,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dada  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #a1 #bjbj,ms4    
,w>r5 7= h]self1 ,ms4 ,baldw91 ,mr4     
,b5net1 ,mr4 ,blum5?al1 ,mr4 ,book]1    
,mr4 ,br[n1 ,ms4 ,cantwell1 ,mr4 ,c>d91 
,mr4 ,casey1 ,ms4 ,cortez ,ma/o1 ,ms4   
,duckwor?1 ,mr4 ,durb91 ,mrs4 ,fe9/e91  
,mrs4 ,gillibr&1 ,ms4 ,h>ris1 ,ms4      
,hassan1 ,mr4 ,he9ri*1 ,ms4 ,hirono1    
,ms4 ,klobu*>1 ,mr4 ,leahy1 ,mr4 ,man*91
 ,mr4 ,m>key1 ,mr4 ,m55dez1 ,mr4        
,m]kley1 ,mr4 ,murphy1 ,mr4 ,pet]s1 ,mr4
 ,re$1 ,mr4 ,s&]s1 ,mrs4 ,%ahe51 ,ms4   
,smi?1 ,ms4 ,/ab5[1 ,mr4 ,udall1 ,mr4   
,van ,holl51 ,mr4 ,:iteh\se1 & ,mr4     
,wyd57 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to ref9ance ,f$]al & private
 /ud5t loans1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,bank on ,/ud5ts ,coronavirus ,em]g5cy  
,loan ,ref9anc+ ,act ( #bjbj4  #b4      
,ref9anc+ program  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+ ,f$]al ,direct ,loans & o!r   
,f$]al loans  7a7 ,def9itions ,9 ?is    
section3 7#a7 ,,ffel1 ,p]k9s1 or ,,phsa 
/ud5t loan ,! t]m ,,ffel1 ,p]k9s1 or    
,,phsa /ud5t loan means a loan-- 7,a7   
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 #bjaj2  7,b7    
made "u "p ,e2 or  7,c7 made "u-- 7i7   
subp>t ,,ii ( "p ,a ( title ,,vii ( !   
,public ,heal? ,s]vice ,act 7#db        
,u4,s4,c4 #bibq et seq472 or  7ii7 "p ,e
 ( title ,,viii ( ! ,public ,heal?      
,s]vice ,act 7#db ,u4,s4,c4 #big;a et   

seq474  7#b7 ,qualifi$ borr[] ,! t]m    
qualifi$ borr[] means a borr[] ( a loan 
"u ?is "p1 or ,,ffel1 ,p]k9s1 or ,,phsa 
/ud5t loan1 = :i* ! fir/ disbursem5t 0  
made1 or ! application = a consolidation
 loan 0 receiv$1 be=e ,july #a1 #bjbj4  
7b7 ,9 g5]al ,beg9n+ n lat] ?an #ij days
 aft] ! date ( enactm5t ( ! ,bank on    
,/ud5ts ,coronavirus ,em]g5cy ,loan     
,ref9anc+ ,act ( #bjbj1 ! ,secret>y %all
 e/abli% a program "u :i* ! ,secret>y   
makes a loan "u ?is "p1 9 accordance ) !
 provisions ( ?is section1 9 ord] to    
p]mit a qualifi$ borr[] to obta9 !      
int]e/ rate provid$ "u subsection 7d74  
7c7 ,ref9anc+ ,direct ,loans  7#a7      
,f$]al ,direct ,loans  7,a7 ,9 g5]al ,by
 n lat] ?an #abj days aft] ! date (     
enactm5t ( ! ,bank on ,/ud5ts           
,coronavirus ,em]g5cy ,loan ,ref9anc+   
,act ( #bjbj1 ! ,secret>y %all repay a  
,f$]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[] "u ?is  
section 9 an am\nt equal to ! sum ( !   
unpaid pr9cipal1 accru$ unpaid int]e/1 &
 late *>ges ( ! orig9al loan4  7,b7     
,in=mation ,! ,secret>y %all notify ea* 
qualifi$ borr[] ( a loan ref9anc$ "u    
subp>agraph 7,a7 reg>d+ ! ref9anc+ & !  
b5efits ! ref9anc+ provides to !        
qualifi$ borr[]4  7#b7 ,ref9anc+ ,,ffel1
 ,p]k9s1 or ,,phsa /ud5t loans z        
ref9anc$ ,f$]al ,direct ,loans ,^u      
application ( a qualifi$ borr[] ( any   
,,ffel1 ,p]k9s1 or ,,phsa /ud5t loan1 ! 
,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$s ( su* loan to !     
hold] ( ! ,,ffel1 ,p]k9s1 or ,,phsa     
/ud5t loan1 9 ord] to dis*>ge ! borr[] f
 any rema9+ obligation ) respect to !   
orig9al loan4  7,b7 ,any ,f$]al /ud5t   
loan made "u ?is section t 0 orig9ally a
 loan describ$ 9 subsection 7a77#a77;,a7
 & t 0 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$]al ,direct ,consolidation      
,loan4  7,c7 ,any ,f$]al /ud5t loan made
 "u ?is section t 0 orig9ally a loan    
describ$ 9 subp>agraph 7,b7 or 7,c7 (   
subsection 7a77#a7 %all be a ,f$]al     
,direct ,consolidation ,loan4  7,d7 ,!  
int]e/ rate = ea* loan made by !        
,secret>y "u ?is p>agraph %all be ! rate
 provid$ "u subsection 7d74  7d7 ,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      
#bjbj1 & end+ on ,june #cj1 #bjba2  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      
#bjbj1 & end+ on ,june #cj1 #bjba2  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      
#bjbj1 & end+ on ,june #cj1 #bjba2  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#b72 &  7,e7 9  
any case :]e ! orig9al loan 0 a ,f$]al  
/ud5t loan describ$ 9 subp>agraph 7,b7  
or 7,c7 ( subsection 7a77#a71 ! less]   
(-- 7i7 7,i7 9 any case :]e ! orig9al   
loan 0 issu$ to an und]graduate /ud5t1 !
 rate t applies "u subp>agraph 7,a72 or 
7,,ii7 9 any case :]e ! orig9al loan 0  
issu$ to a graduate or pr(essional      
/ud5t1 ! rate t applies "u subp>agraph  
7,b72 or  7ii7 ! orig9al int]e/ rate ( !
 loan4  7#b7 ,int]e/ ,rates = ,ref9anc$ 
,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 ,loan1 t is 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  
,loan1 t is 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$]al ,direct ,,plus ,loans = !        
#ab-mon? p]iod beg9n+ on ,july #a1      
#bjbj1 & end+ on ,june #cj1 #bjba2 or   
7,,ii7 ! orig9al int]e/ rate ( !        
compon5t loan4  7iv7 ,! int]e/ rate =   
any loan "u "p ,e ( ?is title1 or subp>t
 ,,ii ( "p ,a ( title ,,vii or "p ,e (  
title ,,viii ( ! ,public ,heal? ,s]vice 
,act 7#db ,u4,s4,c4 #bibq et seq42      
#big;a et seq471 %all be a rate equal to
 ! less] (-- 7,i7 ! rate = ,f$]al       
,direct ,/af=d ,loans & ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loans issu$ to     
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  7v7 ,!  
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 
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  7#d7 ,rule (  
con/ruction ,no?+ 9 ?is section %all be 
con/ru$ to prev5t a borr[] ( a ,f$]al   
/ud5t loan describ$ 9 subp>agraph 7,b7  
or 7,c7 ( subsection 7a77#a7 f          
consolidat+ su* loans ) o!r loans       
eligible = consolidation "u ?is section1
 or to require su* a borr[] to          
consolidate su* loans ) o!r ,f$]al /ud5t
 loans into a s+le consolidation loan "u
 ?is section4  7e7 ,t]ms & conditions ( 
loans  7#a7 ,9 g5]al ,a loan t is       
ref9anc$ "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  7#c7 ,special rule =     
ref9anc$ p]k9s & heal? loans ,not)/&+   
p>agraph 7#a71 9 ! case ( a loan t is   
ref9anc$ "u ?is section z a ,f$]al      
,direct ,consolidation ,loan & t 0      
orig9ally a loan describ$ 9 subp>agraph 
7,b7 or 7,c7 ( subsection 7a77#a7-- 7,a7
 ! ref9anc$ ,f$]al ,direct              
,consolidation ,loan %all h ! same t]ms 
& conditions z a ,f$]al ,direct         
,consolidation ,loan1 except z o!rwise  
provid$ 9 ?is section2 &  7,b7 !        
,secret>y may adju/ su* t]ms &          
conditions z necess>y to enable ! borr[]
 to access loan =giv5ess or o!r b5efits 
available to ! borr[] "u ! loan be=e    
ref9anc+ "u ?is section1 9 any case :]e 
su* b5efits are m g5]\s ?an provid$ "u a
 ,f$]al ,direct ,consolidation ,loan4   
7f7 ,notification to borr[]s ,!         
,secret>y1 9 coord9ation ) ! ,director (
 ! ,bureau ( ,consum] ,f9ancial         
,protection1 %all und]take a campaign to
 al]t borr[]s ( ,,ffel1 ,p]k9s1 or      

,,phsa /ud5t 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$]al /ud5t loan ref9anc+4  7#b7      
,requir+ s]vic]s ( loans "u "p ,b to    
provide su* consum] in=mation to borr[]s
 9 a mann] det]m9$ 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 has an    
eligible private education loan4  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 ,private educational
 l5d]s ,n lat] ?an #ahj days aft] ! date
 ( enactm5t ( ! ,bank on ,/ud5ts        
,coronavirus ,em]g5cy ,loan ,ref9anc+   
,act ( #bjbj1 ! ,secret>y1 9            
consultation ) ! ,secret>y ( ! ,treasury
 & ! ,director ( ! ,bureau ( ,consum]   
,f9ancial ,protection1 %all e/abli%     

eligibility requirem5ts to preclude     
w9dfall pr(its = private educational    
l5d]s4  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 #bjbj1 & end+ on ,june #cj1   
#bjba2 &  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      
#bjbj1 & end+ on ,june #cj1 #bjba4  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$]al      
,direct ,,plus ,loans = ! #ab-mon? p]iod
 beg9n+ on ,july #a1 #bjbj1 & end+ on   
,june #cj1 #bjba4  7#c7 ,fix$ ,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 ,special rule =        
eligibility = s]vice-,relat$ repaym5t   
7#a7 ,9 g5]al ,not)/&+ sections         
#dbh,k7a77#b71 #dbh,l7b77#b71           
#dee7m77#c77;,a71 & #dfj7;b71 a ,f$]al  

,direct ,ref9anc$ ,private ,loan %all be
 eligible = any loan repaym5t or loan   
=giv5ess program "u section #dbh,k1     
#dbh,l1 or #dfj1 or = ! repaym5t plan = 
public s]vice employees "u section      
#dee7m71 b only ) respect to any balance
 due1 paym5ts made1 or s]vice complet$1 
aft] ! date on :i* su* ,f$]al ,direct   
,ref9anc$ ,private ,loan 0 issu$4  7f7  
,private educational l5d] report+       
requirem5t  7#a7 ,report+ requir$ ,n    
lat] ?an #ahj days aft] ! date (        
enactm5t ( ! ,bank on ,/ud5ts           
,coronavirus ,em]g5cy ,loan ,ref9anc+   
,act ( #bjbj1 ! ,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  7c7 ,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$]al ,direct1 ,,ffel1 &     
,,plus loans ,9 calculat+ ! p]iod ( "t  
dur+ :i* a borr[] ( a loan 7) !         
exception ( a ,f$]al ,consolidation     
,loan7 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 ,ref9anc$ ,f$]al direct  
consolidation loans ,9 calculat+ ! p]iod
 ( "t dur+ :i* a borr[] ( a ,f$]al      
,consolidation ,loan t is ref9anc$ "u   
section #dfj;,a has made mon?ly paym5ts 

= ! purposes ( subsection 7b77#g71 !    
,secret>y %all-- 7,a7 review ! borr[]'s 
paym5t hi/ory to id5tify ea* compon5t   
loan ( su* ,f$]al ,direct ,consolidation
 ,loan2  7,b7 = ea* su* compon5t loan-- 
7i7 calculate ! weight$ factor ( !      
compon5t loan1 :i* %all be ! factor t   
repres5ts ! portion ( su* ,f$]al ,direct
 ,consolidation ,loan t is attributable 
to su* compon5t loan2 &  7ii7 det]m9e ! 
numb] ( qualify+ mon?ly paym5ts made on 
su* compon5t loan be=e consolidation2   
7,c7 calculate ! numb] ( qualify+ mon?ly
 paym5ts det]m9$ "u subp>agraph 7,b77ii7
 ) respect to a compon5t loan t %all be 
deem$ z qualify+ mon?ly paym5ts made on 
! ,f$]al ,direct ,consolidation ,loan by
 multiply+-- 7i7 ! weight$ factor ( su* 
compon5t loan z det]m9$ "u subp>agraph  
7,b77i72 by  7ii7 ! numb] ( qualify+    
mon?ly paym5ts made on su* compon5t loan
 z det]m9$ "u subp>agraph 7,b77ii72 &   
7,d7 calculate & in=m ! borr[] ( ! total
 numb] ( qualify+ mon?ly paym5ts )      
respect to ! compon5t loans ( ! ,f$]al  

,direct ,consolidation ,loan t %all be  
deem$ z qualify+ mon?ly paym5ts made on 
! ref9anc$ ,f$]al ,consolidation ,loan1 
by-- 7i7 add+ toge!r ! result ( ea*     
calculation made "u subp>agraph 7,c7 )  
respect to ea* su* compon5t loan2 &     
7ii7 r\nd+ ! numb] det]m9$ "u clause 7i7
 to ! ne>e/ :ole numb]4  7#c7 ,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  7d7     
,con=m+ am5dm5ts ,! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajja et    
seq47 is am5d$-- 7#a7 9 section         
#dbh;,j7c77#b7 7#bj ,u4,s4,c4           
#ajgh-aj7;c77#b771 by ins]t+ a ,f$]al   
,direct ,ref9anc$ ,private ,loan1 aft] a
 ,f$]al ,direct ,unsubsidiz$ ,/af=d     

,loan12  7#b7 9 section #dee 7#bj       
,u4,s4,c4 #ajhg;e7-- 7,a7 9 subsection  
7f77#a77;,b71 by ins]t+ a ,f$]al ,direct
 ,ref9anc$ ,private ,loan1 aft] a ,f$]al
 ,direct ,unsubsidiz$ ,/af=d ,loan12 &  
7,b7 9 subsection 7m77#c77;,a71 by /rik+
 or ,f$]al ,direct ,unsubsidiz$ ,/af=d  
,loan1 & ins]t+ ,f$]al ,direct          
,unsubsidiz$ ,/af=d ,loan1 or ,f$]al    
,direct ,ref9anc$ ,private ,loan12 &    
7#c7 9 section #dfj 7#bj ,u4,s4,c4      
#ajhg;j7-- 7,a7 9 subsection 7b71 by    
/rik+ & ,f$]al ,direct ,unsubsidiz$     
,/af=d ,loans & ins]t+ ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loans1 & ,f$]al    
,direct ,ref9anc$ ,private ,loans2 &    
7,b7 9 subsection 7c7-- 7i7 9 p>agraph  
7#a71 by /rik+ or a ,f$]al ,direct      
,unsubsidiz$ ,/af=d ,loan & ins]t+ 1 a  
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loan1 or a ,f$]al ,direct ,ref9anc$    
,private ,loan2 &  7ii7 9 p>agraph 7#b71
 by ins]t+ a ,f$]al ,direct ,ref9anc$   
,private ,loan1 aft] a ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan14  7e7        

,effective date ,! am5dm5ts made by ?is 
section %all take effect on ,july #a1   
#bjbj4