,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #ccdf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bj1 #bjag,mr4  
,lawson ( ,florida introduc$ ! foll[+   
bill2 :i* 0 ref]r$ to ! ,committee on   
,education & ! ,work=ce1 & 9 addition to
 ! ,committee on ,ways & ,means1 = 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      
provide = ! ref9anc+ & recalculation (  
c]ta9 ,f$]al /ud5t loans1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ud5t ,opportunity ,act4  
#b4 ,ref9anc+ programs  7a7 ,program    
au?ority ,section #dea7;a7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a7a77 is am5d$--  7#a7 by /rik+ & 
7#b7 & ins]t+ 7#b72 &  7#b7 by ins]t+ 2 
& 7#c7 to make loans "u section #dfj;,a 
aft] section #dei;,a4  7b7 ,ref9anc+    
program ,"p ,d ( title ,,iv ( ! ,high]  
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a et seq47 is am5d$ by add+ at !  

end ! foll[+3  #dfj;,a4 ,ref9anc+ ,,ffel
 & ,f$]al ,direct ,loans  7a7 ,9 g5]al  
,beg9n+ n lat] ?an #ahj days aft] ! date
 ( enactm5t ( ! ,/ud5t ,opportunity     
,act1 ! ,secret>y %all e/abli% a program
 "u :i* ! ,secret>y1 ^u ! receipt ( an  
application f a qualifi$ borr[]1        
reissues ! borr[]'s orig9al loan "u ?is 
"p or "p ,b z 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 ,reissu+ loans  7#a7 ,f$]al ,direct 
,loans ,^u application ( a qualifi$     
borr[]1 ! ,secret>y %all reissue 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 = !
 reissuance ( a loan "u ?is section 0   
receiv$ be=e ,july #a1 #bjah1 9 an am\nt
 equal to ! sum (--  7,a7 ! unpaid      
pr9cipal1 accru$ unpaid int]e/1 & late  

*>ges ( ! orig9al loan2 &  7,b7 !       
adm9i/rative fee "u subsection 7d77#c74 
7#b7 ,dis*>g+ & reissu+ ,,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   
made be=e ,july #a1 #bjaj1 ! ,secret>y  
%all reissue su* loan z a loan "u ?is   
"p1 9 an am\nt equal to ! sum ( ! unpaid
 pr9cipal1 accru$ unpaid int]e/1 & late 
*>ges ( ! orig9al loan & ! adm9i/rative 
fee "u subsection 7d77#c71 to ! borr[] 9
 accordance ) ! foll[+3  7,a7 ,!        
,secret>y %all pay ! proce$s ( su*      
reissu$ 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 ,! ,secret>y %all   
reissue-- 7i7 a loan orig9ally made1    
insur$1 or gu>ante$ "u section #dbh z a 
,f$]al ,direct ,/af=d ,loan2  7ii7 a    
loan orig9ally made1 insur$1 or gu>ante$
 "u section #dbh;,b z a ,f$]al ,direct  

,,plus ,loan2  7iii7 a loan orig9ally   
made1 insur$1 or gu>ante$ "u section    
#dbh;,h z a ,f$]al ,direct ,unsubsidiz$ 
,/af=d ,loan2 &  7iv7 a loan orig9ally  
made1 insur$1 or gu>ante$ "u section    
#dbh;,c z a ,f$]al ,direct              
,consolidation ,loan4  7,c7 ,! int]e/   
rate = ea* loan reissu$ "u ?is p>agraph 
%all be ! rate provid$ "u subsection    
7c74  7c7 ,int]e/ rate  7#a7 ,9 g5]al ,!
 int]e/ rate = ! reissu$ ,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 ! high yield ( !       
#aj-ye> ,treasury note auction$ at !    
f9al auction held prior to ! fir/ day ( 
! mon? 9 :i* ! application = reissuance 
"u ?is section is receiv$1 plus  7,b7   
4#e p]c5t4  7#b7 ,fix$ rate ,!          
applicable rate ( int]e/ det]m9$ "u     
p>agraph 7#a7 = a reissu$ loan "u ?is   
section %all be fix$ = ! p]iod ( ! loan4
  7d7 ,t]ms & conditions ( loans  7#a7  

,9 g5]al ,a loan t is reissu$ "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     
,reissu+ 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   
7#c7 ,adm9i/rative fee ,! ,secret>y %all
 *>ge ! borr[] ( a loan reissu$ "u ?is  
section an adm9i/rative fee ( n m ?an   
#j4e p]c5t ( ! sum ( ! unpaid pr9cipal1 
accru$ unpaid int]e/1 & late *>ges1 ( ! 
orig9al loan4  7e7 ,def9ition ( qualifi$
 borr[]  7#a7 ,9 g5]al ,! t]m qualifi$  
borr[] means a borr[]-- 7,a7 ( a loan "u
 ?is "p or "p ,b = :i* ! fir/           
disbursem5t 0 made1 or ! application =  
reissuance "u ?is section 0 receiv$1    
be=e ,july #a1 #bjah2 &  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 ( ! ,/ud5t ,opportunity ,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$4  7f7 ,expiration (        
au?ority ,! ,secret>y's au?ority to     
reissue loans "u ?is section %all expire
 on ! date t is det]m9$ 9 accordance ) !
 ,/ud5t ,opportunity ,act4  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$]al ,direct ,loan reissu$ "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$]al ,direct ,loan reissu$ "u
 section #dfj;,a t 0 orig9ally a loan "u
 "p ,b1 only mon?ly paym5ts made aft] ! 
date on :i* ! loan 0 reissu$ may be     
includ$ = purposes ( p>agraph 7#a74  2 &
  7#c7 9 p>agraph 7#d77;,a7 7z          
r$esignat$ by p>agraph 7#a7 ( ?is       
subsection71 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$]al    
,direct ,consolidation ,loan reissu$ "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         

,ref9anc$ ,f$]al ,direct & ,,ffel loans 
,9 calculat+ ! p]iod ( "t dur+ :i* a    
borr[] ( a loan t is reissu$ "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 = !     
reissu$ loan1 t o!rwise meet !          
requirem5ts ( ?is section4  4  #c4      
,int]e/ rates  7a7 ,int]e/ rates        
,section #dee7;b7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7b77 
is am5d$-- 7#a7 by r$esignat+ p>agraph  
7#i7 z p>agraph 7#aj72 &  7#b7 by ins]t+
 aft] p>agraph 7#h7 ! foll[+3  7#i7     
,int]e/ rate provisions = new loans on  
or aft] ,july #a1 #bjah  7,a7 ,rates =  
und]graduate ,,fdsl & ,,fdusl ,not)/&+ !
 prec$+ p>agraphs ( ?is subsection1 =   
,f$]al ,direct ,/af=d ,loans & ,f$]al   
,direct ,unsubsidiz$ ,/af=d ,loans issu$
 to und]graduate /ud5ts1 = :i* ! fir/   
disbursem5t is made on or aft] ,july #a1
 #bjah1 ! applicable rate ( int]e/ %all1

 = loans disburs$ dur+ any #ab-mon?     
p]iod beg9n+ on ,july #a & end+ on ,june
 #cj1 be det]m9$ on ! prec$+ ,june #a & 
be equal to ! less] (--  7i7 a rate     
equal to-- 7,i7 ! high yield ( ! #aj-ye>
 ,treasury note auction$ at ! f9al      
auction held prior to su* ,june #a1 plus
  7,,ii7 4#e p]c5t2 or  7ii7 #h4be      
p]c5t4  7,b7 ,rates = graduate &        
pr(essional fdusl ,not)/&+ ! prec$+     
p>agraphs ( ?is subsection1 = ,f$]al    
,direct ,unsubsidiz$ ,/af=d ,loans issu$
 to graduate or pr(essional /ud5ts1 =   
:i* ! fir/ disbursem5t is made on or    
aft] ,july #a1 #bjah1 ! applicable rate 
( int]e/ %all1 = loans disburs$ dur+ any
 #ab-mon? p]iod beg9n+ on ,july #a &    
end+ on ,june #cj1 be det]m9$ on !      
prec$+ ,june #a & be equal to ! less]   
(--  7i7 a rate equal to-- 7,i7 ! high  
yield ( ! #aj-ye> ,treasury note        
auction$ at ! f9al auction held prior to
 su* ,june #a1 plus  7,,ii7 4#e p]c5t2  
or  7ii7 #i4e p]c5t4  7,c7 ,plus loans  
,not)/&+ ! prec$+ p>agraphs ( ?is       

subsection1 = ,f$]al ,direct ,,plus     
,loans1 = :i* ! fir/ disbursem5t is made
 on or aft] ,july #a1 #bjah1 !          
applicable rate ( int]e/ %all1 = loans  
disburs$ dur+ any #ab-mon? p]iod beg9n+ 
on ,july #a & end+ on ,june #cj1 be     
det]m9$ on ! prec$+ ,june #a & be equal 
to ! less] (--  7i7 a rate equal to--   
7,i7 ! high yield ( ! #aj-ye> ,treasury 
note auction$ at ! f9al auction held    
prior to su* ,june #a1 plus  7,,ii7 4#e 
p]c5t2 or  7ii7 #aj4e p]c5t4  7,d7      
,consolidation loans ,not)/&+ ! prec$+  
p>agraphs ( ?is subsection1 any ,f$]al  
,direct ,consolidation ,loan = :i* !    
application is receiv$ on or aft] ,july 
#a1 #bjah1 %all be> int]e/ at an annual 
rate on ! unpaid pr9cipal balance ( !   
loan t is equal to ! weight$ av]age ( ! 
int]e/ rates on ! loans consolidat$1    
r\nd$ to ! ne>e/ high] "o-eigh? ( "o    
p]c5t4  7,e7 ,consultation ,! ,secret>y 
%all det]m9e ! applicable rate ( int]e/ 
"u ?is p>agraph aft] consultation ) !   
,secret>y ( ! ,treasury & %all publi%   

su* rate 9 ! ,f$]al ,regi/] z soon z    
practicable aft] ! date ( det]m9ation4  
7,f7 ,rate ,! applicable rate ( int]e/  
det]m9$ "u ?is p>agraph = a ,f$]al      
,direct ,/af=d ,loan1 a ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al  
,direct ,,plus ,loan %all be fix$ = !   
p]iod ( ! loan4  4  7b7 ,9 s*ool def]m5t
 ,section #dee7;f7 ( ! ,high] ,education
 ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7f77
 is am5d$-- 7#a7 9 p>agraph 7#a71 9 !   
matt] prec$+ subp>agraph 7,a71 by /rik+ 
,a borr[] & ins]t+ ,except z provid$ 9  
p>agraph 7#e71 a borr[]2 &  7#b7 by add+
 at ! end ! foll[+ new p>agraph3  7#e7  
,special rule = 9 s*ool def]m5t ,not)/&+
 any o!r provision ( ?is ,act1 a borr[] 
describ$ 9 p>agraph 7#b77;,a7 %all be   
eligible = a def]m5t1 dur+ :i* p]iodic  
in/allm5ts ( pr9cipal ne$ n be paid1 &  
int]e/--  7,a7 %all n accrue1 9 ! case (
 a borr[] ) an expect$ family           
contribution ( n m ?an #aj1jjj 7comput$ 
9 accordance ) "p ,f ( ?is title72 &    
7,b7 %all accrue at ! rate equal to !   

high yield ( ! #aj-ye> ,treasury note   
applicable to su* loan "u subsection    
7b77#i71 9 ! case ( a borr[] ( an       
unsubsidiz$ loan ) an expect$ family    
contribution ( m ?an #aj1jjj 7comput$ 9 
accordance ) "p ,f ( ?is title74  4  7c7
 ,effective date ,! am5dm5ts made by    
subsections 7a7 & 7b7 %all take effect z
 if enact$ on ,july #a1 #bjah4  #d4     
,elim9ation ( orig9ation fees = ,f$]al  
,direct ,loans  7a7 ,s5se ( congress ,x 
is ! s5se ( ,congress t no orig9ation   
fees %\ld be *>g$ on any future ,f$]al  
,direct ,loans4  7b7 ,repeal (          
orig9ation fees ,subsection 7c7 (       
section #dee ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajhg;e7c77 is   
repeal$4  7c7 ,effective date ,! am5dm5t
 made by subsection 7b7 %all apply )    
respect to loans made "u "p ,d ( title  
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 = :i* ! 
fir/ disbursem5t ( pr9cipal is made1 or1
 9 ! case ( a ,f$]al ,direct            
,consolidation ,loan1 ! application is  

receiv$1 on ! fir/ ,july #a aft] ! date 
( enactm5t ( ?is ,act4  #e4             
,modification ( treatm5t ( /ud5t loan   
=giv5ess  7a7 ,9 g5]al ,section #ajh7;f7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$-- 7#a7 by /rik+ p>agraphs 7#a7 &  
7#b7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al  
,9 ! case ( an individual1 gross income 
does n include any am\nt :i* 7b = ?is   
subsection7 w\ld be includible 9 gross  
income by reasons ( ! dis*>ge 79 :ole or
 9 "p7 (--  7,a7 any loan provid$       
expressly = po/second>y educational     
exp5ses1 reg>dless ( :e!r provid$ ?r\gh 
! educational in/itution or directly to 
! borr[]1 if su* loan 0 made by--  7i7 !
 ,unit$ ,/ates1 or an in/rum5tality or  
ag5cy !re(1  7ii7 a ,/ate1 t]ritory1 or 
possession ( ! ,unit$ ,/ates1 or !      
,di/rict ( ,columbia1 or any political  
subdivision !re(1 or  7iii7 any         
in/itution ( high] education1  7,b7 any 
loan made by any educational            
organization describ$ 9 section         
#agj7;b77#a77;,a77ii7 if su* loan is    

made--  7i7 pursuant to an agreem5t )   
any entity describ$ 9 subp>agraph 7,a7  
"u :i* ! funds f :i* ! loan 0 made 7    
provid$ to su* educational organization1
 or  7ii7 pursuant to a program ( su*   
educational organization :i* is design$ 
to enc\rage its /ud5ts to s]ve 9        
occupations ) unmet ne$s or 9 areas )   
unmet ne$s & "u :i* ! s]vices provid$ by
 ! /ud5ts 7or =m] /ud5ts7 are = or "u ! 
direction ( a gov]nm5tal unit or an     
organization describ$ 9 section         
#eja7;c77#c7 & exempt f tax "u section  
#eja7;a71 or  7,c7 any loan made by an  
educational organization describ$ 9     
section #agj7;b77#a77;,a77ii7 or by an  
organization exempt f tax "u section    
#eja7;a7 to ref9ance a loan to an       
individual to assi/ ! individual 9      
att5d+ any su* educational organization 
b only if ! ref9anc+ loan is pursuant to
 a program ( ! ref9anc+ organization :i*
 is design$ z describ$ 9 subp>agraph    
7,c77ii74  2  7#b7 by r$esignat+        
p>agraphs 7#c7 & 7#d7 z p>agraphs 7#b7 &

 7#c71 respectively2 &  7#c7 9 p>agraph 
7#b71 z s r$esignat$1 by /rik+ made by  
an organization describ$ 9 p>agraph     
7#b77;,d7 & ins]t+ made by an           
organization describ$ 9 p>agraph        
7#a77;,c74  7b7 ,effective date ,!      
am5dm5ts made by ?is section %all apply 
to dis*>ges ( loans aft] ,decemb] #ca1  
#bjag4