S. 3055 — Introduced in Senate

II 116th CONGRESS 1st Session S. 3055 IN THE SENATE OF THE UNITED STATES December 16, 2019Ms. Murkowski (for herself and Mr. Reed) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the Higher Education Act of 1965 to permit a Federal student loan borrower to elect to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible. 1. Short title This Act may be cited as the Student Loan Repayment Freedom Act. 2. Switching from income-based repayment plan Section 493C(b)(8) of the Higher Education Act of 1965 (20 U.S.C. 1098e(b)(8)) is amended to read as follows: (8) a borrower who is repaying a loan made under part B or D pursuant to income-based repayment may elect, at any time, to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible under this title; and .