,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fcig  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bf1 #bjbj,mr4   
,c\rtney 7= himself1 ,mr4 ,blum5au]1    
,mr4 ,br[n ( ,m>yl&1 ,mr4 ,crd5as1 ,mr4 
,cicill9e1 ,mr4 ,cisn]os1 ,mr4          
,de,fazio1 ,ms4 ,de,lauro1 ,ms4         
,del,bene1 ,mrs4 ,d+ell1 ,mr4 ,mi*ael   
,f4 ,doyle ( ,p5nsylvania1 ,ms4 ,escob>1
 ,mr4 ,fo/]1 ,mrs4 ,hayes1 ,mr4 ,himes1 
,mr4 ,kilm]1 ,mr4 ,l>son ( ,connecticut1
 ,ms4 ,lee ( ,cali=nia1 ,mr4 ,lyn*1 ,mr4
 ,mc,nerney1 ,ms4 ,norton1 ,mr4 ,payne1 
,mr4 ,p]lmutt]1 ,mr4 ,pet]s1 ,mr4       
,pet]son1 ,mr4 ,phillips1 ,mr4 ,ru%1    
,mr4 ,ryan1 ,ms4 ,sn*ez1 ,ms4 ,s*ak[sky1
 ,mr4 ,david ,scott ( ,georgia1 ,ms4    
,sewell ( ,alabama1 ,ms4 ,slotk91 ,mr4  
,soto1 ,mr4 ,/anton1 ,mr4 ,swalwell (   
,cali=nia1 ,mr4 ,takano1 ,mr4 ,wel*1    
,mr4 ,y>mu?1 ,ms4 ,bass1 & ,mr4 ,cr[7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ,labor  ,a
 ,,bill  ,to am5d ! ,high] ,education   
,act ( #aife to provide = ! ref9anc+ (  

c]ta9 ,f$]al /ud5t loans1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,coronavirus ,em]g5cy      
,/ud5t ,loan ,ref9anc+ ,act4  ,i        
,ref9anc+ ,programs  #aja4 ,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$]al ,direct ,loans
  7a7 ,9 g5]al ,beg9n+ n lat] ?an #cj   
days aft] ! date ( enactm5t ( !         
,coronavirus ,em]g5cy ,/ud5t ,loan      
,ref9anc+ ,act1 ! ,secret>y %all e/abli%
 a program "u :i* ! ,secret>y1 ^u !     
receipt ( an application f a qualifi$   
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$1 be=e     
,july #a1 #bjbj1 ) ! proce$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 a
 loan made1 insur$1 or gu>ante$-- 7i7 "u
 section #dbh %all be a ,f$]al ,direct  
,/af=d ,loan2  7ii7 "u section #dbh;,b  
%all be a ,f$]al ,direct ,,plus ,loan2  
7iii7 "u section #dbh;,h %all be a      
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan2 &  7iv7 "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 ! l[e/ yield on !
 #aj-ye> ,treasury note 9 ! prec$+ #f   
mon?s plus #b4je p]c5t2  7,b7 9 any case
 :]e ! orig9al loan 0 a loan "u section 
#dbh or #dbh;,h1 a ,f$]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 ! 
l[e/ yield on ! #aj-ye> ,treasury note 9
 ! prec$+ #f mon?s plus #c4f p]c5t2     
7,c7 9 any case :]e ! orig9al loan 0 a  
loan "u section #dbh;,b or a ,f$]al     
,direct ,,plus ,loan1 a rate equal to ! 
l[e/ yield on ! #aj-ye> ,treasury note 9

 ! prec$+ #f mon?s plus #d4f p]c5t2 &   
7,d7 9 any case :]e ! orig9al loan 0 a  
loan "u section #dbh;,c or a ,f$]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 #bjbj1 & end+ on ,june #cj1   
#bjba2 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 #bjbj1 & end+ on    
,june #cj1 #bjba2 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   
#bjbj1 & end+ on ,june #cj1 #bjba2 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 #bjbj2 &  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 #cj days aft] ! 
date ( enactm5t ( ! ,coronavirus        
,em]g5cy ,/ud5t ,loan ,ref9anc+ ,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 #bjbj2 &  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 #cj days aft] ! date (      
enactm5t ( ! ,coronavirus ,em]g5cy      
,/ud5t ,loan ,ref9anc+ ,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 ! l[e/ yield on
 ! #aj-ye> ,treasury note 9 ! prec$+ #f 
mon?s plus #b4je p]c5t2 &  7,b7 9 ! case
 ( a ,f$]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 !  
l[e/ yield on ! #aj-ye> ,treasury note 9
 ! prec$+ #f mon?s plus #c4f p]c5t4     
7#b7 ,comb9$ 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 l[e/ yield on !   
#aj-ye> ,treasury note 9 ! prec$+ #f    
mon?s plus #d4f p]c5t4  7#c7 ,fix$ ,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 ,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