,,ii  #aad? ,,congress  #a/ ,session    
,s4 #aidh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #e1 #bjae ,mr4  
,m]kley introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to increase aw>5ess ( !     
,f$]al /ud5t loan income-bas$ repaym5t  
plan1 & = o!r purposes4  #a4 ,%ort title
  ,?is ,act may be cit$ z ! ,access to  
,fair ,f9ancial ,options = ,repay+ ,debt
 ,act ( #bjae or ! ,,af=d ,act4  #b4    
,notice ( repaym5t plan options at ! "t 
( entrance c\nsel+  ,section #dhe7l77#b7
 ( ! ,high] ,education ,act ( #aife 7#bj
 ,u4,s4,c4 #ajib7l77#b77 is am5d$ by    
add+ at ! end ! foll[+3  7,l7 ,in=mation
 on ! #b repaym5t options t ! borr[] ( a
 loan made on or aft] ,july #a1 #bjaf1 w
 h = repay+ ! loan1 includ+--  7i7 an   
income-bas$ repaym5t plan1 z describ$ "u
 section #dic;,c7f72 &  7ii7 a fix$     
repaym5t plan describ$ 9 section        
#dic;,e4  4  #c4 ,annual loan c\nsel+   
,section #dhe ( ! ,high] ,education ,act

 ( #aife 7#bj ,u4,s4,c4 #ajib7 is am5d$ 
by add+ at ! end ! foll[+3  7n7 ,annual 
loan c\nsel+  7#a7 ,invitation ,ea*     
in/itution ( high] education p>ticipat+ 
9 any program "u ?is title %all annually
 provide ea* /ud5t describ$ 9 p>agraph  
7#c7 ) a writt5 notification 7:i* may be
 9 electronic =m7 invit+ ! /ud5t to     
att5d f9ancial c\nsel+ describ$ 9       
p>agraph 7#b74  7#b7 ,cont5ts ( annual  
loan c\nsel+ ,! c\nsel+ describ$ 9      
p>agraph 7#a7 may be provid$ 9 p]son or 
via telephone or electronic =m1 & %all  
include ea* ( ! foll[+3  7,a7 ,in=mation
 on ea* /ud5t loan t ! in/itution is    
aw>e t ! /ud5t has borr[$1 includ+      
,f$]al loans1 private loans1 & loans f !
 in/itution4  7,b7 ,! total am\nt ( !   
cumulative /ud5t loan debt f ! loans    
describ$ 9 subp>agraph 7,a74  7,c7 ,!   
/ud5t's e/imat$ mon?ly repaym5t am\nt = 
,f$]al loans1 :i* %all include--  7i7   
e/imates bas$ on ea* applicable debt    
bracket = ! fix$ repaym5t plan describ$ 
"u section #dic;,e2 &  7ii7 an          

additional e/imate bas$ on ! income-bas$
 repaym5t plan describ$ "u section      
#dic;,c7f71 calculat$ on ! basis ( a    
hypo!tical income & a family size ( #a4 
7,d7 ,a /atem5t t ! mon?ly am\nt        
describ$ 9 subp>agraph 7,c7 does n      
include any am\nts t ! /ud5t may be     
requir$ to repay = private or           
in/itutional loans4  7,e7 ,= ea* ,f$]al 
loan describ$ 9 subp>agraph 7,a71 !     
int]e/ rate = ! loan1 z ( ! date ( !    
c\nsel+1 & a /atem5t t ! int]e/ rate on 
/ud5t loans may v>y bas$ on :5 ! loan 0 
borr[$ & o!r factors4  7,f7 ,a          
notification t "s /ud5ts may qualify = a
 ,f$]al ,pell ,grant4  7,g7 ,! p]c5tage 
( ! total aggregate borr[+ limit t !    
/ud5t has rea*$1 z ( ! date ( ! c\nsel+1
 = ,f$]al ,direct ,/af=d ,loans & ,f$]al
 ,direct ,unsubsidiz$ ,/af=d ,loans1 & a
 /atem5t t su* aggregate borr[+ limit   
may *ange bas$ on ! borr[]'s /ud5t /atus
 7:e!r und]graduate or graduate7 or if  
!re is a *ange 9 ! borr[]'s dep5d5cy    
/atus4  7,h7 ,any in=mation1 includ+    

f9ancial plann+ res\rces1 t ! in/itution
 det]m9es is appropriate to include 9 ! 
c\nsel+4  7,i7 ,a /atem5t t ! in=mation 
provid$ ?r\gh ! c\nsel+ conta9s only    
e/imates & in=mation relevant to ! /ud5t
 to ! be/ ( ! in/itution's k4  7#c7     
,/ud5ts receiv+ notification ,!         
notification describ$ 9 p>agraph 7#a7   
%all be provid$ to ea* /ud5t-- 7,a7 :o  
is enroll$ 9 ! in/itution2 &  7,b7 :o is
 a /ud5t = :i* ! in/itution has k t !   
/ud5t has #a or m /ud5t loans1 includ+  
any su* loans f ano!r in/itution t a    
/ud5t may h transf]r$ f or be5 previ\sly
 enroll$ 94  4  #d4 ,income-bas$        
repaym5t plan ,section #dic;,c ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajih;e7 is am5d$-- 7#a7 9    
subsection 7b7--  7,a7 9 p>agraph 7#h71 
by /rik+ & aft] ! semicolon2  7,b7 9    
p>agraph 7#i71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 &2 &  7,c7 by add+ at ! end 
! foll[+3  7#aj7 a borr[] :o is repay+ a
 loan made "u "p ,b or ,d pursuant to   
?is section may repay su* loan 9 full at

 any "t )\t p5alty4  2 &  7#b7 by add+  
at ! end ! foll[+3  7f7 ,income-,bas$   
repaym5t = new loans on & aft] ,july #a1
 #bjaf1 & = borr[]s :o ent] ,,ibr aft]  
,july #a1 #bjaf  7#a7 ,9 ,g5]al ,!      
income-bas$ repaym5t plan %all be c>ri$ 
out 9 accordance ) ?is section1 except z
 o!rwise specifi$ 9 ?is subsection      
7includ+ ?r\gh ! special t]ms describ$ 9
 p>agraph 7#b77--  7,a7 ) respect to any
 loan issu$ on or aft] ,july #a1 #bjaf1 
if su* borr[] elects ! income-bas$      
repaym5t plan = t loan2 &  7,b7 )       
respect to any borr[] :o is repay+ a    
loan made1 insur$1 or gu>ante$ "u "p ,b 
or ,d1 if su* borr[] elects to repay !  
loan "u ! income-bas$ repaym5t plan on  
or aft] ,july #a1 #bjaf4  7#b7 ,special 
t]ms ,not)/&+ any o!r provision ( ?is   
section1 ) respect to a loan describ$ "u
 p>agraph 7#a71 ! foll[+ t]ms %all apply
 to ! income-bas$ repaym5t plan3  7,a7  
7i7 ,not)/&+ subsection 7a77#c77;,b71 ! 
repaym5t am\nt "u ?is subsection %all be
 an am\nt equal to #aj p]c5t ( ! result 

obta9$ by calculat+1 on at lea/ an      
annual basis1 ! am\nt by :i*--  7,i7 !  
borr[]'s1 & ! borr[]'s sp\se's 7if      
applicable71 adju/$ gross income2 exce$s
  7,,ii7 ! applicable p]c5tage ( !      
pov]ty l9e 9 accordance ) clause 7ii7 t 
is applicable to ! borr[]'s family size 
z det]m9$ "u section #fgc7b7 ( !        
,community ,s]vices ,block ,grant ,act  
7#db ,u4,s4,c4 #iijb7b774  7ii7 ,=      
purposes ( clause 7i71 ! t]m applicable 
p]c5tage means #aej p]c5t r$uc$ by #a   
p]c5tage po9t = ea* #a1jjj by :i* !     
borr[]'s adju/$ gross income exce$s     
#ajj1jjj4  7,b7 ,subsection 7b77#g77;,b7
 %all be appli$ by sub/itut+ #bj ye>s = 
#be ye>s4  7,c7 ,a borr[] ( su* a loan  
%all n be requir$ to h a p>tial f9ancial
 h>d%ip & may elect1 & rema9 enroll$ 91 
! income-bas$ repaym5t plan "u ?is      
subsection reg>dless ( income level4    
7,d7 ,subp>agraph 7,a7 ( subsection     
7b77#f7 %all n apply & a borr[]'s mon?ly
 paym5t %all be det]m9$ 9 accordance )  
subp>agraph 7,a7 divid$ by #ab1 :i* may 

exce$ ! mon?ly repaym5t am\nt "u a /&>d 
#aj-ye> repaym5t plan or a fix$ repaym5t
 plan describ$ 9 section #dic;,e4  7,e7 
,subp>agraph 7,b7 ( subsection 7b77#c7  
%all n apply4  7#c7 ,additional special 
t]ms = c]ta9 borr[]s ,a borr[] describ$ 
9 p>agraph 7#a77;,b7--  7,a7 may *oose  
to reta9 ! repaym5t plan 9 :i* ! borr[] 
is enroll$ on ,june #cj1 #bjaf2  7,b7   
may elect to--  7i7 leave ! repaym5t    
plan describ$ 9 subp>agraph 7,a7 & ent] 
! income-bas$ repaym5t plan "u ?is      
subsection2  7ii7 leave ! repaym5t plan 
describ$ 9 subp>agraph 7,a7 & ent] a    
fix$ repaym5t plan describ$ 9 section   
#dic;,e2 or  7iii7 n m ?an once p]      
cal5d> ye>1 swit* betwe5 ! repaym5t     
plans describ$ 9 clauses 7i7 & 7ii72    
7,c7 aft] elect+ to leave a repaym5t    
plan o!r ?an an income-bas$ repaym5t    
plan describ$ "u ?is subsection or !    
fix$ repaym5t plan describ$ 9 section   
#dic;,e1 %all n be p]mitt$ to re-elect a
 repaym5t plan t is n an income-bas$    
repaym5t plan "u ?is subsection or a    

fix$ repaym5t plan describ$ 9 section   
#dic;,e2 &  7,d7 %all reta91 = purposes 
( repaym5t or cancellation ( any out/&+ 
balance ( pr9cipal & int]e/ due on a    
loan 7z describ$ 9 subsection 7b77#g77  
any ye>s ( repaym5t "u ano!r income-bas$
 or income cont+5t repaym5t plan "u ?is 
title4  7#d7 ,cap on int]e/ accrual     
,not)/&+ any o!r provision ( ?is ,act1 !
 total am\nt ( int]e/ t accrues dur+ a  
borr[]'s grace p]iod & ! "t t a borr[]  
is 9 repaym5t "u ?is subsection %all n  
exce$ #ej p]c5t ( ! orig9al pr9cipal    
am\nt ( ! loan4  4  #e4 ,fix$ repaym5t  
plan ,"p ,g ( title ,,iv ( ! ,high]     
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhh et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #dic;,e4 ,fix$ repaym5t plan
  7a7 ,9 ,g5]al ,a borr[] ( a loan made 
"u ?is "p on or aft] ,july #a1 #bjaf1 & 
a borr[] :o is 9 repaym5t on a loan made
 "u "p ,b or "p ,d be=e ,july #a1 #bjaf1
 may elect to repay su* loan "u ! fix$  
repaym5t plan describ$ 9 ?is section4   
7b7 ,fix$ repaym5t plan ,"u ! fix$      

repaym5t plan1 a borr[] ) a total ,f$]al
 /ud5t loan debt am\nt t-- 7#a7 is equal
 to or less ?an #aj1jjj1 %all repay ea* 
loan describ$ 9 subsection 7a7 ) a fix$ 
mon?ly repaym5t am\nt paid ov] a p]iod (
 #aj ye>s2  7#b7 is m ?an #aj1jjj & less
 ?an #bj1jjj1 %all repay ea* loan       
describ$ 9 subsection 7a7 ) a fix$      
mon?ly repaym5t am\nt paid ov] a p]iod  
(--  7,a7 #ae ye>s2 or  7,b7 ! p]iod    
describ$ 9 p>agraph 7#a71 if ! borr[]   
*ooses2  7#c7 is equal to or great] ?an 
#bj1jjj1 & less ?an #cj1jjj1 %all repay 
ea* loan describ$ 9 subsection 7a7 ) a  
fix$ mon?ly repaym5t am\nt paid ov] a   
p]iod (--  7,a7 #bj ye>s2 or  7,b7 !    
p]iod describ$ 9 p>agraph 7#a7 or 7#b71 
if ! borr[] *ooses2 &  7#d7 is equal to 
or great] ?an #cj1jjj1 %all repay ea*   
loan describ$ 9 subsection 7a7 ) a fix$ 
mon?ly repaym5t am\nt paid ov] a p]iod  
(--  7,a7 #be ye>s2 or  7,b7 ! p]iod    
describ$ 9 any ( p>agraphs 7#a7 ?r\gh   
7#c71 if ! borr[] *ooses4  4  #f4       
,c\nsel+ = borr[]s ,section #dhe ( !    

,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajib7 is am5d$-- 7#a7 9      
subsection 7b77#a77;,a7--  7,a7 9 clause
 7iii71 by ins]t+ on an annual basis1 9 
accordance ) section                    
#dbh7;b77#a77;,d77ii7 or p>agraph 7#b7  
or 7#g7 ( section #dee7;d7 7z           
applicable7 aft] repaym5t plans2 &  7,b7
 9 clause 7vii77,,iii71 by ins]t+ on an 
annual basis1 9 accordance ) section    
#dbh7;b77#a77;,d77ii7 or p>agraph 7#b7  
or 7#g7 ( section #dee7;d7 7z           
applicable7 aft] repaym5t plans2 &  7#b7
 9 subsection 7d77#a71 by /rik+ includ+ 
income-s5sitive & all t foll[s ?r\gh "p 
,d & ins]t+ includ+1 beg9n+ on ,july #a1
 #bjaf1 income-bas$ repaym5t plans      
describ$ 9 section #dic;,c7f7 & fix$    
repaym5t plans "u section #dic;,e4  #g4 
,t]m9ation ( c]ta9 repaym5t plan options
  7a7 ,effective date2 ,rulemak+ reg>d+ 
t]m9ation ( c]ta9 repaym5t plans  7#a7  
,effective date ,?is ,act1 & ! am5dm5ts 
made by ?is ,act1 %all take effect on   
,july #a1 #bjaf4  7#b7 ,regulations     

,be=e ! effective date describ$ 9       
p>agraph 7#a71 ! ,secret>y ( ,education 
%all c>ry out a plan to end all         
eligibility = repaym5t plans o!r ?an a  
fix$ repaym5t plan describ$ 9 section   
#dic;,e & an income-bas$ repaym5t plan  
describ$ "u section #dic;,c7f7 = loans  
made "u "p ,b or ,d ( title ,,iv ( !    
,high] ,education ,act ( #aife1 unless !
 borr[] is enroll$ 9 ano!r repaym5t plan
 be=e su* effective date1 9 accordance )
 ! am5dm5ts made by ?is ,act4  7b7      
,*anges to curr5t law  7#a7 ,section    
#dbh7;b7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajgh7;b77 is      
am5d$-- 7,a7 9 p>agraph 7#a7--  7i7 9   
subp>agraph 7,d7-- 7,i7 9 clause 7ii71  
by /rik+ may annually *ange ! selection 
( a repaym5t plan "u ?is "p1 & ins]t+   
may at any "t aft] ,july #a1 #bjaf1 & n 
m frequ5tly ?an once p] cal5d> ye>      
!reaft]1 *ange ! selection ( a repaym5t 
plan "u ?is "p to "o ( ! #b repaym5t    
plans describ$ 9 p>agraph 7#i77;,c712 & 
7,,ii7 9 clause 7iii71 by /rik+ be      

subject to income cont+5t repaym5t 9    
accordance ) subsection 7m72 & ins]t+ be
 subject to income-bas$ repaym5t 9      
accordance ) section #dic;,c7f722 &     
7ii7 9 subp>agraph 7,e77i71 by /rik+ !  
option ( repay+ ! loan 9 accordance ) a 
/&>d1 graduat$1 income-s5sitive1 or     
ext5d$ repaym5t s*$ule 7z describ$ 9    
p>agraph 7#i77 e/abli%$ by ! l5d] 9     
accordance ) regulations ( ! ,secret>y2 
& & ins]t+ ! option ( repay+ ! loan 9   
accordance ) a repaym5t plan describ$ 9 
p>agraph 7#i77;,c7 e/abli%$ by ! l5d] 9 
accordance ) regulations ( ! ,secret>y2 
&2 &  7,b7 9 p>agraph 7#i71 by add+ at !
 end ! foll[+3  7,c7 ,selection (       
repaym5t plans on & aft] ,july #a1 #bjaf
  7i7 ,opportunity to *ange repaym5t    
plans ,not)/&+ any o!r provision ( ?is  
p>agraph1 or any o!r provision ( law1 & 
9 accordance ) regulations1 beg9n+ on   
,july #a1 #bjaf1 ! l5d] %all (f] a      
borr[] ( a loan made1 insur$1 or        
gu>ante$ "u ?is "p ! opportunity to     
*ange repaym5t plans n m ?an once p]    

cal5d> ye>1 & to enroll 9 "o ( ! foll[+ 
repaym5t plans3  7,i7 ,a fix$ repaym5t  
plan describ$ 9 section #dic;,e4  7,,ii7
 ,! income-bas$ repaym5t plan "u section
 #dic;,c7f74  2 &  7#b7 9 section       
#dee7;d7-- 7,a7 by r$esignat+ p>agraphs 
7#b7 ?r\gh 7#e7 z p>agraphs 7#c7 ?r\gh  
7#f71 respectively2 &  7,b7 by ins]t+   
aft] p>agraph 7#a71 ! foll[+3  7#b7     
,design & selection on & aft] ,july #a1 
#bjaf  7,a7 ,9 ,g5]al ,not)/&+ p>agraph 
7#a71 = ! borr[] ( a loan made on or    
aft] ,july #a1 #bjaf1 & = o!r borr[]s   
subject to p>agraph 7#g71 ! ,secret>y   
%all (f] a borr[] ( a loan made "u ?is  
"p #b plans = repaym5t ( su* loan1      
includ+ pr9cipal & int]e/ on ! loan4 ,! 
borr[] %all be entitl$ to accel]ate1 )\t
 p5alty1 repaym5t on ! borr[]'s loans "u
 ?is "p4 ,! borr[] may *oose--  7i7 a   
fix$ repaym5t plan describ$ 9 section   
#dic;,e2 or  7ii7 ! income-bas$ repaym5t
 plan "u section #dic;,c7f74  7,b7      
,selection by ! ,secret>y ,if a borr[] (
 a loan made "u ?is "p on or aft] ,july 

#a1 #bjaf1 does n select a repaym5t plan
 describ$ 9 subp>agraph 7,a71 !         
,secret>y may provide ! borr[] ) a fix$ 
repaym5t plan describ$ 9 section        
#dic;,e4  7,c7 ,*anges 9 selections     
,beg9n+ on ,july #a1 #bjaf1 a borr[] ( a
 loan made "u ?is "p may *ange !        
borr[]'s selection ( a repaym5t plan 9  
accordance ) p>agraph 7#g7 & "u su* t]ms
 & conditions z may be e/abli%$ by !    
,secret>y4  7,d7 ,borr[] 9 default      
,beg9n+ on ,july #a1 #bjaf1 ! ,secret>y 
may require any borr[] :o has default$  
on a loan made "u ?is "p to--  7i7 pay  
all reasonable collection co/s associat$
 ) su* loan2 &  7ii7 repay ! loan       
pursuant to an income-bas$ repaym5t plan
 "u section #dic;,c7f74  2 &  7#c7 by   
add+ at ! end ! foll[+3  7#g7 ,borr[]s (
 loans made be=e ,july #a1 #bjaf ,a     
borr[] :o is 9 repaym5t on a loan made  
"u "p ,b or "p ,d be=e ,july #a1 #bjaf--
  7,a7 may *oose to reta9 ! repaym5t    
plan t ! borr[] 0 enroll$ 9 on ! day    
be=e su* date2  7,b7 may elect to-- 7i7 

ent] ! income-bas$ repaym5t plan "u     
section #dic;,c7f72  7ii7 ent] a fix$   
repaym5t plan describ$ 9 section        
#dic;,e2 or  7iii7 swit* betwe5 !       
repaym5t plans describ$ 9 clauses 7i7 & 
7ii7 n m ?an once dur+ a cal5d> ye>2    
7,c7 aft] elect+ to leave a repaym5t    
plan o!r ?an an income-bas$ repaym5t    
plan describ$ "u ?is subsection or a    
fix$ repaym5t plan describ$ 9 section   
#dic;,e1 %all n be p]mitt$ to re-elect a
 repaym5t plan t is n an income-bas$    
repaym5t plan "u ?is subsection or a    
fix$ repaym5t plan describ$ 9 section   
#dic;,e2 &  7,d7 %all reta91 = purposes 
( repaym5t or cancellation ( any out/&+ 
balance ( pr9cipal & int]e/ due on a    
loan 7z describ$ 9 section              
#dic;,c7b77#g77 any ye>s ( repaym5t "u  
ano!r income-bas$ or income cont+5t     
repaym5t plan "u ?is title4  4