,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bbce  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bc1 #bjai,ms4   
,w>r5 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to dis*>ge !       
qualifi$ loan am\nts ( ea* individual1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,/ud5t ,loan ,debt 
,relief ,act ( #bjai4  #b4 ,table (     
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3 ,sec4 #a4 ,%ort title4,sec4  
#b4 ,table ( cont5ts4,title ,i--,loan   
,dis*>ge & ,forbearance,sec4 #aja4 ,loan
 dis*>ge4,sec4 #ajb4 ,automatic         
adm9i/rative =be>ance2 halt+ ( wage     
g>ni%m5t4,sec4 #ajc4 ,/ay+ & prohibition
 on comm5cem5t ( actions =              
collection4,sec4 #ajd4 ,ineligibility = 
,treasury ,(fset4,title ,,ii--,ref9anc+ 
,programs,sec4 #bja4 ,ref9anc+          
programs4,title ,,iii--,dis*>geability (
 ,/ud5t ,loans 9 ,bankruptcy,sec4 #cja4 
,dis*>geability ( /ud5t loans 9         
bankruptcy4,title ,,iv--,g5]al          

,provisions,sec4 #dja4 ,report on       
progress ( implem5tation4,sec4 #djb4    
,notification to borr[]s4,sec4 #djc4    
,inapplicability ( title ,,iv negotiat$ 
rulemak+ & ma/] cal5d> exception4,sec4  
#djd4 ,def9itions4  ,i ,loan ,dis*>ge & 
,=be>ance  #aja4 ,loan dis*>ge  7a7 ,9  
g5]al ,subject to subsection 7f71 n lat]
 ?an ! date t is #ab mon?s aft] ! date (
 enactm5t ( ?is ,act1 ! ,secret>y (     
,education %all dis*>ge ! qualifi$ loan 
am\nt ( ea* individual1 )\t reg>d to !  
repaym5t /atus ( ! loan or :e!r ! loan  
is 9 default4  7b7 ,qualifi$ loan am\nt 
7#a7 ,9 g5]al ,! qualifi$ loan am\nt (  
an individual is an am\nt equal to !    
less] (-- 7,a7 #ej1jjj2 &  7,b7 !       
aggregate loan obligation on ! eligible 
,f$]al loans ( ! taxpay] t is out/&+ on 
! date ( enactm5t ( ?is ,act or1 9 !    
case ( su* loans issu$ "u section       
#dfj;,b ( ! ,high] ,education ,act (    
#aife1 z add$ by title ,,ii ( ?is ,act1 
on ! date on :i* su* loans are issu$ "u 
su* section #dfj;,b4  7#b7 ,limitation  

bas$ on adju/$ gross income ,! am\nt    
dis*>g$ "u subsection 7a7 ) respect to  
an individual %all be r$uc$ 7b n bel[   
z]o7 by #a = ea* #c 7or fraction !re(7  
by :i* ! taxpay]'s adju/$ gross income  
exce$s #ajj1jjj 7twice su* am\nt 9 !    
case ( a jo9t return7 = ! mo/ rec5t     
taxable ye> end+ be=e ! date ( !        
enactm5t ( ?is ,act4  7c7 ,me?od ( loan 
dis*>ge  7#a7 ,9 g5]al ,to provide !    
loan dis*>ge requir$ "u subsection 7a71 
! ,secret>y is au?oriz$ to c>ry out a   
program-- 7,a7 ?r\gh ! hold] ( ! loan1  
to assume ! obligation to repay !       
qualifi$ loan am\nt = a loan made1      
insur$1 or gu>ante$ "u "p ,b ( title    
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajga et seq472  7,b7 to 
cancel ! qualifi$ loan am\nt = a loan   
made "u "p ,d ( title ,,iv ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a et seq471 or assign$1 ref]r$1 or
 transf]r$ to1 or pur*as$ by1 !         
,secret>y "u su* title ,,iv 7#bj        
,u4,s4,c4 #ajgj et seq471 includ+ a     

,f$]al ,direct ,/af=d ,loan issu$ "u    
section #dfj;,b ( ! ,high] ,education   
,act ( #aife1 z add$ by title ,,ii ( ?is
 ,act2 &  7,c7 ?r\gh ! in/itution (     
high] education t made ! loan f its     
/ud5t loan fund e/abli%$ "u "p ,e ( su* 
title 7#bj ,u4,s4,c4 #ajhg;aa et seq471 
to assume ! obligation to repay !       
qualifi$ loan am\nt = su* loan4  7#b7   
,ord] ( loan dis*>ge ,) respect to an   
individual ) at lea/ #b eligible ,f$]al 
loans1 ! ,secret>y %all dis*>ge ! loans 
( ! individual z foll[s 7except z       
o!rwise indicat$ by ! individual73  7,a7
 ,9 ! case 9 :i* ! individual has loans 
) diff]5t rates ( int]e/1 ! loans %\ld  
be dis*>g$ 9 desc5d+ ord] by rate (     
int]e/4  7,b7 ,9 ! case 9 :i* !         
individual has loans ) ! same rates (   
int]e/1 ! loans %\ld be dis*>g$ 9       
desc5d+ ord] by am\nt ( out/&+ pr9cipal4
  7d7 ,exclusion f taxable income ,=    
purposes ( ! ,int]nal ,rev5ue ,code (   
#aihf1 9 ! case ( an individual1 gross  
income does n include any am\nt :i* 7b =

 ?is subsection7 w\ld be includible 9   
gross income by reason ( ! dis*>ge 79   
:ole or 9 "p7 ( any loan if su* dis*>ge 
0 pursuant to ?is title4  7e7 ,taxpay]  
in=mation  7#a7 ,9 g5]al ,! ,secret>y ( 
! ,treasury may1 ^u writt5 reque/ f !   
,secret>y ( ,education1 disclose to     
(fic]s & employees ( ! ,dep>tm5t (      
,education return in=mation ) respect to
 a taxpay] :o has receiv$ eligible      
,f$]al loans t are out/&+ on ! date     
describ$ 9 subsection 7b77#a77;,b74 ,su*
 return in=mation %all be limit$ to--   
7,a7 taxpay] id5tity in=mation ) respect
 to su* taxpay]2  7,b7 ! fil+ /atus (   
su* taxpay]2 &  7,c7 ! adju/$ gross     
income ( su* taxpay]4  7#b7 ,re/riction 
on use ( disclos$ in=mation ,return     
in=mation disclos$ "u p>agraph 7#a7 may 
be us$ by (fic]s & employees ( !        
,dep>tm5t ( ,education only = ! purposes
 (1 & to ! ext5t necess>y 91 e/abli%+ ! 
appropriate qualifi$ loan am\nt ( a     
taxpay]4  7f7 ,long-,t]m settle &       
compromise dis*>ge au?ority ,n lat] ?an 

! date t is #bd mon?s aft] ! date (     
enactm5t ( ?is ,act1 ! ,secret>y (      
,education may use ! au?ority "u        
sections #dcb7;a77#f7 & #dfh7b7 ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhb7;a77#f72 #ajhg;hh7#b77  
to dis*>ge loans "u ?is section beyond !
 p]iod describ$ 9 subsection 7a7 =--    
7#a7 an individual :o1 ?r\gh an appeals 
process e/abli%$ by ! ,secret>y1        
successfully appeals a loan dis*>ge     
det]m9ation by ! ,secret>y "u ?is       
section2  7#b7 an individual :o1 due to 
special circum/ances1 misses a deadl9e  
e/abli%$ by ! ,secret>y 9 ! adm9i/ration
 ( loan dis*>ges "u ?is section2 or     
7#c7 an individual 7or a gr\p (         
individuals7 :o ! ,secret>y det]m9es    
%\ld h receiv$ a loan dis*>ge or a      
dis*>ge am\nt t is diff]5t f ! am\nt (  
loan dis*>ge receiv$ "u ?is section1    
except t a loan dis*>ge am\nt receiv$ "u
 ?is subsection may n exce$ ! qualifi$  
loan am\nt det]m9$ = ! individual 7or ! 
gr\p ( individuals7 "u subsection 7b74  

7g7 ,private /ud5t loan dis*>ge ,n lat] 
?an ! date t is #c mon?s aft] ! date (  
enactm5t ( ?is ,act1 ! ,secret>y (      
,education1 9 coord9ation ) ! ,secret>y 
( ! ,treasury & ! ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection1 %all  
und]take a campaign to al]t borr[]s (   
private education loans--  7#a7 t su*   
borr[]s may be eligible to ref9ance su* 
private loans z ,f$]al ,direct ,/af=d   
,loans "u section #dfj;,b ( ! ,high]    
,education ,act ( #aife1 z add$ by title
 ,,ii ( ?is ,act2 &  7#b7 su* ,f$]al    
,direct ,/af=d ,loans may be eligible = 
loan dis*>ge "u ?is section4  7h7 ,cr$it
 report+ ,9 ! case ( a borr[] ( an      
eligible ,f$]al loan t 0 9 default prior
 to be+ dis*>g$ "u ?is section & on :i*1
 z a result ( su* loan dis*>ge1 !re is  
no out/&+ balance ( pr9cipal or int]e/1 
! ,secret>y1 gu>anty ag5cy or o!r hold] 
( ! loan %all reque/ any consum] report+
 ag5cy to :i* ! ,secret>y1 gu>anty ag5cy
 or hold]1 z applicable1 report$ !      
default ( ! loan1 to remove ! record ( !

 default f ! borr[]'s cr$it hi/ory4  7i7
 ,memb]s ( ,congress ,9 ?is section1 !  
t]ms individual & taxpay] d n include a 
,memb] ( ,congress4  #ajb4 ,automatic   
adm9i/rative =be>ance2 halt+ ( wage     
g>ni%m5t ,dur+ ! p]iod beg9n+ on ! date 
( enactm5t ( ?is ,act & end+ on ! date t
 is #ab mon?s aft] su* date ( enactm5t1 
! ,secret>y ( ,education--  7#a7 %all   
place ea* borr[] ( an eligible ,f$]al   
loan ) an out/&+ balance1 )\t any fur!r 
action requir$ by ! borr[] 7except t !  
borr[] may opt-out ( ?is section71 on an
 adm9i/rative =be>ance dur+ :i* p]iodic 
in/allm5ts ( pr9cipal ne$ n be paid1 &  
int]e/ %all n accrue1 on su* loan2 &    
7#b7 may n issue an ord] = wage g>ni%m5t
 or )hold+ "u section #dhh;,a ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajie;a7 or section #cgbj;,d ( title    
#ca1 ,unit$ ,/ates ,code1 initiate      
proce$+s to collect debt ?r\gh d$uctions
 f pay "u su* section #dhh;,a or        
#cgbj;,d1 or en=ce or o!rwise require   
compliance ) a wage g>ni%m5t or )hold+  

ord] issu$ "u su* section #dhh;,a or    
#cgbj;,d be=e ! date ( enactm5t ( ?is   
,act 7:i* %all include /ay+ any relat$  
proce$+s74  #ajc4 ,/ay+ & prohibition on
 comm5cem5t ( actions = collection      
,until #ab mon?s aft] ! date ( enactm5t 
( ?is ,act1 no eligible ,f$]al loan may 
be ref]r$ to ! ,attorney ,g5]al = any   
action seek+ collection ( any am\nt ow$ 
on t loan & any action p5d+ z ( ! date (
 enactm5t ( ?is ,act %all be /ay$4      
#ajd4 ,ineligibility = ,treasury ,(fset 
,until #ab mon?s aft] ! date ( enactm5t 
( ?is ,act1 no claim p]ta9+ to an       
eligible ,f$]al loan may be c]tifi$ "u  
section #cgaf7;c77#a7 ( title #ca1      
,unit$ ,/ates ,code4  ,,ii ,ref9anc+    
,programs  #bja4 ,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$]al      
,direct ,loans  7a7 ,9 g5]al ,beg9n+ n  
lat] ?an #ab mon?s aft] ! date (        
enactm5t ( ! ,/ud5t ,loan ,debt ,relief 
,act ( #bjai1 ! ,secret>y %all e/abli% a
 program "u :i* ! ,secret>y             
automatically ref9ances loans made "u   
?is "p 9 accordance ) ! provisions ( ?is
 section1 9 ord] to l[] ! rate ( int]e/ 
on su* loans4  7b7 ,ref9anc+ ,direct    
,loans  7#a7 ,f$]al ,direct ,loans ,)   
respect to ea* ,f$]al ,direct ,/af=d    
,loan1 ,f$]al ,direct ,unsubsidiz$      
,/af=d ,loan1 ,f$]al ,direct ,,plus     
,loan1 & ,f$]al ,direct ,consolidation  
,loan1 = :i* ! fir/ disbursem5t 0 made  
to a borr[]1 or ! application = !       
consolidation loan 0 receiv$ f a borr[]1
 on or be=e ! date ( enactm5t ( ! ,/ud5t
 ,loan ,debt ,relief ,act ( #bjai1 !    
,secret>y %all1 )\t any fur!r action by 
! borr[] 7o!r ?an "u subp>agraph 7,c77--

  7,a7 dis*>ge ! liability on su* ,f$]al
 ,direct ,/af=d ,loan1 ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan1 ,f$]al       
,direct ,,plus ,loan1 or ,f$]al ,direct 
,consolidation ,loan2  7,b7 issue to !  
borr[] a new ,f$]al ,direct ,/af=d      
,loan1 ,f$]al ,direct ,unsubsidiz$      
,/af=d ,loan1 ,f$]al ,direct ,,plus     
,loan1 or ,f$]al ,direct ,consolidation 
,loan1 respectively--  7i7 9 an am\nt   
equal to ! sum ( ! unpaid pr9cipal1     
accru$ unpaid int]e/1 & late *>ges ( !  
loan = :i* ! liability is be+ dis*>g$ "u
 subp>agraph 7,a72 &  7ii7 :i* has !    
same t]ms & conditions z ! orig9al loan1
 except t ! rate ( int]e/ %all be       
det]m9$ "u subsection 7c72 &  7,c7      
provide ! borr[] an opportunity to      
opt-out ( ! ref9anc+ "u ?is p>agraph4   
7#b7 ,ref9anc+ ,,ffel program loans z   
ref9anc$ ,f$]al ,direct ,loans  7,a7 ,9 
g5]al ,) respect to ea* loan t 0 made1  
insur$1 or gu>ante$ "u "p ,b & = :i* !  
fir/ disbursem5t 0 made to a borr[]1 or 
! application = ! consolidation loan 0  

receiv$ f a borr[]1 be=e ,july #a1      
#bjaj1 ! ,secret>y %all1 )\t any fur!r  
action by ! borr[] 7o!r ?an to provide !
 borr[] an opportunity to opt-out ( !   
ref9anc+ "u ?is p>agraph71 issue to !   
borr[] a loan made "u ?is "p--  7i7 9 an
 am\nt equal to ! sum ( ! unpaid        
pr9cipal1 accru$ unpaid int]e/1 & late  
*>ges ( ! loan select$ to be s ref9anc$2
  7ii7 ! proce$s ( :i* %all be paid to !
 hold] ( ! loan select$ to be s ref9anc$
 to dis*>ge ! liability on su* loan2 &  
7iii7 :i* has a rate ( int]e/ det]m9$ "u
 subsection 7c74  7,b7 ,designation (   
loans ,a loan issu$ "u ?is section !    
proce$s ( :i* is dis*>g+ ! liability on 
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  7c7 ,int]e/ rates  7#a7 ,9 g5]al

 ,! int]e/ rate = ,f$]al ,direct ,/af=d 
,loans1 ,f$]al ,direct ,unsubsidiz$     
,/af=d ,loans1 ,f$]al ,direct ,,plus    
,loans1 & ,f$]al ,direct ,consolidation 
,loans issu$ "u ?is section1 %all be a  
rate equal to--  7,a7 9 a case 9 :i* !  
orig9al loan is 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 ! 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 a case 9 :i* !
 orig9al loan is 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 ! 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 an case 9 :i* ! orig9al loan is a    
loan "u section #dbh;,b or a ,f$]al     
,direct ,,plus ,loan1 ! rate = ,f$]al   
,direct ,,plus ,loans = ! #ab-mon? p]iod
 beg9n+ on ,july #a1 #bjaf1 & end+ on   
,june #cj1 #bjag2 &  7,d7 9 a case 9 :i*
 ! orig9al loan is 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 ,to det]m9e ! 
int]e/ rate = a ,f$]al ,direct ,f$]al   
,consolidation ,loan issu$ "u ?is       
section1 ! ,secret>y %all--  7i7 det]m9e
 ea* orig9al loan = :i* ! liability 0   
dis*>g$ by ! proce$s ( a loan "u section
 #dbh;,c or a ,f$]al ,direct            
,consolidation ,loan1 & calculate !     
proportion ( ! unpaid pr9cipal balance (
 ! loan "u section #dbh;,c or ! ,f$]al  
,direct ,consolidation ,loan t is       
applicable to ea* su* orig9al loan2     
7ii7 use ! proportions det]m9$ 9        
accordance ) clause 7i7 & ! int]e/ rate 

applicable = ea* orig9al 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 = ! ,f$]al ,direct      
,consolidation ,loan made "u ?is section
 & = :i* ! int]e/ rate is be+ det]m9$ "u
 ?is p>agraph4  7,b7 ,int]e/ rates =    
compon5t loans ,! int]e/ rate = ea*     
orig9al loan = :i* ! liability is       
dis*>g$ by ! proce$s ( loan made "u     
section #dbh;,c or a ,f$]al ,direct     
,consolidation ,loan %all be ! foll[+3  
7i7 ,! int]e/ rate = any su* orig9al    
loan made1 insur$ or gu>ante$ "u section
 #dbh or #dbh;,h1 or t is a ,f$]al      
,direct ,/af=d ,loan or ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loan1 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 ! int]e/   
rate on su* orig9al loan4  7ii7 ,!      
int]e/ rate = any su* orig9al loan made1
 insur$ or gu>ante$ "u section #dbh or  
#dbh;,h1 or t is a ,f$]al ,direct ,/af=d
 ,loan1 or ,f$]al ,direct ,unsubsidiz$  
,/af=d ,loan1 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 ! int]e/ rate on ! orig9al loan4 
7iii7 ,! int]e/ rate = any su* orig9al  
loan made1 insur$ or gu>ante$ "u section
 #dbh;,b or t is a ,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 ! int]e/ rate on !    
orig9al loan4  7iv7 ,! int]e/ rate = any

 su* orig9al loan t is a loan "u section
 #dbh;,c or a ,f$]al ,direct            
,consolidation ,loan %all be ! weight$  
av]age ( ! int]e/ rates det]m9$ "u ?is  
subp>agraph = ea* loan = :i* ! liability
 is dis*>g$ by ! proce$s ( su*          
consolidation loan4  7v7 ,! int]e/ rate 
= any orig9al loan = :i* ! liability 0  
dis*>g$ ) ! proce$s ( a loan made "u    
section #dbh;,c or a ,f$]al ,direct     
,consolidation ,loan & is n describ$ 9  
clauses 7i7 ?r\gh 7iv7 %all be ! int]e/ 
rate on su* orig9al loan4  7#c7 ,fix$   
rate ,! applicable rate ( int]e/ det]m9$
 "u p>agraph 7#a7 = a loan issu$ "u ?is 
section %all be fix$ = ! p]iod ( ! loan4
  7d7 ,repaym5t p]iods ,a loan issu$ "u 
?is section %all n result 9 ! ext5sion (
 ! duration ( ! repaym5t p]iod ( !      
orig9al 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 

,orig9al loan def9$ ,9 ?is section1 !   
t]m orig9al loan means a loan = :i* !   
liability is dis*>g$ ) ! proce$s ( a    
loan issu$ "u ?is section4  #dfj;,b4    
,ref9anc+ ( private education loans  7a7
 ,program au?oriz$  7#a7 ,9 g5]al ,dur+ 
! p]iod beg9n+ on ! date t is #f mon?s  
aft] ! date ( enactm5t ( ! ,/ud5t ,loan 
,debt ,relief ,act ( #bjai1 & end+ on ! 
date t is #i mon?s aft] su* date (      
enactm5t1 ! ,secret>y1 9 consultation ) 
! ,secret>y ( ! ,treasury1 %all c>ry out
 a program "u :i* ! ,secret>y1 ^u       
receiv+ an application f a borr[] :o has
 a loan obligation on an eligible       
private education loan1 %all issue su*  
borr[] a loan "u ?is section 9          
accordance ) ! foll[+3  7,a7 ,! loan    
issu$ "u ?is section %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 section to ! private       
educational l5d] 7or subsequ5t hold]7 ( 

! private education loan1 9 ord] to     
dis*>ge ! borr[] & any cosign]s f any   
rema9+ obligation to ! l5d] ) respect to
 ! private education loan4  7,c7 ,!     
,secret>y %all require t ! 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 ! c>ry+ out      
subp>agraphs 7,a7 & 7,b7 ) respect to   
su* borr[]4  7,d7 ,! ,secret>y %all     
issue ! loan z a ,f$]al ,direct ,/af=d  
,loan ) a rate ( int]e/ det]m9$ "u      
subsection 7b74  7b7 ,int]e/ rate  7#a7 
,9 g5]al ,! int]e/ rate = a ,f$]al      
,direct ,/af=d ,loan issu$ "u ?is       
section %all be-- 7,a7 9 ! case ( a     
,f$]al ,direct ,/af=d ,loan dis*>g+ !   
liability on a private education loan   
issu$ = 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$]al ,direct ,/af=d 
,loan dis*>g+ ! liability on a private  
education loan issu$ = 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 ,9 ! 
case ( a ,f$]al ,direct ,/af=d ,loan    
dis*>g+ ! liability on a private        
education loan issu$ = 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$]al ,direct ,/af=d    
,loan issu$ "u ?is section %all be fix$ 
= ! p]iod ( ! loan4  7c7 ,no inclusion 9

 aggregate limits ,! am\nt ( a ,f$]al   
,direct ,/af=d ,loan issu$ "u ?is       
section1 or a ,f$]al ,direct            
,consolidat$ ,loan to ! ext5t su* loan  
is us$ to repay su* a ,f$]al ,direct    
,/af=d ,loan1 %all n be includ$ 9       
calculat+ a borr[]'s annual or aggregate
 loan limits "u section #dbh or #dbh;,h4
  7d7 ,private educational l5d] report+ 
requirem5t  7#a7 ,report+ requir$ ,n    
lat] ?an #f mon?s aft] ! date ( enactm5t
 ( ! ,/ud5t ,loan ,debt ,relief ,act (  
#bjai1 ! ,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  7e7 ,sunset ,! au?ority to   
issue loans "u ?is section %all expire  
on ! date t is #h mon?s aft] ! date (   
enactm5t ( ! ,/ud5t ,loan ,debt ,relief 
,act ( #bjai4  7f7 ,def9itions ,9 ?is   

section3 7#a7 ,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#b7 ,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[] on or be=e ! date ( enactm5t ( ! 
,/ud5t ,loan ,debt ,relief ,act ( #bjai2
 &  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$4
  4  7c7 ,income-,cont+5t repaym5t      
,section #dee7;d77#a77;,d7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7d77#a77;,d77 is am5d$ by ins]t+ 
be=e ! semicolon at ! end ! foll[+3 1 & 
9 calculat+ ! p]iod ( "t dur+ :i* a     
borr[] ( a loan issu$ "u section #dfj;,a
 has made mon?ly paym5ts on su* loan =  

purposes ( ! plan describ$ 9 ?is        
subp>agraph1 ! ,secret>y %all treat ea* 
mon?ly paym5t t o!rwise meets !         
requirem5ts ( su* plan & t 0 made on a  
loan = :i* ! liability is dis*>g$ by !  
proce$s ( su* loan issu$ "u section     
#dfj;,a1 z a mon?ly paym5t made on su*  
loan issu$ "u section #dfj;,a4  7d7     
,public s]vice loan =giv5ess ,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 ,treatm5t 
( loans issu$ "u section #dfj;,a        
,not)/&+ p>agraph 7#a71 9 det]m9+ !     
numb] ( mon?ly paym5ts made "u p>agraph 
7#a7 on an eligible ,f$]al ,direct ,loan
 issu$ "u section #dfj;,a ! proce$s (   
:i* dis*>ges ! liability on a loan made 
"u ?is "p1 ! ,secret>y %all treat ea*   
mon?ly paym5t made "u p>agraph 7#a7 on !
 loan be=e ! liability on su* loan 0 s  
dis*>g$ z a mon?ly paym5t made on su*   

eligible ,f$]al ,direct ,loan4  2  7e7  
,income-,bas$ repaym5t ,section #dic;,c 
( ! ,high] ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ajih;e7 is am5d$ by add+ at !
 end ! foll[+3  7f7 ,treatm5t ( ref9anc$
 loans ,9 calculat+ ! p]iod ( "t dur+   
:i* a borr[] ( a loan issu$ "u section  
#dfj;,a has made mon?ly paym5ts on su*  
loan = purposes ( subsection 7b77#g71 ! 
,secret>y %all treat ea* mon?ly paym5t t
 o!rwise meets ! requirem5ts ( ?is      
section & t 0 made on a loan = :i* !    
liability is dis*>g$ by ! proce$s ( su* 
loan issu$ "u section #dfj;,a1 z a      
mon?ly paym5t made on su* loan issu$ "u 
section #dfj;,a4  4  ,,iii              
,dis*>geability ( ,/ud5t ,loans 9       
,bankruptcy  #cja4 ,dis*>geability (    
/ud5t loans 9 bankruptcy  7#a7          
,exception to dis*>ge ,section #ebc7;a7 
( title #aa ( ! ,unit$ ,/ates ,code is  
am5d$ by /rik+ p>agraph 7#h74  7#b7     
,con=m+ am5dm5t ,section #acbh7;a77#b7 (
 title #aa ( ! ,unit$ ,/ates ,code is   
am5d$ by /rik+ 7#h714  ,,iv ,g5]al      

,provisions  #dja4 ,report on progress (
 implem5tation ,n lat] ?an ! date t is  
#f mon?s aft] ! date ( enactm5t ( ?is   
,act1 ! ,secret>y ( ,education & !      
,secret>y ( ! ,treasury %all1 jo9tly1   
submit to ,congress a report on !       
progress ( ! implem5tation ( !          
provisions ( titles ,i & ,,ii4  #djb4   
,notification to borr[]s  7a7 ,9 g5]al  
,n lat] ?an ! date t is #c mon?s aft] ! 
date ( enactm5t ( ?is ,act-- 7#a7 !     
,secret>y ( ,education--  7,a7 %all take
 su* /eps z may be necess>y to notify   
borr[]s ( an eligible ,f$]al loan ( !   
loan dis*>ge available "u title ,i1     
includ+ ! applicable deadl9es2  7,b7 9  
coord9ation ) ! ,secret>y ( ! ,treasury 
& ! ,director ( ! ,bureau ( ,consum]    
,f9ancial ,protection1 %all und]take a  
campaign to notify borr[]s ( loans made1
 insur$1 or gu>ante$ "u "p ,b or ,d (   
title ,,iv ( ! ,high] ,education ,act ( 
#aife t su* borr[]s may be eligible to  
ref9ance su* loans at a l[] rate (      
int]e/ "u section #dfj;,a ( ! ,high]    

,education ,act ( #aife1 z add$ by title
 ,,ii ( ?is ,act1 :i* campaign %all     
include--  7i7 develop+ consum]         
in=mation mat]ials ab\t ! availability (
 su* ref9anc+2 &  7ii7 requir+ s]vic]s (
 su* loans to provide su* consum]       
in=mation to borr[]s 9 a mann] det]m9$  
appropriate by ! ,secret>y1 9           
consultation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection2 &  7,c7
 9 coord9ation ) ! ,secret>y ( !        
,treasury & ! ,director ( ! ,bureau (   
,consum] ,f9ancial ,protection1 %all    
und]take a campaign to al]t borr[]s (   
private education loans--  7i7 t su*    
borr[]s may be eligible to ref9ance su* 
private loans z ,f$]al ,direct ,/af=d   
,loans "u section #dfj;,b ( ! ,high]    
,education ,act ( #aife1 z add$ by title
 ,,ii ( ?is ,act2 &  7ii7 su* ,f$]al    
,direct ,/af=d ,loans may be eligible = 
loan dis*>ge "u title ,i ( ?is ,act2 &  
7#b7 ! ,secret>y ( ,heal? & ,human      
,s]vices1 9 consultation ) ! ,secret>y (
 ,education1 %all take su* /eps z may be

 necess>y to in=m borr[]s ( a loan made1
 insur$1 or gu>ante$ by ! ,dep>tm5t (   
,heal? & ,human ,s]vices t is eligible =
 consolidation "u section #dee7;g7 ( !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;e7g771 t !--  7,a7      
borr[] may be eligible = a ,f$]al       
,direct ,consolidation ,loan "u su*     
section #dee7;g72 &  7,b7 su* ,f$]al    
,direct ,consolidation ,loan may be     
eligible = loan dis*>ge "u title ,i (   
?is ,act4  7b7 ,notification by private 
education loan hold]s ,ea* hold] ( a    
private education loan %all1 n lat] ?an 
! date t is #c mon?s aft] ! date (      
enactm5t ( ?is ,act1 notify ! borr[] (  
su* private education loan t ! borr[]   
may be eligible to ref9ance ! private   
education loan z a ,f$]al ,direct ,/af=d
 ,loan "u section #dfj;,b ( ! ,high]    
,education ,act ( #aife1 & su* ,f$]al   
,direct ,/af=d ,loan may be eligible =  
loan dis*>ge "u title ,i ( ?is ,act4    
#djc4 ,inapplicability ( title ,,iv     
negotiat$ rulemak+ & ma/] cal5d>        

exception ,sections #dhb7;c7 & #dib ( ! 
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhi7;c71 #ajih;a7 %all n    
apply to ?is ,act or any am5dm5ts made  
by ?is ,act1 or to any regulations      
promulgat$ "u ?is ,act or "u su*        
am5dm5ts4  #djd4 ,def9itions ,9 ?is     
,act3 7#a7 ,eligible ,f$]al loan ,! t]m 
eligible ,f$]al loan means--  7,a7 a    
loan made1 insur$1 or gu>ante$ "u title 
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajga et seq47 7o!r ?an a
 loan describ$ 9 subp>agraph 7,b77 on or
 be=e ! date ( enactm5t ( ?is ,act2 or  
7,b7 a ,f$]al ,direct ,/af=d ,loan issu$
 "u section #dfj;,b ( ! ,high]          
,education ,act ( #aife1 z add$ by title
 ,,ii ( ?is ,act1 on a date t is n lat] 
?an #i mon?s aft] ! date ( enactm5t (   
?is ,act4  7#b7 ,private education loan 
,! t]m private education loan has !     
mean+ giv5 su* t]m 9 section #adj7;a7 ( 
! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4     
#afej7;a774  7#c7 ,secret>y ,! t]m      
,secret>y means ! ,secret>y (           

,education4  7#d7 ,taxpay] ,! t]m       
taxpay] has ! mean+ giv5 su* t]m 9      
section #ggja ( ! ,int]nal ,rev5ue ,code
 ( #aihf4