$ "u section #dbh %all
 be a ,f$]al ,direct ,/af=d ,loan2  7ii7
 a loan orig9ally made1 insur$1 or      
gu>ante$ "u section #dbh;,b %all be a   
,f$]al ,direct ,,plus ,loan2  7iii7 a   
loan orig9ally made1 insur$1 or gu>ante$
 "u section #dbh;,h %all be a ,f$]al    
,direct ,unsubsidiz$ ,/af=d ,loan2 &    
7iv7 a loan orig9ally made1 insur$1 or  
gu>ante$ "u section #dbh;,c %all be a   
,f$]al ,direct ,consolidation ,loan4    
7,c7 ,! int]e/ rate = ea* loan made by !

 ,secret>y "u ?is p>agraph %all be !    
rate provid$ "u subsection 7c74  7c7    
,int]e/ rates  7#a7  ,9 g5]al  ,! int]e/
 rate = ! ref9anc$ ,f$]al ,direct ,/af=d
 ,loans1 ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loans1 ,f$]al ,direct ,,plus    
,loans1 & ,f$]al ,direct ,consolidation 
,loans1 %all be a rate equal to--  7,a7 
9 any case :]e ! orig9al loan 0 a loan  
"u section #dbh or #dbh;,h1 a ,f$]al    
,direct ,/af=d loan1 or a ,f$]al ,direct
 ,unsubsidiz$ ,/af=d ,loan1 t 0 issu$ to
 an und]graduate /ud5t1 a rate equal to 
! rate = ,f$]al ,direct ,/af=d ,loans & 
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loans issu$ to und]graduate /ud5ts = ! 
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad2  7,b7
 9 any case :]e ! orig9al loan 0 a loan 
"u section #dbh or #dbh;,h1 a ,f$]al    
,direct ,/af=d ,loan1 or a ,f$]al       
,direct ,unsubsidiz$ ,/af=d ,loan1 t 0  
issu$ to a graduate or pr(essional      
/ud5t1 a rate equal to ! rate = ,f$]al  
,direct ,unsubsidiz$ ,/af=d ,loans issu$

 to graduate or pr(essional /ud5ts = !  
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad2  7,c7
 9 any case :]e ! orig9al loan 0 a loan 
"u section #dbh;,b or a ,f$]al ,direct  
,,plus ,loan1 a rate equal to ! rate =  
,f$]al ,direct ,,plus ,loans = !        
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad2 &    
7,d7 9 any case :]e ! orig9al loan 0 a  
loan "u section #dbh;,c or a ,f$]al     
,direct ,consolidation ,loan1 a rate    
calculat$ 9 accordance ) p>agraph 7#b74 
7#b7  ,int]e/ ,rates = ,consolidation   
,loans  7,a7  ,me?od ( calculation  ,9  
ord] to det]m9e ! int]e/ rate = any     
ref9anc$ ,f$]al ,direct ,consolidation  
,loan "u p>agraph 7#a77;,d71 ! ,secret>y
 %all--  7i7 det]m9e ea* ( ! compon5t   
loans t 7 orig9ally consolidat$ 9 ! loan
 "u section #dbh;,c or ! ,f$]al ,direct 
,consolidation ,loan1 & calculate !     
proportion ( ! unpaid pr9cipal balance (
 ! loan "u section #dbh;,c or ! ,f$]al  
,direct ,consolidation ,loan t ea*      

compon5t loan repres5ts2  7ii7 use !    
proportions det]m9$ 9 accordance )      
clause 7i7 & ! int]e/ rate applicable = 
ea* compon5t loan1 z det]m9$ "u         
subp>agraph 7,b71 to calculate ! weight$
 av]age ( ! int]e/ rates on ! loans     
consolidat$ into ! loan "u section      
#dbh;,c or ! ,f$]al ,direct             
,consolidation ,loan2 &  7iii7 apply !  
weight$ av]age calculat$ "u clause 7ii7 
z ! int]e/ rate = ! ref9anc$ ,f$]al     
,direct ,consolidation ,loan4  7,b7     
,int]e/ rates = compon5t loans  ,!      
int]e/ rates = ! compon5t loans ( a loan
 made "u section #dbh;,c or a ,f$]al    
,direct ,consolidation ,loan %all be !  
foll[+3  7i7 ,! int]e/ rate = any loan  
"u section #dbh or #dbh;,h1 ,f$]al      
,direct ,/af=d ,loan1 or ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loan issu$ to an   
und]graduate /ud5t %all be a rate equal 
to ! less] (--  7,i7 ! rate = ,f$]al    
,direct ,/af=d ,loans & ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loans issu$ to     
und]graduate /ud5ts = ! #ab-mon? p]iod  

beg9n+ on ,july #a1 #bjac1 & end+ on    
,june #cj1 #bjad2 or  7,,ii7 ! orig9al  
int]e/ rate ( ! compon5t loan4  7ii7 ,! 
int]e/ rate = any loan "u section #dbh  
or #dbh;,h1 ,f$]al ,direct ,/af=d ,loan1
 or ,f$]al ,direct ,unsubsidiz$ ,/af=d  
,loan issu$ to a graduate or pr(essional
 /ud5t %all be a rate equal to ! less]  
(--  7,i7 ! rate = ,f$]al ,direct       
,unsubsidiz$ ,/af=d ,loans issu$ to     
graduate or pr(essional /ud5ts = !      
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad2 or   
7,,ii7 ! orig9al int]e/ rate ( !        
compon5t loan4  7iii7 ,! int]e/ rate =  
any loan "u section #dbh;,b or ,f$]al   
,direct ,,plus ,loan %all be a rate     
equal to ! less] (--  7,i7 ! rate =     
,f$]al ,direct ,,plus ,loans = !        
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad2 or   
7,,ii7 ! orig9al int]e/ rate ( !        
compon5t loan4  7iv7 ,! int]e/ rate =   
any compon5t loan t is a loan "u section
 #dbh;,c or a ,f$]al ,direct            

,consolidation ,loan %all be ! weight$  
av]age ( ! int]e/ rates t w\ld apply "u 
?is subp>agraph = ea* loan compris+ !   
compon5t consolidation loan4  7v7 ,!    
int]e/ rate = any eligible loan t is a  
compon5t ( a loan made "u section       
#dbh;,c or a ,f$]al ,direct             
,consolidation ,loan & is n describ$ 9  
clauses 7i7 ?r\gh 7iv7 %all be ! int]e/ 
rate on ! orig9al compon5t loan4  7#c7  
,fix$ ,rate  ,! applicable rate ( int]e/
 det]m9$ "u p>agraph 7#a7 = a ref9anc$  
loan "u ?is section %all be fix$ = !    
p]iod ( ! loan4  7d7  ,t]ms & conditions
 ( loans  7#a7  ,9 g5]al  ,a loan t is  
ref9anc$ "u ?is section %all h ! same   
t]ms & conditions z ! orig9al loan1     
except z o!rwise provid$ 9 ?is section4 
7#b7  ,no automatic ext5sion ( repaym5t 
p]iod  ,ref9anc+ a loan "u ?is section  
%all n result 9 ! ext5sion ( ! duration 
( ! repaym5t p]iod ( ! loan1 & ! borr[] 
%all reta9 ! same repaym5t t]m t 0 9    
effect on ! orig9al loan4 ,no?+ 9 ?is   
p>agraph %all be con/ru$ to prev5t a    

borr[] f elect+ a diff]5t repaym5t plan 
at any "t 9 accordance ) section        
#dee7;d77#c74  7e7  ,def9ition (        
qualifi$ borr[]  7#a7  ,9 ,g5]al  ,=    
purposes ( ?is section1 ! t]m qualifi$  
borr[] means a borr[]--  7,a7 ( a loan  
"u ?is "p or "p ,b = :i* ! fir/         
disbursem5t 0 made1 or ! application = a
 consolidation loan 0 receiv$1 be=e     
,july #a1 #bjac2 &  7,b7 :o meets !     
eligibility requirem5ts bas$ on income  
or debt-to-income ratio e/abli%$ by !   
,secret>y4  7#b7  ,income requirem5ts   
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ! ,bank on ,/ud5ts ,em]g5cy  
,loan ,ref9anc+ ,act1 ! ,secret>y %all  
e/abli% eligibility requirem5ts bas$ on 
income or debt-to-income ratio t take   
into consid]ation provid+ access to     
ref9anc+ "u ?is section = borr[]s ) !   
greate/ f9ancial ne$4  7f7              
,notification to borr[]s  ,! ,secret>y1 
9 coord9ation ) ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection1 %all  
und]take a campaign to al]t borr[]s (   

loans t are eligible = ref9anc+ "u ?is  
section t ! borr[]s are eligible to     
apply = su* ref9anc+4 ,! campaign %all  
include ! foll[+ activities3  7#a7      
,develop+ consum] in=mation mat]ials    
ab\t ! availability ( ,f$]al /ud5t loan 
ref9anc+4  7#b7 ,requir+ s]vic]s ( loans
 "u ?is "p or "p ,b to provide su*      
consum] in=mation to borr[]s 9 a mann]  
det]m9$ appropriate by ! ,secret>y1 9   
consultation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection4        
#dfj;,b4  ,f$]al ,direct ,ref9anc$      
,private ,loan program  7a7  ,def9itions
  ,9 ?is section3  7#a7  ,eligible      
private education loan  ,! t]m eligible 
private education loan means a private  
education loan1 z def9$ 9 section       
#adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afej7;a771 t--  7,a7 0       
disburs$ to ! borr[] be=e ,july #a1     
#bjac2 &  7,b7 0 = ! borr[]'s own       
po/second>y educational exp5ses = an    
eligible program at an in/itution (     
high] education p>ticipat+ 9 ! loan     

program "u ?is "p1 z ( ! date t ! loan 0
 disburs$4  7#b7  ,f$]al ,direct        
,ref9anc$ ,private ,loan  ,! t]m ,f$]al 
,direct ,ref9anc$ ,private ,loan means a
 loan issu$ "u subsection 7b77#a74  7#c7
 ,private educational l5d] ,! t]m       
private educational l5d] has ! mean+    
giv5 ! t]m 9 section #adj7;a7 ( ! ,tru? 
9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a774 
7#d7  ,qualifi$ borr[]  ,! t]m qualifi$ 
borr[] means an individual :o--  7,a7   
has an eligible private education loan2 
7,b7 has be5 curr5t on paym5ts on !     
eligible private education loan = ! #f  
mon?s prior to ! date ( ! qualifi$      
borr[]'s application = ref9anc+ "u ?is  
section1 & is 9 good /&+ on ! loan at ! 
"t ( su* application2  7,c7 is n 9      
default on ! eligible private education 
loan or on any loan made1 insur$1 or    
gu>ante$ "u ?is "p or "p ,b or ,e2 &    
7,d7 meets ! eligibility requirem5ts    
describ$ 9 subsection 7b77#b74  7b7     
,program au?oriz$  7#a7  ,9 g5]al  ,!   
,secret>y1 9 consultation ) ! ,secret>y 

( ,treasury1 %all c>ry out a program "u 
:i* ! ,secret>y1 ^u application by a    
qualifi$ borr[] :o has an eligible      
private education loan1 %all issue su*  
borr[] a loan "u ?is "p 9 accordance ) !
 foll[+3  7,a7 ,! loan issu$ "u ?is     
program %all be 9 an am\nt equal to !   
sum ( ! unpaid pr9cipal1 accru$ unpaid  
int]e/1 & late *>ges ( ! private        
education loan4  7,b7 ,! ,secret>y %all 
pay ! proce$s ( ! loan issu$ "u ?is     
program to ! private educational l5d] ( 
! private education loan1 9 ord] to     
dis*>ge ! qualifi$ borr[] f any rema9+  
obligation to ! l5d] ) respect to !     
orig9al loan4  7,c7 ,! ,secret>y %all   
require t ! qualifi$ borr[] und]go loan 
c\nsel+ t provides all ( ! in=mation &  
c\nsel+ requir$ "u clauses 7i7 ?r\gh    
7viii7 ( section #dhe7;b77#a77;,a7 be=e 
! loan is ref9anc$ 9 accordance ) ?is   
section1 & be=e ! proce$s ( su* loan are
 paid to ! private educational l5d]4    
7,d7 ,! ,secret>y %all issue ! loan z a 
,f$]al ,direct ,ref9anc$ ,private ,loan1

 :i* %all h ! same t]ms1 conditions1 &  
b5efits z a ,f$]al ,direct ,unsubsidiz$ 
,/af=d ,loan1 except z o!rwise provid$ 9
 ?is section4  7#b7  ,borr[] eligibility
  ,n lat] ?an #ahj days aft] ! date (   
enactm5t ( ! ,bank on ,/ud5ts ,em]g5cy  
,loan ,ref9anc+ ,act1 ! ,secret>y1 9    
consultation ) ! ,secret>y ( ! ,treasury
 & ! ,director ( ! ,bureau ( ,consum]   
,f9ancial ,protection1 %all e/abli%     
eligibility requirem5ts--  7,a7 bas$ on 
income or debt-to-income ratio t take   
into consid]ation provid+ access to     
ref9anc+ "u ?is section = borr[]s ) !   
greate/ f9ancial ne$2  7,b7 to ensure   
eligibility only = borr[]s 9 good /&+2  
7,c7 to m9imize inequities betwe5 ,f$]al
 ,direct ,ref9anc$ ,private ,loans & o!r
 ,f$]al /ud5t loans2  7,d7 to preclude  
w9dfall pr(its = private educational    
l5d]s2 &  7,e7 to ensure full access to 
! program au?oriz$ 9 ?is subsection =   
borr[]s ) private loans :o o!rwise meet 
! crit]ia e/abli%$ 9 accordance )       
subp>agraphs 7,a7 & 7,b74  7c7  ,int]e/ 

rate  7#a7  ,9 g5]al  ,! int]e/ rate = a
 ,f$]al ,direct ,ref9anc$ ,private ,loan
 is--  7,a7 9 ! case ( a ,f$]al ,direct 
,ref9anc$ ,private ,loan = a private    
education loan orig9ally issu$ =        
und]graduate po/second>y educational    
exp5ses1 a rate equal to ! rate = ,f$]al
 ,direct ,/af=d ,loans & ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loans issu$ to     
und]graduate /ud5ts = ! #ab-mon? p]iod  
beg9n+ on ,july #a1 #bjac1 & end+ on    
,june #cj1 #bjad2 &  7,b7 9 ! case ( a  
,f$]al ,direct ,ref9anc$ ,private ,loan 
= a private education loan orig9ally    
issu$ = graduate or pr(essional degree  
po/second>y educational exp5ses1 a rate 
equal to ! rate = ,f$]al ,direct        
,unsubsidiz$ ,/af=d ,loans issu$ to     
graduate or pr(essional /ud5ts = !      
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjac1 & end+ on ,june #cj1 #bjad4  7#b7
  ,comb9$ und]graduate & graduate /udy  
loans  ,if a ,f$]al ,direct ,ref9anc$   
,private ,loan is = a private education 
loan orig9ally issu$ = bo? und]graduate 

& graduate or pr(essional po/second>y   
educational exp5ses1 ! int]e/ rate %all 
be a rate equal to ! rate = ,f$]al      
,direct ,,plus ,loans = ! #ab-mon? p]iod
 beg9n+ on ,july #a1 #bjac1 & end+ on   
,june #cj1 #bjad4  7#c7  ,fix$ ,rate  ,!
 applicable rate ( int]e/ det]m9$ "u ?is
 subsection = a ,f$]al ,direct ,ref9anc$
 ,private ,loan %all be fix$ = ! p]iod (
 ! loan4  7d7  ,no inclusion 9 aggregate
 limits  ,! am\nt ( a ,f$]al ,direct    
,ref9anc$ ,private ,loan1 or a ,f$]al   
,direct ,consolidat$ ,loan to ! ext5t   
su* loan 0 us$ to repay a ,f$]al ,direct
 ,ref9anc$ ,private ,loan1 %all n be    
includ$ 9 calculat+ a borr[]'s annual or
 aggregate loan limits "u section #dbh  
or #dbh;,h4  7e7  ,no eligibility =     
s]vice-relat$ repaym5t  ,not)/&+        
sections #dbh,k7a77#b77;,a71            
#dbh,l7b77#b71 #dee7m77#c77;,a71 &      
#dfj7;b71 a ,f$]al ,direct ,ref9anc$    
,private ,loan1 or any ,f$]al ,direct   
,consolidation ,loan to ! ext5t su* loan
 0 us$ to repay a ,f$]al ,direct        

,ref9anc$ ,private ,loan1 %all n be     
eligible = any loan repaym5t or loan    
=giv5ess program "u section #dbh,k1     
#dbh,l1 or #dfj or = ! repaym5t plan =  
public s]vice employees "u section      
#dee7m74  7f7  ,private educational l5d]
 report+ requirem5t  7#a7  ,report+     
requir$  ,n lat] ?an #ahj days aft] !   
date ( enactm5t ( ! ,bank on ,/ud5ts    
,em]g5cy ,loan ,ref9anc+ ,act1 !        
,secret>y1 9 consultation ) ! ,secret>y 
( ! ,treasury & ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection1 %all  
e/abli% a requirem5t t private          
educational l5d]s report ! data describ$
 9 p>agraph 7#b7 to ! ,secret>y1 to     
,congress1 to ! ,secret>y ( ! ,treasury1
 & to ! ,director ( ! ,bureau ( ,consum]
 ,f9ancial ,protection1 9 ord] to all[ =
 an assessm5t ( ! private education loan
 m>ket4  7#b7  ,cont5ts ( report+  ,!   
data t private educational l5d]s %all   
report 9 accordance ) p>agraph 7#a7 %all
 include ea* ( ! foll[+ ab\t private    
education loans 7z def9$ 9 section      

#adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afej7;a773  7,a7 ,! total    
am\nt ( private education loan debt !   
l5d] holds4  7,b7 ,! total numb] (      
private education loan borr[]s ! l5d]   
s]ves4  7,c7 ,! av]age int]e/ rate on ! 
out/&+ private education loan debt held 
by ! l5d]4  7,d7 ,! proportion ( private
 education loan borr[]s :o are 9 default
 on a loan held by ! l5d]4  7,e7 ,!     
proportion ( ! out/&+ private education 
loan volume held by ! l5d] t is 9       
default4  7,f7 ,! proportions ( out/&+  
private education loan borr[]s :o are   
#cj1 #fj1 & #ij days del9qu5t4  7,g7 ,! 
proportions ( out/&+ private education  
loan volume t is #cj1 #fj1 & #ij days   
del9qu5t4  7g7  ,notification to borr[]s
  ,! ,secret>y1 9 coord9ation ) !       
,secret>y ( ! ,treasury & ! ,director ( 
! ,bureau ( ,consum] ,f9ancial          
,protection1 %all und]take a campaign to
 al]t borr[]s ab\t ! availability (     
private /ud5t loan ref9anc+ "u ?is      
section4  4  7c7  ,am5dm5ts to public   

s]vice repaym5t plan provisions         
,section #dee7m7 ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7m77 
is am5d$--  7#a7 by r$esignat+ p>agraphs
 7#c7 & 7#d7 z p>agraphs 7#d7 & 7#e71   
respectively2 &  7#b7 by ins]t+ aft]    
p>agraph 7#b7 ! foll[+3  7#c7  ,special 
rules = section #dfj;,a loans  7,a7     
,ref9anc$ ,f$]al ,direct loans  ,not)/&+
 p>agraph 7#a71 9 det]m9+ ! numb] (     
mon?ly paym5ts t meet ! requirem5ts (   
su* p>agraph = an eligible ,f$]al       
,direct ,loan ref9anc$ "u section       
#dfj;,a t 0 orig9ally a loan "u ?is "p1 
! ,secret>y %all include all mon?ly     
paym5ts made on ! orig9al loan t meet ! 
requirem5ts ( su* p>agraph4  7,b7       
,ref9anc$ ,,ffel loans  ,9 ! case ( an  
eligible ,f$]al ,direct ,loan ref9anc$  
"u section #dfj;,a t 0 orig9ally a loan 
"u "p ,b1 only mon?ly paym5ts made aft] 
! date on :i* ! loan 0 ref9anc$ may be  
includ$ = purposes ( p>agraph 7#a74  2 &
  7#c7 9 p>agraph 7#d77;,a7 7z          
r$esignat$ by p>agraph 7#a771 by ins]t+ 

7includ+ any ,f$]al ,direct ,/af=d      
,loan1 ,f$]al ,direct ,,plus ,loan1     
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan1 or ,f$]al ,direct ,consolidation 
,loan ref9anc$ "u section #dfj;,a7 be=e 
! p]iod at ! end4  7d7  ,income-bas$    
repaym5t  ,section #dic;,c ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajih;e7 is am5d$ by add+ at ! end !    
foll[+3  7f7  ,special rule = ref9anc$  
loans  7#a7  ,ref9anc$ ,f$]al ,direct & 
,,ffel loans  ,9 calculat+ ! p]iod ( "t 
dur+ :i* a borr[] ( a loan t is ref9anc$
 "u section #dfj;,a has made mon?ly     
paym5ts = purposes ( subsection 7b77#g71
 ! ,secret>y %all deem ! p]iod to       
include all mon?ly paym5ts made = !     
orig9al loan1 & all mon?ly paym5ts made 
= ! ref9anc$ loan1 t o!rwise meet !     
requirem5ts ( ?is section4  7#b7  ,f$]al
 ,direct ,ref9anc$ ,private ,loans  ,9  
calculat+ ! p]iod ( "t dur+ :i* a borr[]
 ( a ,f$]al ,direct ,ref9anc$ ,private  
,loan "u section #dfj;,b has made mon?ly
 paym5ts = purposes ( subsection        

7b77#g71 ! ,secret>y %all include only  
paym5ts--  7,a7 t are made aft] ! date (
 ! issuance ( ! ,f$]al ,direct ,ref9anc$
 ,private ,loan2 &  7,b7 t o!rwise meet 
! requirem5ts ( ?is section4  4  ,,ii   
,fair %>e tax  #bja4 ,am5dm5t ( #aihf   
,code ,except z o!rwise expressly       
provid$1 :5ev] 9 ?is title an am5dm5t or
 repeal is express$ 9 t]ms ( an am5dm5t 
to1 or repeal (1 a section or o!r       
provision1 ! ref]5ce %all be consid]$ to
 be made to a section or o!r provision (
 ! ,int]nal ,rev5ue ,code ( #aihf4      
#bjb4 ,fair %>e tax on high-income      
taxpay]s  7a7 ,9 g5]al ,sub*apt] ,a (   
*apt] #a is am5d$ by add+ at ! end !    
foll[+ new "p3  ,,vii ,fair %>e tax on  
high-income taxpay]s  ,sec4 #ei;,b4     
,fair %>e tax4  #ei;,b4 ,fair %>e tax   
7a7 ,g5]al rule  7#a7 ,phase-9 ( tax ,9 
! case ( any high-income taxpay]1 !re is
 h]eby impos$ = a taxable ye> 79        
addition to any o!r tax impos$ by ?is   
subtitle7 a tax equal to ! product (--  
7,a7 ! am\nt det]m9$ "u p>agraph 7#b71 &

  7,b7 a fraction 7n to exce$ #a7--  7i7
 ! num]ator ( :i* is ! excess (--  7,i7 
! taxpay]'s adju/$ gross income1 ov]    
7,,ii7 ! doll> am\nt 9 effect "u        
subsection 7c77#a71 &  7ii7 ! d5om9ator 
( :i* is ! doll> am\nt 9 effect "u      
subsection 7c77#a74  7#b7 ,am\nt ( tax  
,! am\nt ( tax det]m9$ "u ?is p>agraph  
is an am\nt equal to ! excess 7if any7  
(--  7,a7 ! t5tative fair %>e tax = !   
taxable ye>1 ov]  7,b7 ! excess (--  7i7
 ! sum (--  7,i7 ! regul> tax liability 
7z def9$ 9 section #bf7;b77 = ! taxable 
ye>1  7,,ii7 ! tax impos$ by section #ee
 = ! taxable ye>1 plus  7,,iii7 !       
payroll tax = ! taxable ye>1 ov]  7ii7 !
 cr$its all[able "u "p ,,iv ( sub*apt]  
,a 7o!r ?an sections #bg7;a71 #ca1 &    
#cd74  7b7 ,t5tative fair %>e tax ,=    
purposes ( ?is section--  7#a7 ,9 g5]al 
,! t5tative fair %>e tax = ! taxable ye>
 is #cj p]c5t ( ! excess (--  7,a7 !    
adju/$ gross income ( ! taxpay]1 ov]    
7,b7 ! modifi$ *>itable contribution    
d$uction = ! taxable ye>4  7#b7 ,modifi$

 *>itable contribution d$uction ,=      
purposes ( p>agraph 7#a7--  7,a7 ,9     
g5]al ,! modifi$ *>itable contribution  
d$uction = any taxable ye> is an am\nt  
equal to ! am\nt :i* be>s ! same ratio  
to ! d$uction all[able "u section #agj  
7section #fdb7;c7 9 ! case ( a tru/ or  
e/ate7 = su* taxable ye> z--  7i7 !     
am\nt ( itemiz$ d$uctions all[able "u ! 
regul> tax 7z def9$ 9 section #ee7 = su*
 taxable ye>1 det]m9$ aft] ! application
 ( section #fh1 be>s to  7ii7 su* am\nt1
 det]m9$ be=e ! application ( section   
#fh4  7,b7 ,taxpay] mu/ itemize ,9 !    
case ( any individual :o does n elect to
 itemize d$uctions = ! taxable ye>1 !   
modifi$ *>itable contribution d$uction  
%all be z]o4  7c7 ,high-,income taxpay] 
,= purposes ( ?is section--  7#a7 ,9    
g5]al ,! t]m high-income taxpay] means1 
) respect to any taxable ye>1 any       
taxpay] 7o!r ?an a corporation7 ) an    
adju/$ gross income = su* taxable ye> 9 
excess ( #a1jjj1jjj 7#ej p]c5t ( su*    
am\nt 9 ! case ( a m>ri$ individual :o  

files a sep>ate return74  7#b7          
,inflation adju/m5t  7,a7 ,9 g5]al ,9 ! 
case ( a taxable ye> beg9n+ aft] #bjae1 
! #a1jjj1jjj am\nt "u p>agraph 7#a7 %all
 be increas$ by an am\nt equal to--  7i7
 su* doll> am\nt1 multipli$ by  7ii7 !  
co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjad = cal5d> ye> #aiib 9   
subp>agraph 7,b7 !re(4  7,b7 ,r\nd+ ,if 
any am\nt z adju/$ "u subp>agraph 7,a7  
is n a multiple ( #aj1jjj1 su* am\nt    
%all be r\nd$ to ! next l[e/ multiple ( 
#aj1jjj4  7d7 ,payroll tax ,= purposes (
 ?is section1 ! payroll tax = any       
taxable ye> is an am\nt equal to !      
excess (--  7#a7 ! taxes impos$ on !    
taxpay] "u sections #adja1 #adaa1 #caja1
 #cbja1 & #cbaa7;a7 7to ! ext5t su*     
taxes are attributable to ! rate ( tax 9
 effect "u section #caja7 ) respect to  
su* taxable ye> or wages or comp5sation 
receiv$ dur+ ! taxable ye>1 ov]  7#b7 ! 
d$uction all[able "u section #afd7;f7 = 

su* taxable ye>4  7e7 ,special rule =   
e/ates & tru/s ,= purposes ( ?is        
section1 9 ! case ( an e/ate or tru/1   
adju/$ gross income %all be comput$ 9 ! 
mann] describ$ 9 section #fg7;e74  7f7  
,n treat$ z tax impos$ by ?is *apt] =   
c]ta9 purposes ,! tax impos$ "u ?is     
section %all n be treat$ z tax impos$ by
 ?is *apt] = purposes ( det]m9+ ! am\nt 
( any cr$it "u ?is *apt] 7o!r ?an !     
cr$it all[$ "u section #bg7;a77 or =    
purposes ( section #ee4  4  7b7 ,con=m+ 
am5dm5ts  7#a7 ,section #bf7;b77#b7 is  
am5d$ by r$esignat+ subp>agraphs 7,c7   
?r\gh 7,x7 z subp>agraphs 7,d7 ?r\gh    
7,y71 respectively1 & by ins]t+ aft]    
subp>agraph 7,b7 ! foll[+ new           
subp>agraph3  7,c7 section #ei;,b       
7relat+ to fair %>e tax71  4  7#b7 ,!   
la/ s5t5ce ( section #ija7;a7 is am5d$  
to read z foll[s3 ,! cr$it %all n be    
all[$ aga9/ any tax treat$ z a tax n    
impos$ by ?is *apt] "u section #bf7;b7  
7o!r ?an ! tax impos$ by section        
#ei;,b744  7c7 ,cl]ical am5dm5t ,! table

 ( p>ts = sub*apt] ,a ( *apt] #a is     
am5d$ by add+ at ! end ! foll[+ new     
item3  ,"p ,,vii--,fair %>e tax on      
high-,income taxpay]s  4  7d7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjad4  ,,iii ,deficit    
,neutral ,implem5tation ( ,/ud5t ,loan  
,ref9anc+ ,programs  #cja4 ,deficit     
,neutral ,implem5tation ( ,/ud5t ,loan  
,ref9anc+ ,programs2 ,budget>y ,effects 
7a7 ,am\nt ( rev5ue ,! ,secret>y (      
,education %all e/imate ! am\nt t is    
equal to ! am\nt ( ! net increase 9     
rev5ue receiv$ 9 ! ,treasury dur+ !     
#aj-ye> p]iod beg9n+ on ! date (        
enactm5t ( ?is ,act attributable to !   
am5dm5ts made by title ,,ii ( ?is ,act4 
7b7 ,deficit-,neutral ,t]m9ation ( !    
,ref9anc+ ,program ,! ,secret>y (       
,education %all t]m9ate ! ref9anc+      
programs c>ri$ out "u sections #dfj;,a &
 #dfj;,b ( ! ,high] ,education ,act (   
#aife on ! date t ! net co/ ( c>ry+ out 
su* ref9anc+ programs is equal to !     

am\nt ( additional rev5ue e/imat$ "u    
subsection 7a7 or on ! date t is #b ye>s
 aft] ! date ( enactm5t ( ?is ,act1     
:i*ev] occurs fir/4  7c7 ,deficit       
,r$uction ,any rema9+ increase 9 rev5ue 
describ$ 9 subsection 7a7 & n us$ = !   
ref9anc+ programs c>ri$ out "u sections 
#dfj;,a & #dfj;,b ( ! ,high] ,education 
,act ( #aife %all be return$ to ! g5]al 
fund ( ! ,treasury = ,f$]al budget      
deficit r$uction4  7d7 ,me?odology ,:5  
e/imat+ co/ & rev5ue "u ?is section1 !  
,secret>y ( ,education %all utilize !   
acc\nt+ me?ods & assumptions t are us$  
by ! ,congressional ,budget ,(fice1 z ( 
! date ( enactm5t ( ?is ,act1 to make   
su* e/imations4  #cjb4 ,budget>y        
,effects  7a7 ,,paygo ,scorec>d ,!      
budget>y effects ( ?is ,act & ! am5dm5ts
 made by ?is ,act %all n be ent]$ on    
ei!r ,,paygo scorec>d ma9ta9$ pursuant  
to section #d7;d7 ( ! ,/atutory ,pay-   
,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4     
#icc7;d774  7b7 ,s5ate ,,paygo ,scorec>d
 ,! budget>y effects ( ?is ,act & !     

am5dm5ts made by ?is ,act %all n be     
ent]$ on any ,,paygo scorec>d ma9ta9$ = 
purposes ( section #bja ( ,s4 ,con4     
,res4 #ba 7#aaj? ,congress74  ,june #e1 
#bjad,read ! second "t & plac$ on !     
cal5d>