,i #aad? ,,congress #b;d ,session ,h4 ,r4 #fbci ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #bh1 #bjaf,mr4 ,de,fazio introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ! ,work=ce1 & 9 addition to ! ,committee on ! ,judici>y1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife to improve ,f$]al ,pell ,grants & loans1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,help+ ,improve ,grants = ,high] ,education ,repaym5t ( ,exp5sive ,debt ,act or ! ,,high] ,,ed ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,f$]al ,pell ,grants4 ,sec4 #c4 ,re9/atem5t ( au?ority to make ,f$]al ,direct ,/af=d ,loans to graduate & pr(essional /ud5ts4 ,sec4 #d4 ,dis*>ge /ud5t loans 9 bankruptcy4 ,sec4 #e4 ,ref9anc+ programs4 ,sec4 #f4 ,loan =giv5ess = adjunct faculty4 ,sec4 #g4 ,revis$ income-driv5 repaym5t plans = new borr[]s on or aft] ,july #a1 #bjag4 #b4 ,f$]al ,pell ,grants 7a7 ,increase 9 ! maximum am\nt ( a ,f$]al pell grant ,section #dja7;b77#g77;,c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a7b77#g77;,c77 is am5d$ by /rik+ clauses 7ii7 & 7iii7 & ins]t+ ! foll[+3 7ii7 ,aw>d ye> #bjag-bjah ,= aw>d ye> #bjag-bjah1 ! am\nt det]m9$ "u ?is subp>agraph = purposes ( subp>agraph 7,b77iii7 %all be increas$ to #i1daj4 7iii7 ,subsequ5t aw>d ye>s ,= aw>d ye> #bjah-bjai & ea* subsequ5t aw>d ye>1 ! am\nt det]m9$ "u ?is subp>agraph = purposes ( subp>agraph 7,b77iii7 %all be equal to-- 7,i7 ! am\nt det]m9$ "u ?is subp>agraph = ! prec$+ aw>d ye>2 increas$ by 7,,ii7 a p]c5tage equal to ! annual adju/m5t p]c5tage = ! aw>d ye> = :i* ! am\nt "u ?is subp>agraph is be+ det]m9$2 & 7,,iii7 r\nd$ to ! ne>e/ #e4 4 7b7 ,ye>-,r\nd ,f$]al ,pell ,grant ,/ud5ts 7#a7 ,9 g5]al ,section #dja7;b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a7b77 is am5d$ by add+ at ! end ! foll[+3 7#h7 ,ye>-r\nd ,f$]al ,pell ,grant ,/ud5ts 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is subsection1 ! ,secret>y %all aw>d1 to an eligible /ud5t :o meets ! requirem5ts 9 subp>agraph 7,b7 :o has receiv$ a ,f$]al ,pell ,grant = an aw>d ye> & is enroll$ 9 a program ( /udy = "o or m additional paym5t p]iods dur+ ! same aw>d ye> t are n o!rwise cov]$ by ! /ud5t's ,f$]al ,pell ,grant1 an additional ,f$]al ,pell ,grant = ! additional paym5t p]iods4 7,b7 ,eligibility ,9 ord] to be eligible to receive ! additional ,f$]al ,pell ,grant = an aw>d ye> t is describ$ 9 subp>agraph 7,a71 a /ud5t %all1 9 addition to meet+ all eligibility requirem5ts = ! receipt ( a ,f$]al ,pell ,grant-- 7i7 be enroll$ at lea/ on a "p-"t basis 9 an in/itution ( high] education2 & 7ii7 h successfully complet$ at lea/ a full-"t c\rse load 7z det]m9$ by ! in/itution7 prior to receiv+ an additional ,f$]al ,pell ,grant aw>d z describ$ 9 subp>agraph 7,a74 7,c7 ,am\nts ,9 ! case ( a /ud5t receiv+ m ?an "o ,f$]al ,pell ,grant 9 a s+le aw>d ye> "u subp>agraph 7,a71 ! total am\nt ( ! ,f$]al ,pell ,grants aw>d$ to su* /ud5t = ! aw>d ye> %all n exce$ an am\nt equal to #aej p]c5t ( ! total maximum ,f$]al ,pell ,grant = su* aw>d ye> calculat$ 9 accordance ) p>agraph 7#g77;,c77iv77,,ii74 7,d7 ,inclusion 9 duration limit ,any p]iod ( /udy cov]$ by a ,f$]al ,pell ,grant aw>d$ "u subp>agraph 7,a7 %all be includ$ 9 det]m9+ a /ud5t's duration limit "u subsection 7c77#e74 7#i7 ,crossov] p]iod ,9 any case :]e an eligible /ud5t is receiv+ a ,f$]al ,pell ,grant = a paym5t p]iod t spans #b aw>d ye>s1 ! ,secret>y %all all[ ! eligible in/itution 9 :i* ! /ud5t is enroll$ to det]m9e ! aw>d ye> to :i* ! additional p]iod %all be assign$4 4 7#b7 ,effective date ,! am5dm5t made by p>agraph 7#a7 %all take effect on ,july #a1 #bjag4 #c4 ,re9/atem5t ( au?ority to make ,f$]al ,direct ,/af=d ,loans to graduate & pr(essional /ud5ts 7a7 ,am5dm5ts ,section #dee7;a77#c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7a77#c77 is am5d$-- 7#a7 9 ! p>agraph head+1 by ins]t+ ,tempor>y be=e ,t]m9ation2 & 7#b7 9 subp>agraph 7,a71 9 ! matt] prec$+ clause 7i71 by ins]t+ 1 & end+ on or be=e ,june #cj1 #bjaf aft] #bjab4 7b7 ,inapplicability ( rulemak+ requirem5ts ,sections #dhb7;c7 & #dib ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhi7;c72 #ajih;a7 %all n apply to ! regulations "u ?is section4 #d4 ,dis*>ge /ud5t loans 9 bankruptcy 7a7 ,exception to dis*>ge ,section #ebc7;a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by /rik+ p>agraph 7#h71 & 7#b7 by r$esignat+ p>agraphs 7#i7 ?r\gh 7#ad;,b7 z p>agraphs 7#h7 ?r\gh 7#ad;,a71 respectively4 7b7 ,con=m+ am5dm5ts ,title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #gjd7;c77#a77;,c77iv77,i7 by /rik+ 7#ad;,a7 & ins]t+ 7#ad71 7#b7 9 section #aajf7;c77#a77;,c77iv77,i7 by /rik+ 7#ad;,a7 & ins]t+ 7#ad71 7#c7 9 section #abjb7;c77#a77;,c77iv77,i7 by /rik+ 7#ad;,a7 & ins]t+ 7#ad71 & 7#d7 9 section #acbh7;a77#b7 by /rik+ 7#h71 or 7#i7 & ins]t+ or 7#h74 7c7 ,effective date2 application ( am5dm5ts 7#a7 ,effective date ,except z provid$ 9 subsection 7b71 ?is section & ! am5dm5ts made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,application ( am5dm5ts ,! am5dm5ts made by ?is section %all apply only ) respect to cases comm5c$ "u title #aa ( ! ,unit$ ,/ates ,code on or aft] ! date ( ! enactm5t ( ?is ,act4 #e4 ,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$]al ,direct ,loans 7a7 ,9 g5]al ,beg9n+ n lat] ?an #ahj days aft] ! date ( enactm5t ( ! ,help+ ,improve ,grants = ,high] ,education ,repaym5t ( ,exp5sive ,debt ,act1 ! ,secret>y %all e/abli% a program "u :i* ! ,secret>y1 ^u ! receipt ( an application f a qualifi$ 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$1 be=e ,july #a1 #bjaf1 ) ! proce$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 #bjaf1 & end+ on ,june #cj1 #bjag2 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 #bjaf1 & end+ on ,june #cj1 #bjag2 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 #bjaf1 & end+ on ,june #cj1 #bjag2 & 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 #bjaf1 & end+ on ,june #cj1 #bjag2 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 #bjaf1 & end+ on ,june #cj1 #bjag2 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 #bjaf1 & end+ on ,june #cj1 #bjag2 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$1 be=e ,july #a1 #bjaf2 & 7,b7 :o meets ! eligibility requirem5ts bas$ on income or debt-to-income ratio e/abli%$ by ! ,secret>y4 7#b7 ,income requirem5ts ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ! ,help+ ,improve ,grants = ,high] ,education ,repaym5t ( ,exp5sive ,debt ,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 #bjaf2 & 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 ( ! ,help+ ,improve ,grants = ,high] ,education ,repaym5t ( ,exp5sive ,debt ,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 #bjaf1 & end+ on ,june #cj1 #bjag2 & 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 #bjaf1 & end+ on ,june #cj1 #bjag4 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$]al ,direct ,,plus ,loans = ! #ab-mon? p]iod beg9n+ on ,july #a1 #bjaf1 & end+ on ,june #cj1 #bjag4 7#c7 ,fix$ ,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 ( ! ,help+ ,improve ,grants = ,high] ,education ,repaym5t ( ,exp5sive ,debt ,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;a7773 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 #f4 ,loan =giv5ess = adjunct faculty ,section #dee7m77#c77;,b77ii7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7m77#c77;,b77ii77 is am5d$-- 7#a7 by /rik+ tea*+ z & ins]t+ ! foll[+3 tea*+-- 7,i7 z 2 7#b7 by /rik+ 1 =eign language faculty1 & "p-"t faculty at community colleges71 z det]m9$ by ! ,secret>y4 & ins]t+ & =eign language faculty71 z det]m9$ by ! ,secret>y2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,,ii7 z a "p-"t faculty memb] or in/ructor :o-- 7aa7 tea*es n less ?an #a c\rse at an in/itution ( high] education 7z def9$ 9 section #aja7;a771 a po/second>y vocational in/itution 7z def9$ 9 section #ajb7;c771 or a ,tribal ,college or ,univ]sity 7z def9$ 9 section #caf7;b772 & 7bb7 is n employ$ on a full-"t basis by any o!r employ]4 4 #g4 ,revis$ income-driv5 repaym5t plans = new borr[]s on or aft] ,july #a1 #bjag 7a7 ,income-,cont+5t repaym5t ,section #dee ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7 is am5d$-- 7#a7 9 subsection 7d77#a77;,d71 by add+ at ! end be=e ! semicolon ! foll[+3 1 & su* plan %all meet ! requirem5ts ( subsection 7e77#h7 ) respect to any loan made "u ?is "p to a new borr[] on or aft] ,july #a1 #bjag2 & 7#b7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#h7 ,special t]ms = new borr[]s on or aft] ,july #a1 #bjag ,) respect to any loan made "u ?is "p to a new borr[] on or aft] ,july #a1 #bjag1 & eligible to be repaid pursuant to income cont+5t repaym5t1 su* borr[] may repay su* loan pursuant to an income cont+5t repaym5t plan "u ! foll[+ conditions3 7,a7 ,not)/&+ any p>tial h>d%ip requirem5t = ! income cont+5t repaym5t plan-- 7i7 dur+ any p]iod dur+ :i* ! borr[]'s 7& ! borr[]'s sp\se1 if applicable7 adju/$ gross income is equal to or less ?an #bbe p]c5t ( ! pov]ty l9e applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b771 ! borr[]'s aggregate mon?ly paym5t = all su* loans %all be equal to #j2 & 7ii7 dur+ any p]iod dur+ :i* ! borr[]'s 7& ! borr[]'s sp\se1 if applicable7 adju/$ gross income exce$s #bbe p]c5t ( su* pov]ty l9e1 ! borr[]'s aggregate mon?ly paym5t = all su* loans %all be det]m9$ 9 accordance ) ! t]ms & conditions1 & borr[] b5efits1 ( su* plan4 7,b7 ,! int]e/ on any su* loan %all n accrue1 or if accru$1 %all be paid by ! ,secret>y = ! foll[+ p]iods3 7i7 ,! p]iod describ$ 9 subp>agraph 7,a77i74 7ii7 ,! #f-mon? p]iod aft] ! date ! borr[] ceases to c>ry at lea/ "o-half ! normal full-"t academic workload at an in/itution ( high] education1 z det]m9$ by ! in/itution1 & dur+ :i* ! borr[] is n e>n+ any income4 4 7b7 ,income-,bas$ repaym5t ,section #dic;,c7b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;e7b77 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 by /rik+ 7#a7 a borr[] & ins]t+ ! foll[+3 7#a7 7,a7 a borr[] 2 7,b7 by add+ or at ! end ( subp>agraph 7,a72 & 7,c7 by add+ at ! end ! foll[+3 7,b7 ) respect to any loan made "u "p ,d 7o!r ?an an except$ ,,plus loan or except$ consolidation loan7 to a new borr[] on or aft] ,july #a1 #bjag1 su* borr[] may elect-- 7i7 dur+ any p]iod dur+ :i* ! borr[]'s 7& ! borr[]'s sp\se1 if applicable7 adju/$ gross income is equal to or less ?an #bbe p]c5t ( ! pov]ty l9e applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b771 to h ! borr[]'s aggregate mon?ly paym5t = all su* loans equal to #j2 & 7ii7 dur+ any p]iod dur+ :i* ! borr[]'s 7& ! borr[]'s sp\se1 if applicable7 adju/$ gross income exce$s #bbe p]c5t ( su* pov]ty l9e1 to h ! borr[]'s aggregate mon?ly paym5t = all su* loans n exce$1 ! less] (-- 7,i7 ! result describ$ 9 subsection 7a77#c77;,b7 divid$ by #ab2 or 7,,ii7 ! mon?ly am\nt calculat$ "u section #dee7;d77#a77;,a71 bas$ on a #aj-ye> repaym5t p]iod1 :5 ! borr[] fir/ made ! election describ$ 9 ?is subsection2 2 & 7#b7 9 p>agraph 7#c7-- 7,a7 at ! end ( subp>agraph 7,a71 by /rik+ &2 7,b7 by add+ & at ! end ( subp>agraph 7,b72 & 7,c7 by add+ at ! end ! foll[+3 7,c7 %all1 on any loan = :i* paym5ts may be made "u p>agraph 7#a77;,b71 be paid1 or be treat$ z if no int]e/ has accru$1 by ! ,secret>y-- 7i7 = any p]iod describ$ 9 p>agraph 7#a77;,b77i72 & 7ii7 = ! #f-mon? p]iod aft] ! date ! borr[] ceases to c>ry at lea/ "o-half ! normal full-"t academic workload at an in/itution ( high] education1 z det]m9$ by ! in/itution1 & dur+ :i* ! borr[] is n e>n+ any income2 4