,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #eedi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ah1 #bjah,mr4 
,de,fazio introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,education & 
! ,work=ce1 & 9 addition to !           
,committees on ! ,judici>y1 & ,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 am5d ! ,high] ,education   
,act ( #aife to improve loans1 & = o!r  
purposes4  #a4 ,%ort title2 table (     
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,help+ ,individuals ,get a  
,high] ,education :ile ,r$uc+ ,education
 ,debt ,act or ! ,,high] ,,ed ,act4  7b7
 ,table ( cont5ts ,! table ( cont5ts (  
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title2 table ( cont5ts4 ,title          
,i--,re9/atem5t ( au?ority to make      
,f$]al ,direct ,/af=d ,loans to graduate
 & pr(essional /ud5ts2 ,dis*>g+ /ud5t   
loans 9 bankruptcy ,sec4 #aja4          

,re9/atem5t ( au?ority to make ,f$]al   
,direct ,/af=d ,loans to graduate &     
pr(essional /ud5ts4 ,sec4 #ajb4 ,dis*>ge
 ,/ud5t ,loans 9 ,bankruptcy4 ,title    
,,ii--,ref9anc+ programs ,sec4 #bja4    
,program au?ority4 ,sec4 #bjb4 ,ref9anc+
 ,program4 ,sec4 #bjc4 ,am5dm5ts to     
public s]vice repaym5t plan provisions4 
,sec4 #bjd4 ,income-bas$ repaym5t4      
,title ,,iii--,loan =giv5ess ,sec4 #cja4
 ,loan =giv5ess = adjunct faculty4      
,title ,,iv--,income-driv5 repaym5t     
plans ,sec4 #dja4 ,income-bas$ repaym5t 
plan4 ,sec4 #djb4 ,t]m9ation ( c]ta9    
repaym5t plan options4 ,sec4 #djc4      
,notification & automatic enrollm5t     
proc$ures4 ,sec4 #djd4 ,automatic       
rec]tification ( income4 ,sec4 #dje4    
,/udy & proc$ures on det]m9+ family     
size4 ,sec4 #djf4 ,disclosure ( tax     
return in=mation to c>ry out c]ta9 high]
 education loan programs4  ,i           
,re9/atem5t ( au?ority to make ,f$]al   
,direct ,/af=d ,loans to graduate &     
pr(essional /ud5ts2 ,dis*>g+ /ud5t loans

 9 bankruptcy  #aja4 ,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$+      
clause 7i71 by ins]t+ 1 & end+ on or    
be=e ,june #cj1 #bjah aft] #bjab4  7b7  
,inapplicability ( rulemak+ requirem5ts 
,sections #dhb7;c7 & #dib ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhi7;c72 #ajih;a7 %all n apply to !   
regulations "u ?is section4  #ajb4      
,dis*>ge ,/ud5t ,loans 9 ,bankruptcy    
7a7 ,exception ,to dis*>ge ,section     
#ebc7;a7 ( title #aa1 ,unit$ ,/ates     
,code1 is am5d$-- 7#a7 by /rik+ p>agraph
 7#h72 &  7#b7 by r$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#ad72  7#b7 9 section
 #aajf7;c77#a77;,c77iv77,i7 by /rik+    
7#ad;,a7 & ins]t+ 7#ad72  7#c7 9 section
 #abjb7;c77#a77;,c77iv77,i7 by /rik+    
7#ad;,a7 & ins]t+ 7#ad72 &  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  ,,ii ,ref9anc+
 programs  #bja4 ,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  #bjb4    

,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$]al ,direct ,loans
  7a7 ,9 g5]al ,beg9n+ n lat] ?an #ahj  
days aft] ! date ( enactm5t ( ! ,help+  
,individuals ,get a ,high] ,education   
:ile ,r$uc+ ,education ,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+ ,individuals
 ,get a ,high] ,education :ile ,r$uc+   
,education ,debt ,act1 ! ,secret>y %all 
e/abli% eligibility requirem5ts bas$ 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 #bjah2 &  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+ ,individuals ,get a 
,high] ,education :ile ,r$uc+ ,education
 ,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+ ,individuals 
,get a ,high] ,education :ile ,r$uc+    

,education ,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  #bjc4 ,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#a77-- 7,a7 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 ! end2  7,b7  
by /rik+ ,! t]m & ins]t+ ! foll[+3  7i7 
,9 g5]al ,! t]m  2 &  7,c7 by add+ at ! 
end ! foll[+3  7ii7 ,treatm5t ( c]ta9   

consolidation loan paym5ts ,9 a case 9  
:i* a borr[] makes a mon?ly paym5t "u   
p>agraph 7#a77;,a7 on a ,f$]al ,direct  
,consolidation ,loan t 0 us$ to repay an
 eligible ,f$]al ,direct ,loan describ$ 
9 clause 7i7 = :i* at lea/ "o mon?ly    
paym5t has be5 made "u p>agraph         
7#a77;,a7 prior to ! consolidation1 !   
mon?ly paym5t on su* ,f$]al ,direct     
,consolidation ,loan %all be treat$ z a 
mon?ly paym5t on su* eligible ,f$]al    
,direct ,loan4  4  #bjd4 ,income-bas$   
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  ,,iii  
,loan =giv5ess  #cja4 ,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  ,,iv ,income-driv5 repaym5t plans    
#dja4 ,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 #bjah1 & =
 borr[]s :o ent] ,,ibr aft] ,july #a1   
#bjah  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 #bjah1 
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 #bjah4  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$s     
#ajj1jjj4  7,b7 ,a borr[] may elect--   
7i7 dur+ any p]iod dur+ :i* ! borr[]'s  
7& ! borr[]'s sp\se1 if applicable7     
adju/$ 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           
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 subp>agraph 7,a7      

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 subsection4  7,c7 ,) respect to any 
loan = :i* paym5ts may be made "u       
subp>agraph 7,b71 be paid1 or be treat$ 
z if no int]e/ has accru$1 by !         
,secret>y--  7i7 = any p]iod describ$ 9 
subp>agraph 7,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 income4  7,d7 ,subsection      
7b77#g77;,b7 %all be appli$ by sub/itut+
 #bj ye>s = #be ye>s4  7,e7 ,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,f7 ,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 plan4  
7,g7 ,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      
#bjah2  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 /&>d #aj-ye> repaym5t plan
 "u section #dee7;d77,a77,a72 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 a /&>d #aj-ye> repaym5t plan "u     
section #dee7;d77,a77,a71 %all n be     
p]mitt$ to re-elect a repaym5t plan t is
 n an income-bas$ repaym5t plan "u ?is  

subsection or su* /&>d #aj-ye> repaym5t 
plan2 &  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  #djb4 ,t]m9ation (  
c]ta9 repaym5t plan options  7a7        
,effective date2 ,rulemak+ reg>d+       
t]m9ation ( c]ta9 repaym5t plans  7#a7  
,effective date ,! am5dm5ts made by ?is 
section %all take effect on ,july #a1   
#bjah4  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 /&>d repaym5t plan "u  
section #dbh7;b77#i77;,a77i7 or         

#dee7;d77#a77;,a7 ) a repaym5t p]iod (  
#aj ye>s & 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$-- 7,a7 9 p>agraph 7#a7--  7i7 9   
subp>agraph 7,d7-- 7,i7 9 clause 7ii71  
by /rik+ may annually *ange ! selection 
( a repaym5t plan "u ?is "p1 & ins]t+   
may at any "t aft] ,july #a1 #bjah1 & n 
m frequ5tly ?an once p] cal5d> ye>      
!reaft]1 *ange ! selection ( a repaym5t 
plan "u ?is "p to "o ( ! #b repaym5t    
plans describ$ 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 #bjah
  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 #bjah1 ! 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 /&>d repaym5t  
plan "u section #dbh7;b77#i77;,a77i7 ) a
 repaym5t p]iod ( #aj ye>s4  7,,ii7 ,!  

income-bas$ repaym5t plan "u section    
#dic;,c7f74  2 &  7#b7 9 section        
#dee7;d7-- 7,a7 by r$esignat+ p>agraphs 
7#b7 ?r\gh 7#e7 z p>agraphs 7#c7 ?r\gh  
7#f71 respectively2 &  7,b7 by ins]t+   
aft] p>agraph 7#a71 ! foll[+3  7#b7     
,design & selection on & aft] ,july #a1 
#bjah  7,a7 ,9 ,g5]al ,not)/&+ p>agraph 
7#a71 = ! borr[] ( a loan made on or    
aft] ,july #a1 #bjah1 & = o!r borr[]s   
subject to p>agraph 7#g71 ! ,secret>y   
%all (f] a borr[] ( a loan made "u ?is  
"p #b plans = repaym5t ( su* loan1      
includ+ pr9cipal & int]e/ on ! loan4 ,! 
borr[] %all be entitl$ to accel]ate1 )\t
 p5alty1 repaym5t on ! borr[]'s loans "u
 ?is "p4 ,! borr[] may *oose--  7i7 a   
/&>d repaym5t plan "u section           
#dee7;d77#a77;,a7 ) a repaym5t p]iod (  
#aj ye>s2 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 #bjah1 does n select a   
repaym5t plan describ$ 9 subp>agraph    

7,a71 ! ,secret>y may provide ! borr[] )
 a /&>d repaym5t plan "u section        
#dee7;d77#a77;,a7 ) a repaym5t p]iod (  
#aj ye>s4  7,c7 ,*anges 9 selections    
,beg9n+ on ,july #a1 #bjah1 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 #bjah1 ! ,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 #bjah ,a     
borr[] :o is 9 repaym5t on a loan made  
"u "p ,b or "p ,d be=e ,july #a1 #bjah--
  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 /&>d   
repaym5t plan "u section                
#dee7;d77#a77;,a7 ) a repaym5t p]iod (  
#aj ye>s2 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    
/&>d repaym5t plan "u section           
#dee7;d77#a77;,a71 %all n be p]mitt$ to 
re-elect a repaym5t plan t is n an      
income-bas$ repaym5t plan "u ?is        
subsection or a /&>d repaym5t plan "u   
section #dee7;d77#a77;,a72 &  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  #djc4 ,notification &        
automatic enrollm5t proc$ures  7a7      
,income-,cont+5t repaym5t ,section      
#dee7;d7 ( ! ,high] ,education ,act (   

#aife 7#bj ,u4,s4,c4 #ajhg;e7d77 is     
fur!r am5d$ by add+ at ! end ! foll[+3  
7#h7 ,notification & automatic enrollm5t
 proc$ures = borr[]s :o are del9qu5t on 
loans  7,a7 ,au?ority to obta9 income   
in=mation  7i7 ,9 g5]al ,9 ! case ( any 
borr[] :o is at lea/ #fj days del9qu5t  
on a cov]$ loan1 ! ,secret>y may obta9  
su* in=mation z is reasonably necess>y  
reg>d+ ! income & family size ( ! borr[]
 7& ! borr[]'s sp\se1 if applicable74   
7ii7 ,availability ( returns & return   
in=mation ,returns & return in=mation 7z
 def9$ 9 section #fajc ( ! ,int]nal     
,rev5ue ,code ( #aihf7 may be obta9$ "u 
?is subp>agraph only to ! ext5t au?oriz$
 by section #fajc7l77#ac7 ( su* ,code4  
7,b7 ,borr[] notification ,) respect to 
ea* borr[] ( a cov]$ loan :o is at lea/ 
#fj days del9qu5t on su* loan & :o has n
 be5 subject to ! proc$ures "u ?is      
p>agraph = su* loan 9 ! prec$+ #abj     
days1 ! ,secret>y %all1 z soon z        
practicable aft] su* #fj-;day del9qu5cy1
 provide to ! borr[] ! foll[+3  7i7     

,notification t ! borr[] is at lea/ #fj 
days del9qu5t on at lea/ #a cov]$ loan1 
& a description ( all del9qu5t cov]$    
loans1 nondel9qu5t cov]$ loans1 &       
noncov]$ loans ( ! borr[]4  7ii7 ,a     
brief description ( ! repaym5t plans =  
:i* ! borr[] is eligible & ! cov]$ loans
 & noncov]$ loans ( ! borr[] t may be   
eligible = su* plans1 bas$ on in=mation 
available to ! ,secret>y4  7iii7 ,cle> &
 simple in/ructions on h[ to select !   
repaym5t plans4  7iv7 ,! am\nt ( mon?ly 
paym5ts = ! cov]$ & noncov]$ loans "u ! 
repaym5t plans = :i* ! borr[] is        
eligible1 bas$ on in=mation available to
 ! ,secret>y1 includ+1 if ! income      
in=mation ( ! borr[] is available to !  
,secret>y "u subp>agraph 7,a7--  7,i7 ! 
am\nt ( ! mon?ly paym5t "u ea*          
income-driv5 repaym5t plan = :i* !      
borr[] is eligible = ! borr[]'s cov]$ & 
noncov]$ loans1 bas$ on su* income      
in=mation2 &  7,,ii7 ! income1 family   
size1 tax fil+ /atus1 & tax ye>         
in=mation on :i* ea* mon?ly paym5t is   

bas$4  7v7 ,an explanation t 9 ! case ( 
a borr[] = :om adju/$ gross income is   
unavailable-- 7,i7 if ! borr[] selects  
to repay ! cov]$ loans ( su* borr[]     
pursuant to an income-driv5 repaym5t    
plan t def9es discretion>y income 9 su* 
a mann] t an individual n requir$ "u    
section #fjab7;a77#a7 ( ! ,int]nal      
,rev5ue ,code ( #aihf to file a return )
 respect to income taxes impos$ by      
subtitle ,a ( su* ,code may h a         
calculat$ mon?ly paym5t great] ?an #j1 !
 borr[] w be requir$ to provide !       
,secret>y ) o!r docum5tation ( income   
satisfactory to ! ,secret>y1 :i*        
docum5tation ! ,secret>y may use to     
det]m9e an appropriate repaym5t s*$ule2 
&  7,,ii7 if ! borr[] selects to repay  
su* loans pursuant to an income-driv5   
repaym5t plan t is n describ$ 9         
subclause 7,i71 ! borr[] w n be requir$ 
to provide ! ,secret>y ) su* o!r        
docum5tation ( income1 & ! borr[] w h a 
calculat$ mon?ly paym5t ( #j4  7vi7 ,an 
explanation t ! ,secret>y %all take !   

actions "u subp>agraph 7,c7 ) respect to
 su* borr[]1 if--  7,i7 ! borr[] is #abj
 days del9qu5t on "o or m cov]$ loans & 
has n select$ a new repaym5t plan = !   
cov]$ loans ( ! borr[]2 &  7,,ii7 9 !   
case ( su* a borr[] ^: repaym5t plan = !
 cov]$ loans ( ! borr[] is n an         
income-driv5 repaym5t plan1 ! mon?ly    
paym5ts "u su* repaym5t plan are high]  
?an su* mon?ly paym5ts w\ld be "u an    
income-driv5 repaym5t plan = su* loans4 
7vii7 ,in/ructions on updat+ ! in=mation
 ( ! borr[] obta9$ "u subp>agraph 7,a74 
7,c7 ,secret>y's initial selection (    
plan ,) respect to ea* borr[] describ$ 9
 subp>agraph 7,b7 :o has a repaym5t plan
 = ! cov]$ loans ( ! borr[] t meets !   
requirem5ts ( clause 7vi77,,ii7 (       
subp>agraph 7,b7 & has n select$ a new  
repaym5t plan = su* loans 9 accordance )
 ! notice receiv$ "u su* subp>agraph1 & 
:o is at lea/ #abj days del9qu5t on su* 
a loan1 ! ,secret>y %all1 z soon z      
practicable--  7i7 9 a case 9 :i* any ( 
! borr[]'s cov]$ loans are eligible = an

 income-driv5 repaym5t plan--  7,i7     
7aa7 provide ! borr[] ) ! income-driv5  
repaym5t plan t requires ! l[e/ mon?ly  
paym5t am\nt = ea* cov]$ loan ( !       
borr[]1 comp>$ to any o!r su* plan = :i*
 ! borr[] is eligible2 or  7bb7 if m ?an
 "o income-driv5 repaym5t plan w\ld (f] 
! borr[] ! same l[e/ mon?ly paym5t      
am\nt1 provide ! borr[] ) ! income-driv5
 repaym5t plan t has ! mo/ favorable    
t]ms = ! borr[]2  7,,ii7 if ! plan      
select$ "u subclause 7,i7 is n !        
income-driv5 repaym5t plan t w\ld h !   
l[e/ mon?ly paym5t am\nt if ! borr[] 7  
eligible = su* plan = ! borr[]'s cov]$  
loans & noncov]$ loans1 notify ! borr[] 
( ! actions1 if any1 ! borr[] may take  
to become eligible = su* income-driv5   
repaym5t plan2 &  7,,iii7 au?orize !    
borr[] to *ange ! ,secret>y's selection 
( a plan "u ?is clause to any plan      
describ$ 9 p>agraph 7#a7 = :i* ! borr[] 
is eligible2 &  7ii7 9 a case 9 :i* none
 ( ! borr[]'s cov]$ loans are eligible =
 an income-driv5 repaym5t plan1 notify !

 borr[] ( ! actions1 if any1 ! borr[]   
may take = su* loans to become eligible 
= su* a plan4  7,d7 ,secret>y's         
additional selection ( plan  7i7 ,9     
g5]al ,) respect to ea* borr[] ( a cov]$
 loan :o selects a new repaym5t plan 9  
accordance ) ! notice receiv$ "u        
subp>agraph 7,b7 & :o cont9ues to be    
del9qu5t on su* loan = a p]iod describ$ 
9 clause 7ii71 ! ,secret>y %all1 z soon 
z practicable aft] su* p]iod1 c>ry out !
 proc$ures describ$ 9 clauses 7i7 & 7ii7
 ( subp>agraph 7,c7 = ! cov]$ loans ( ! 
borr[]1 if su* proc$ures w\ld result 9  
l[] mon?ly repaym5t am\nts on su* loan4 
7ii7 ,description ( p]iod ,! duration ( 
! p]iod describ$ 9 clause 7i7 %all be ! 
am\nt ( "t t ! ,secret>y det]m9es is    
suffici5t to indicate t ! borr[] may    
b5efit f repay+ su* loan "u a new       
repaym5t plan1 b 9 no case %all su*     
p]iod be less ?an #fj days4  7,e7       
,opt-out ,a borr[] ( a cov]$ loan %all h
 ! "r to opt-out ( ! proc$ures "u ?is   
p>agraph4  7#i7 ,def9itions ,9 ?is      

subsection3 7,a7 ,cov]$ loan ,! t]m     
cov]$ loan means--  7i7 a loan made "u  
?is "p2  7ii7 a loan pur*as$ "u section 
#dei;,a2 or  7iii7 a loan t has be5     
assign$ to ! ,secret>y "u section       
#dbh7;c77#h7 or "p ,e4  7,b7            
,income-driv5 repaym5t plan ,! t]m      
income-driv5 repaym5t plan means--  7i7 
9 ! case ( a cov]$ loan made "u ?is "p1 
pur*as$ "u section #dei;,a1 or assign$  
to ! ,secret>y be=e ,july #a1 #bjah1 a  
plan describ$ 9 subp>agraph 7,d7 or 7,e7
 ( p>agraph 7#a72 &  7ii7 9 ! case ( a  
cov]$ loan made "u ?is "p1 pur*as$ "u   
section #dei;,a1 or assign$ to !        
,secret>y be=e ,july #a1 #bjah1 !       
income-bas$ repaym5t plan "u section    
#dic;,c7f74  7,c7 ,noncov]$ loan ,! t]m 
noncov]$ loan means a loan made1 insur$1
 or gu>ante$ "u ?is title t is n a cov]$
 loan4  4  7b7 ,*ang+ plans ,section    
#dic;,c7b77#h7 ( ! ,high] ,education    
,act ( #aife 7#bj ,u4,s4,c4             
#ajih;e7b77#h77 is am5d$ to read z      
foll[s3  7#h7 a borr[] :o is repay+ a   

loan made1 insur$1 or gu>ante$ "u "p ,b 
or ,d pursuant to income-bas$ repaym5t  
may elect1 at any "t1 to t]m9ate        
repaym5t pursuant to income-bas$        
repaym5t & repay su* loan "u any        
repaym5t plan = :i* ! loan is eligible 9
 accordance ) ! requirem5ts ( "p ,b or  
"p ,d1 respectively2 &  4  7c7          
,effective date2 ,application  7#a7     
,automatic enrollm5t ,! am5dm5ts made by
 subsection 7a7 %all-- 7,a7 take effect 
z soon z ! ,secret>y ( ,education       
det]m9es practicable aft] ! ,secret>y   
f9alizes ! proc$ures "u section #dje1 b 
n lat] ?an #b ye>s aft] ! date (        
enactm5t ( ?is ,act2 &  7,b7 apply to   
all borr[]s ( cov]$ loans 7z def9$ 9    
section #dee7;d77#i7 ( ! ,high]         
,education ,act ( #aife1 z add$ by      
subsection 7a774  7#b7 ,*ang+ plans ,!  
am5dm5t made by subsection 7b7 %all take
 effect on ! date ( enactm5t ( ?is ,act4
  #djd4 ,automatic rec]tification (     
income  7a7 ,income-,cont+5t repaym5t   
,section #dee7;e7 ( ! ,high] ,education 

,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7e77 
is am5d$--  7#a7 9 p>agraph 7#c7-- 7,a7 
by /rik+ does n reasonably reflect !    
borr[]'s curr5t income & ins]t+ ^:      
income has decreas$ relative to ! adju/$
 gross income available to ! ,secret>y2 
&  7,b7 by ins]t+ 1 consi/5t ) !        
proc$ures e/abli%$ "u p>agraph          
7#h77;,b77iv7 be=e ! p]iod at ! end2 &  
7#b7 by add+ at ! end ! foll[+3  7#h7   
,automatic rec]tification  7,a7         
,def9ition ,9 ?is p>agraph1 ! t]m cov]$ 
loan has ! mean+ giv5 ! t]m 9 subsection
 7d77#i74  7,b7 ,9 g5]al ,beg9n+ z soon 
z ! ,secret>y det]m9es practicable aft] 
! ,secret>y f9alizes ! proc$ures "u     
section #dje ( ! ,help+ ,individuals    
,get a ,high] ,education :ile ,r$uc+    
,education ,debt ,act1 b n lat] ?an #b  
ye>s aft] ! date ( enactm5t ( su* ,act1 
! ,secret>y %all e/abli% & implem5t1 )  
respect to any borr[] describ$ 9        
subp>agraph 7,c71 proc$ures to--  7i7   
obta9 7= ea* ye> ( repaym5t & )\t fur!r 
action by ! borr[]7 su* in=mation z is  

reasonably necess>y reg>d+ ! income (   
su* borr[] 7& ! borr[]'s sp\se1 if      
applicable71 = ! purpose ( det]m9+ !    
repaym5t obligation ( ! borr[] = su*    
ye>1 includ+ in=mation ) respect to !   
borr[]'s family size 9 accordance ) !   
proc$ures "u section #dje ( ! ,help+    
,individuals ,get a ,high] ,education   
:ile ,r$uc+ ,education ,debt ,act1      
subject to clause 7ii72  7ii7 all[ !    
borr[]1 at any "t1 to opt-out ( clause  
7i7 & prev5t ! ,secret>y f obta9+       
in=mation "u su* clause )\t fur!r action
 by ! borr[]2  7iii7 provide ! borr[] ) 
an opportunity to update ! in=mation    
obta9$ "u clause 7i7 be=e ! det]m9ation 
( ! annual repaym5t obligation ( !      
borr[]2 &  7iv7 9 ! case ( a borr[] =   
:om adju/$ gross income is unavailable--
 7,i7 if ! borr[] has select$ to repay !
 cov]$ loans ( su* borr[] pursuant to an
 income-cont+5t repaym5t plan t def9es  
discretion>y income 9 su* a mann] t an  
individual n requir$ "u section         
#fjab7;a77#a7 ( ! ,int]nal ,rev5ue ,code

 ( #aihf to file a return ) respect to  
income taxes impos$ by subtitle ,a ( su*
 ,code may h a calculat$ mon?ly paym5t  
great] ?an #j1 ! borr[] w be requir$ to 
provide ! ,secret>y ) o!r docum5tation (
 income satisfactory to ! ,secret>y1 :i*
 docum5tation ! ,secret>y may use to    
det]m9e an appropriate repaym5t s*$ule2 
or  7,,ii7 if ! borr[] has select$ to   
repay su* loans pursuant to an          
income-cont+5t repaym5t t is n describ$ 
9 subclause 7,i71 ! borr[] w n be       
requir$ to provide ! ,secret>y ) su* o!r
 docum5tation ( income1 & ! borr[] w h a
 calculat$ mon?ly paym5t ( #j4  7,c7    
,applicability ,subp>agraph 7,b7 %all   
apply to ea* borr[] ( a cov]$ loan :o1  
on or aft] ! date on :i* ! ,secret>y    
e/abli%es proc$ures "u su* subp>agraph--
  7i7 selects1 or = :om ! ,secret>y     
selects "u subp>agraph 7,c7 or 7,d7 (   
p>agraph 7#h7 ( subsection 7d71 or      
section #dbh7m77#a71 an income-cont+5t  
repaym5t plan2 or  7ii7 rec]tifies      
income & family size "u su* plan4  7,d7 

,availability ( returns & return        
in=mation ,returns & return in=mation 7z
 def9$ 9 section #fajc ( ! ,int]nal     
,rev5ue ,code ( #aihf7 may be obta9$ "u 
subp>agraph 7,b77i7 only to ! ext5t     
au?oriz$ by section #fajc7l77#ac7 ( su* 
,code4  7,e7 ,o!r requirem5ts ,!        
proc$ures e/abli%$ by ! ,secret>y "u ?is
 p>agraph %all be consi/5t ) !          
requirem5ts ( p>agraphs 7#a7 ?r\gh 7#g71
 except z o!rwise provid$ 9 ?is         
p>agraph4  4  7b7 ,income-,bas$ repaym5t
 ,section #dic;,c7c7 ( ! ,high]         
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajih;e7c77 is am5d$-- 7#a7 by /rik+ ,! 
,secret>y %all e/abli% & ins]t+ !       
foll[+3  7#a7 ,9 g5]al ,! ,secret>y %all
 e/abli%  2  7#b7 by /rik+ ,! ,secret>y 
%all consid] & ins]t+ ! foll[+3  7#b7   
,proc$ures = eligibility ,! ,secret>y   
%all-- 7,a7 consid]  2 &  7#c7 by /rik+ 
#dbh;,c7b77#a77;,e74 & ins]t+ ! foll[+3 
#dbh;,c7b77#a77;,e72 & 7,b7 beg9n+ z    
soon z ! ,secret>y det]m9es practicable 
aft] ! ,secret>y f9alizes ! proc$ures "u

 section #dje ( ! ,help+ ,individuals   
,get a ,high] ,education :ile ,r$uc+    
,education ,debt ,act1 b n lat] ?an #b  
ye>s aft] ! date ( enactm5t ( su* ,act1 
c>ry out1 ) respect to borr[]s ( any    
cov]$ loan 7z def9$ 9 section           
#dee7;d77#i771 proc$ures = income-bas$  
repaym5t plans t are equival5t to !     
proc$ures c>ri$ out "u section          
#dee7;e77#h7 ) respect to income-cont+5t
 repaym5t plans4  4  #dje4 ,/udy &      
proc$ures on det]m9+ family size  7a7 ,9
 g5]al ,n lat] ?an #a ye> aft] ! date ( 
enactm5t ( ?is ,act1 ! ,secret>y (      
,education %all-- 7#a7 jo9tly ) !       
,secret>y ( ! ,treasury1 conduct a /udy1
 :i* meets ! specifications describ$ 9  
subsection 7b71 on ! effect ( us+ data f
 ! ,int]nal ,rev5ue ,s]vice on !        
d$uction = p]sonal exemptions provid$ by
 section #aea ( ! ,int]nal ,rev5ue ,code
 ( #aihf = a proxy = family size 9 an   
income-driv5 repaym5t plan1 & publi% su*
 /udy 9 ! ,f$]al ,regi/]2  7#b7 use !   
results ( ! /udy conduct$ "u p>agraph   

7#a7 to develop proc$ures = det]m9+     
family size = ! automatic rec]tification
 ( income = an income-driv5 repaym5t    
plan 9 a mann] t m9imizes burd5s &      
un9t5d$ h>m to borr[]s2  7#c7 publi% !  
proc$ures develop$ "u p>agraph 7#b7 9 ! 
,f$]al ,regi/]2 &  7#d7 aft] a notice & 
comm5t p]iod on su* proc$ures1 use su*  
comm5ts to f9alize ! proc$ures4  7b7    
,specifications ,! /udy conduct$ "u     
subsection 7a77#a7 %all-- 7#a7 det]m9e  
h[ closely su* p]sonal exemptions mat* !
 family size t borr[]s report on _!     
income-driv5 repaym5t plan reque/ =m2   
7#b7 comp>e ! borr[]'s actual mon?ly    
paym5t am\nt ) ! mon?ly paym5t am\nt    
borr[]s w\ld h us+ family size in=mation
 d]iv$ f tax returns2 &  7#c7 use data f
 m ?an "o ye>1 :]e possible1 to analyze 
h[ mu* family size *anges ov] "t4  7c7  
,def9ition ,! t]m income-driv5 repaym5t 
plan has ! mean+ giv5 ! t]m 9 section   
#dee7;d77#i7 ( ! ,high] ,education ,act 
( #aife1 z am5d$ by ?is ,act4  #djf4    
,disclosure ( tax return in=mation to   

c>ry out c]ta9 high] education loan     
programs  7a7 ,9 g5]al ,p>agraph 7#ac7 (
 section #fajc7l7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ to read z foll[s3
  7#ac7 ,disclosure ( returns & return  
in=mation = purposes ( /ud5t loan       
adm9i/ration  7,a7 ,9 g5]al ,!          
,secret>y1 subject to su* requirem5ts & 
conditions z ! ,secret>y may prescribe1 
%all ^u writt5 reque/ f ! ,secret>y (   
,education disclose to (fic]s &         
employees ( ! ,dep>tm5t ( ,education    
returns & return in=mation ) respect to 
a taxpay] :o has receiv$ an applicable  
/ud5t loan4  7,b7 ,re/riction on use (  
disclos$ in=mation ,return in=mation    
disclos$ "u subp>agraph 7,a7 may be us$ 
by (fic]s & employees ( ! ,dep>tm5t (   
,education only = ! purposes (1 & to !  
ext5t necess>y = purposes (--  7i7      
e/abli%+ ! appropriate income-cont+5t   
repaym5t am\nt 9 connection ) an        
applicable /ud5t loan1  7ii7 e/abli%+ ! 
appropriate repaym5t am\nt "u an        
applicable income-driv5 repaym5t plan 7z

 def9$ 9 section #dee7;d77#i7 ( su* ,act
 7#bj ,u4,s4,c4 #ajhg;e7d777 9          
connection ) an applicable /ud5t loan   
=--  7,i7 borr[]s :o h select$ su* a    
plan1 &  7,,ii7 9 ! case ( any          
rec]tification "u section #dee7;e77#h7  
or #dic;,c7c77#b77;,b7 ( ! ,high]       
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7e72 #ajih;e7c771 borr[]s :o are 
enroll$ 9 su* a plan1 &  7iii7 9 ! case 
( borr[]s :o are at lea/ #fj days       
del9qu5t on an applicable /ud5t loan--  
7,i7 provid+ notice ( eligibility = an  
income-driv5 repaym5t plan 7z s def9$7  
pursuant to section #dee7;d77#h77;,b7 ( 
! ,high] ,education ,act ( #aife 7#bj   
,u4,s4,c4 #ajhg;e7d771 &  7,,ii7        
automatic enrollm5t 9 su* an            
income-driv5 repaym5t plan aft] su*     
borr[]s are at lea/ #abj days del9qu5t  
on su* a loan pursuant to section       
#dee7;d77#h77;,c7 ( su* ,act 7#bj       
,u4,s4,c4 #ajhg;e7d774  7,c7 ,disclosure
 to c]ta9 contractors ,(fic]s &         
employees ( ! ,dep>tm5t ( ,education may

 disclose ! in=mation describ$ 9        
subp>agraph 7,a7 to p]sons aw>d$        
contracts by ! ,secret>y ( ,education "u
 section #def ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajhg;f7 to !   
ext5t necess>y = ! purposes describ$ 9  
subp>agraph 7,b74  7,d7 ,sp\sal         
in=mation = m>ri$ individuals fil+      
sep>ate returns ,= purposes ( ?is       
p>agraph1 9 ! case ( a m>ri$ individual 
fil+ a sep>ate return1 ! t]m taxpay]    
includes ! sp\se ( t individual if !    
,secret>y ( ,education reque/s in=mation
 f ! sp\se ( t individual & ! individual
 & ! sp\se h cons5t$ 9 writ+4  7,e7     
,applicable /ud5t loan ,= purposes ( ?is
 p>agraph1 ! t]m applicable /ud5t loan  
means-- 7i7 any loan :i* is made1       
insur$1 or gu>ante$ "u a program        
au?oriz$ "u "p ,b or ,d ( title ,,iv ( !
 ,high] ,education ,act ( #aife 7#bj    
,u4,s4,c4 #ajga et seq42 #ajhg;a et     
seq471 &  7ii7 any loan :i* is made "u  
"p ,e ( su* title ,,iv 7#bj ,u4,s4,c4   
#ajhg;aa et seq47 :i* is 9 default & has

 be5 assign$ to ! ,dep>tm5t (           
,education4  4  7b7 ,con=m+ am5dm5ts    
7#a7 ,section #fajc7;a77#c7 ( su* ,code 
is am5d$ by ins]t+ 7#ac71 aft] 7#ab714  
7#b7 ,section #fajc7p77#d7 ( su* ,code  
is am5d$ by ins]t+ 7#ac71 aft] 7l77#aj71
 ea* place x occurs4  7c7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to disclosures made aft] !   
date ( enactm5t ( ?is ,act4