,i #aafth ,,congress #ast ,session ,h4 ,r4 #ccec ,,in ,,the ,,house ,,of ,,representatives ,june #ai1 #bjai,ms4 ,fudge introduced the following bill2 which was referred to the ,committee on ,education and ,labor ,a ,,bill ,to amend the ,higher ,education ,act of #aife to include ,parent ,,plus loans in income-contingent and income-based repayment plans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,parent ,,plus ,loan ,improvement ,act of #bjai4 #b4 ,applicable rate of interest for ,,plus ,loans ,section #dee7;b77#h7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7b77#h77 is amended-- 7#a7 in subparagraph 7,c71 by inserting and before ,july #a1 #bjai1 after 1 #bjac12 and 7#b7 by adding at the end the following3 7,g7 ,reduced rate for ,parent ,,plus loans ,notwithstanding the preceding paragraphs of this subsection1 for ,federal ,direct ,,plus ,loans made on behalf of a dependent student for which the first disbursement is made on or after ,july #a1 #bjai1 the applicable rate of interest shall be determined under subparagraph 7,c7 of this paragraph-- 7i7 by substituting #c4f percent for #d4f percent2 and 7ii7 by substituting #i4e percent for #aj4e percent4 4 #c4 ,elimination of origination fee for ,parent ,,plus loans ,section #dee7;c7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7c77 is amended by adding at the end the following new paragraph3 7#c7 ,,plus loans ,with respect to ,federal ,direct ,,plus loans made on behalf of a dependent student for which the first disbursement of principal is made on or after ,july #a1 #bjai1 paragraph 7#a7 shall be applied by substituting #j4j percent for #d4j percent4 4 #d4 ,counseling for ,parent ,,plus borrowers ,section #dhe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajib7 is amended by adding at the end the following3 7n7 ,counseling for parent ,,plus borrowers 7#a7 ,in general ,the ,secretary1 prior to disbursement of a ,federal ,direct ,,plus loan made on behalf of a dependent student1 shall ensure that the borrower receives comprehensive information on the terms and conditions of the loan and the responsibilities the borrower has with respect to such loan4 ,such information-- 7,a7 shall be provided through the use of interactive programs that use mechanisms to check the borrower's understanding of the terms and conditions of the borrower's loan1 using simple and understandable language and clear formatting2 and 7,b7 shall be provided-- 7i7 during a counseling session conducted in person2 or 7ii7 online4 7#b7 ,information to be provided ,the information to be provided to the borrower under paragraph 7#a7 shall include the following3 7,a7 ,information on how interest accrues and is capitalized during periods when the interest is not paid by the borrower4 7,b7 ,an explanation of when loan repayment begins1 of the options available for a borrower who may need a deferment1 and that interest accrues during a deferment4 7,c7 ,the repayment plans that are available to the borrower1 including personalized information showing-- 7i7 estimates of the borrower's anticipated monthly payments under each repayment plan that is available2 and 7ii7 the difference in interest paid and total payments under each repayment plan4 7,d7 ,the obligation of the borrower to repay the full amount of the loan1 regardless of whether the student on whose behalf the loan was made completes the program in which the student is enrolled4 7,e7 ,the likely consequences of default on the loan1 including adverse credit reports1 delinquent debt collection procedures under ,federal law1 and litigation4 7,f7 ,the name and contact information of the individual the borrower may contact if the borrower has any questions about the borrower's rights and responsibilities or the terms and conditions of the loan4 4 #e4 ,inclusion of parent ,,plus loans in income-contingent and income-based repayment plans 7a7 ,income-,contingent repayment plan ,section #dee7;d77#a77;,d7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7d77#a77;,d77 is amended by striking 1 except that the plan described in this subparagraph shall not be available to the borrower of a ,federal ,direct ,,plus loan made on behalf of a dependent student24 7b7 ,income-,based repayment 7#a7 ,section #dic;,c ,section #dic;,c of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajih;e7 is amended-- 7,a7 in subsection 7a7-- 7i7 by striking this section and all that follows through hardship and inserting ,in this section1 the term partial financial hardship2 and 7ii7 by striking1 7other than an excepted ,,plus loan or excepted consolidation loan72 7,b7 in subsection 7b7-- 7i7 in paragraph 7#a71 by striking 7other than an excepted ,,plus loan or excepted consolidation loan72 7ii7 in paragraph 7#f77;,a71 by striking 7other than an excepted ,,plus loan or excepted consolidation loan72 and 7iii7 in paragraph 7#g71 by striking 7other than a loan under section #dbh;,b or a ,federal ,direct ,,plus ,loan72 and 7,c7 in subsection 7c71 by striking 7other than an excepted ,,plus loan or excepted consolidation loan714 7#b7 ,section #dee7;d77#a77;,e7 ,section #dee7;d77#a77;,e7 of such ,act 7#bj ,u4,s4,c4 #ajhg;e7d77#a77;,d77 is amended by striking 1 except that the plan described in this subparagraph shall not be available to the borrower of a ,federal ,direct ,,plus ,loan made on behalf of a dependent student or a ,federal ,direct ,consolidation ,loan1 if the proceeds of such loan were used to discharge the liability on such ,federal ,direct ,,plus ,loan or a loan under section #dbh;,b made on behalf of a dependent student4 7c7 ,application to regulations ,the ,secretary shall ensure that any ,federal ,direct ,,plus ,loan and any loan under section #dbh;,b of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgh-b7 made on behalf of a dependent student are eligible for any repayment plan available under the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja et seq47 or regulations authorized under such ,act 7#bj ,u4,s4,c4 #ajja et seq474