,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #hfee  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #e1 #bjbb ,ms4 
,foxx 7= h]self1 ,ms4 ,/efanik1 & ,mr4  
,banks7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,education &  
,labor  ,a ,,bill  ,to /reaml9e &       
improve ! ,f$]al /ud5t loan program to  
protect borr[]s & taxpay]s1 prohibit !  
,secret>y ( ,education f ex]cis+        
regulatory ov]rea* & abus+ its          
au?orities grant$ by ,congress1 & ext5d 
,f$]al ,pell ,grant eligibility to c]ta9
 %ort-t]m work=ce developm5t programs4  
#a4 ,%ort title2 table ( cont5ts  7a7   
,%ort title ,?is ,act may be cit$ z !   
,responsible ,education ,assi/ance ?r\gh
 ,loan ,re=ms ,act or ! ,responsible    
,education ,assi/ance ?r\gh ,loan ,re=ms
 ,act 4  7b7 ,table ( cont5ts ,! table (
 cont5ts = ?is ,act is z foll[s3  ,sec4 
#a4 ,%ort title2 table ( cont5ts4 ,sec4 
#b4 ,ref]5ces4 ,title ,i--,limits on    
secret>ial au?ority ,sec4 #aja4         
,limitation on au?ority ( ,secret>y to  

propose or issue regulations & executive
 actions4 ,title ,,ii--,loan re=ms ,"p  
,a--,curr5t borr[]s ,sec4 #bja4         
,income-cont+5t & income-bas$ repaym5t  
plans4 ,"p ,b--,loan rehabilitation &   
loan limits ,sec4 #baa4 ,loan           
rehabilitation4 ,sec4 #bab4 ,loan       
limits4 ,"p ,c--,repaym5t t]ms &        
conditions = loans made on or aft] ,july
 #a1 #bjbc ,sec4 #bba4 ,repaym5t t]ms = 
,f$]al ,direct ,consolidation ,loans4   
,sec4 #bbb4 ,repaym5t inc5tives4 ,sec4  
#bbc4 ,repaym5t plans4 ,sec4 #bbd4      
,public s]vice loan =giv5ess4 ,sec4     
#bbe4 ,income-bas$ repaym5t plan4 ,sec4 
#bbf4 ,def]m5t on loans made on or aft] 
,july #a1 #bjbc4 ,"p ,d--,elim9ation (  
int]e/ capitalization ,sec4 #bca4       
,elim9ation ( int]e/ capitalization4    
,title ,,iii--,work=ce ,pell ,grants    
,sec4 #cja4 ,data collection &          
dissem9ation relat$ to ,work=ce ,pell4  
,sec4 #cjb4 ,program eligibility =      
,work=ce ,pell grants4 ,sec4 #cjd4      
,work=ce ,pell ,grants4 ,sec4 #cje4     

,accr$it+ ag5cy det]m9ation (           
eligibility requirem5ts = ! ,work=ce    
,pell ,grants program4  #b4 ,ref]5ces   
,except z o!rwise expressly provid$1    
:5ev] 9 ?is ,act an am5dm5t or repeal is
 express$ 9 t]ms ( an am5dm5t to1 or    
repeal (1 a section or o!r provision1 ! 
ref]5ce %all be consid]$ to be made to a
 section or o!r provision ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajja et seq474  ,i ,limits on          
secret>ial au?ority  #aja4 ,limitation  
on au?ority ( ,secret>y to propose or   
issue regulations & executive actions   
,"p ,g ( title ,,iv 7#bj ,u4,s4,c4 #ajhh
 et seq47 is am5d$ by ins]t+ aft]       
section #dib ! foll[+3  #dib;,a4        
,limitation on au?ority ( ! ,secret>y to
 propose or issue regulations &         
executive actions  7a7 ,draft           
regulations ,beg9n+ aft] ! date (       
enactm5t ( ?is section1 a draft         
regulation implem5t+ ?is title 7z       
describ$ 9 section #dib7;b77#a77 t is   
det]m9$ by ! ,secret>y to be            

economically significant %all be subject
 to ! foll[+ requirem5ts 7reg>dless (   
:e!r negotiat$ rulemak+ occurs73 7#a7 ,!
 ,secret>y %all det]m9e :e!r ! draft    
regulation1 if implem5t$1 w\ld result 9 
an increase 9 a subsidy co/ result+ f a 
loan modification4  7#b7 ,if ! ,secret>y
 det]m9es "u p>agraph 7#a7 t ! draft    
regulation w\ld result 9 an increase 9 a
 subsidy co/ result+ f a loan           
modification1 !n ! ,secret>y may take no
 fur!r action ) respect to su*          
regulation4  7b7 ,propos$ or f9al       
regulations & executive actions ,beg9n+ 
aft] ! date ( enactm5t ( ?is section1 ! 
,secret>y may n issue a propos$ rule1   
f9al regulation1 or executive action    
implem5t+ ?is title if ! ,secret>y      
det]m9es t ! rule1 regulation1 or       
executive action--  7#a7 is economically
 significant2 &  7#b7 w\ld result 9 an  
increase 9 a subsidy co/ result+ f a    
loan modification4  7c7 ,relation%ip to 
o!r requirem5ts ,! analyses requir$ "u  
subsections 7a7 & 7b7 %all be 9 addition

 to any o!r co/ analysis requir$ "u law 
= a regulation implem5t+ ?is title1     
includ+ any co/ analysis t may be       
requir$ pursuant to ,executive ,ord]    
#abhff 7#eh ,f$4 ,reg4 #eagce2 relat+ to
 regulatory plann+ & review71 ,executive
 ,ord] #acefc 7#gf ,f$4 ,reg4 #chba2    
relat+ to improv+ regulation &          
regulatory review71 or any relat$ or    
successor ord]s4  7d7 ,def9ition ,9 ?is 
section1 ! t]m economically significant1
 :5 us$ ) respect to a draft1 propos$1  
or f9al regulation or executive action1 
means t ! regulation or executive action
 is likely1 z det]m9$ by ! ,secret>y--  
7#a7 to h an annual effect on ! economy 
( #ajj1jjj1jjj or m2 or  7#b7 adv]sely  
to affect 9 a mat]ial way ! economy1 a  
sector ( ! economy1 productivity1       
competition1 jobs1 ! environm5t1 public 
heal? or safety1 or ,/ate1 local1 or    
tribal gov]nm5ts or communities4  4     
,,ii ,loan re=ms  ,a ,curr5t borr[]s    
#bja4 ,income-cont+5t & income-bas$     
repaym5t plans  7a7 ,income-,cont+5t    

repaym5t  7#a7 ,excessive int]e/ cap    
,section #dee7;e7 7#bj ,u4,s4,c4        
#ajhg;e7e77 is am5d$ by add+ at ! end ! 
foll[+3  7#i7 ,excessive int]e/ cap ,!  
,secret>y %all cancel any out/&+ balance
 due on all loans made "u ?is "p 7o!r   
?an an except$ ,,plus ,loan or an       
except$ ,consolidation ,loan z su* t]ms 
are def9$ 9 section #dic;,c7 to a       
borr[]--  7,a7 = :om an income cont+5t  
repaym5t plan "u ?is subsection is 9    
effect1 )\t reg>d to ! p]iod ( "t = :i* 
su* plan has be5 s 9 effect = su*       
borr[]2  7,b7 :o1 9 ! abs5ce ( ?is      
p>agraph1 w\ld n yet be eligible = loan 
cancellation "u su* plan2 &  7,c7 :o has
 repaid1 pursuant to p>agraph 7#g7-- 7i7
 7,i7 subject to subclause 7,,ii71 an   
am\nt on su* loans t is equal to ! total
 am\nt ( pr9cipal & int]e/ t ! borr[]   
w\ld h repaid "u a /&>d repaym5t plan "u
 section #dee7;d77#a77;,a71 bas$ on a   
#aj-ye> repaym5t p]iod1 :5 ! borr[]     
ent]$ repaym5t on su* loans2 or  7,,ii7 
9 ! case ( a ,f$]al ,direct             

,consolidation ,loan1 an am\nt on su*   
loan t is equal to ! total am\nt (      
pr9cipal & int]e/ t ! borr[] w\ld h     
repaid "u ! repaym5t s*$ule e/abli%$ =  
su* loan "u section #dbh;,c7c77#b7 on ! 
date on :i* su* loan 0 made2 &  7ii7 an 
am\nt equal to ! am\nt ( any unpaid     
int]e/ t has accru$1 b 0 n includ$ 9 !  
calculation ( ! total am\nt pr9cipal &  
int]e/ t w\ld h be5 repaid "u ! /&>d    
repaym5t plan or s*$ule describ$ 9      
clause 7i7--  7,i7 dur+ any def]m5t     
p]iod describ$ 9 clause 7i7 or 7ii7 (   
section #dee7;f77#b77;,a72 &  7,,ii7    
dur+ any =be>ance p]iod :ile s]v+ 9 a   
m$ical or d5tal int]n%ip or resid5cy    
program z describ$ 9 section            
#dbh7;c77#c77;,a77i77,i72 &  4  7#b7    
,excessive int]e/ cap = di/ress$ borr[]s
 ,section #dee7;e7 7#bj ,u4,s4,c4       
#ajhg;e7e77 is fur!r am5d$ by add+ at ! 
end ! foll[+3  7#aj7 ,excessive int]e/  
cap = di/ress$ borr[]s  7,a7 ,9 g5]al ,!
 ,secret>y %all cancel ! balance (      
int]e/ due 79 accordance ) subp>agraph  

7,b77 on any loan made "u ?is "p 7o!r   
?an an except$ ,,plus or except$        
consolidation loan 7z def9$ 9 section   
#dic;,c77 to a borr[]--  7i7  7,i7 :o   
has be5 9 repaym5t = n less ?an a       
#aj-ye> p]iod on su* loan2 or  7,,ii7 9 
! case ( a ,f$]al ,direct ,consolidation
 ,loan1 :o has be5 9 repaym5t on su*    
loan = n less ?an ! repaym5t p]iod "u ! 
repaym5t s*$ule e/abli%$ = su* loan "u  
section #dbh;,c7c77#b7 on ! date on :i* 
su* loan 0 made2 &  7ii7 ^: fir/ mon?ly 
paym5t on su* loan pursuant to p>agraph 
7#g7 t is n less ?an ! full am\nt due on
 su* loan = su* mon?1 aft] ! date (     
enactm5t ( ! ,,real ,re=ms ,act1 is     
insuffici5t to cov] ! int]e/ t has      
accru$ on su* loan = su* mon?1 & results
 9 high] balance ( pr9cipal & int]e/ on 
su* loan4  7,b7 ,am\nt ( int]e/         
cancellation ,! ,secret>y %all cancel ! 
obligation to repay ! balance ( int]e/  
due on su* loan z ( ! "t ( ! paym5t     
describ$ 9 subp>agraph 7,a77ii7 on su*  
loan4  4  7b7 ,income-,bas$ repaym5t    

7#a7 ,excessive int]e/ cap ,section     
#dic;,c7b77#g77;,b7 7#bj ,u4,s4,c4      
#ajih;e7b77#g77;,b77 is am5d$-- 7,a7 by 
r$esignat+ clauses 7i7 ?r\gh 7v7 z      
subclauses 7,i7 ?r\gh 7,v71             
respectively1 & mov+ ! m>g9s accord+ly2 
7,b7 by /rik+ ! foll[+3  7,b7 = a p]iod 
2 & ins]t+ ! foll[+3  7,b7  7i7 = a     
p]iod  2  7,c7 by ins]t+ or at ! end (  
clause 7i77,v71 z s r$esignat$2 &  7,d7 
by add+ at ! end ! foll[+3  7ii7 9 !    
abs5ce ( ?is clause1 w\ld n yet be      
eligible = loan cancellation or repaym5t
 "u ?is p>agraph1 & has repaid1 pursuant
 to clause 7i7--  7,i7  7aa7 subject to 
item 7bb71 an am\nt on su* loans t is   
equal to ! total am\nt ( pr9cipal &     
int]e/ t ! borr[] w\ld h repaid "u a    
/&>d repaym5t plan "u section           
#dbh7;b77#i77;,a77i7 or section         
#dee7;d77#a77;,a71 bas$ on a #aj-ye>    
repaym5t p]iod1 :5 ! borr[] ent]$       
repaym5t on su* loans2 or  7bb7 9 ! case
 ( a ,f$]al ,direct ,consolidation ,loan
 or a loan made "u section #dbh;,c1 an  

am\nt on su* loan t is equal to ! total 
am\nt ( pr9cipal & int]e/ t ! borr[]    
w\ld h repaid "u ! repaym5t s*$ule      
e/abli%$ = su* loan "u section          
#dbh;,c7c77#b7 on ! date on :i* su* loan
 0 made2 &  7,,ii7 an am\nt equal to !  
am\nt ( any unpaid int]e/ t has accru$1 
b 0 n includ$ 9 ! calculation ( ! total 
am\nt pr9cipal & int]e/ t w\ld h be5    
repaid "u ! /&>d repaym5t plan or s*$ule
 describ$ 9 subclause 7,i7-- 7aa7 dur+  
any def]m5t p]iod describ$ 9 section    
#dbg7;a77#b77;,c77i7 or                 
#dbh7;b77#a77,m77i71 or clause 7i7 or   
7ii7 ( section #dee7;f77#b77;,a72 &     
7bb7 dur+ any =be>ance p]iod :ile s]v+ 9
 a m$ical or d5tal int]n%ip or resid5cy 
program z describ$ 9 section            
#dbh7;c77#c77;,a77i77,i72  4  7#b7      
,cl>ification ( repaym5t ( "p ,b loans  
,section #dic;,c7b7 7#bj ,u4,s4,c4      
#ajih;e7b77 is fur!r am5d$--  7,a7 by   
/rik+ & at end ( p>agraph 7#h72  7,b7 by
 /rik+ ! p]iod at ! end ( p>agraph 7#i72
 &  7,c7 by add+ ! end ! foll[+3  7#aj7 

9 repay+ "u clause 7ii7 ( p>agraph      
7#g77;,b7 ! out/&+ balance ( pr9cipal & 
int]e/ due on a loan made "u "p ,b to a 
borr[] :o meets ! requirem5ts ( su*     
clause 7ii71 or 9 repay+ "u subsection  
7g7 ! balance ( int]e/ due on a loan    
made "u "p ,b to a borr[] :o meets !    
requirem5ts ( su* subsection 7g71 !     
,secret>y %all--  7,a7 ent] into an     
agreem5t ) ! hold] ( su* loan 7or1 if ! 
hold] acts z an eligible l5d] tru/ee = !
 b5eficial own] ( ! loan1 ! b5eficial   
own] ( ! loan7 = ! purpose ( assum+ !   
repaym5t obligations ( ! borr[] 9       
accordance ) subp>agraph 7,b71 except t 
! ,secret>y %all n assign to ! ,unit$   
,/ates ! "r to su* loan2  7,b7 7i7 9 !  
case ( a repaym5t "u p>agraph           
7#g77;,b77ii71 assume ! obligation ( !  
borr[] to repay ! hold] ( su* loan 7or1 
if ! hold] acts z an eligible l5d]      
tru/ee = ! b5eficial own] ( ! loan1 !   
b5eficial own] ( ! loan7 ! total am\nt (
 pr9cipal & int]e/ rema9+ to be repaid  
on su* loan 7aft] tak+ into acc\nt !    

am\nts repaid by ! borr[] "u p>agraph   
7#g77;,b77ii7 & ! ,secret>y "u          
subsection 7g71 if applicable7 accord+  
to ! t]ms & conditions1 includ+ !       
repaym5t s*$ule1 t 7 9 effect ) respect 
to su* loan on ! day be=e ! ,secret>y   
assumes su* obligation2 or  7ii7 9 !    
case ( a repaym5t "u subsection 7g71    
assume ! obligation ( ! borr[] to repay 
! hold] ( su* loan 7or1 if ! hold] acts 
z an eligible l5d] tru/ee = ! b5eficial 
own] ( ! loan1 ! b5eficial own] ( !     
loan7 ! balance ( int]e/ due on su* loan
 z ( ! "t ( ! paym5t describ$ 9         
subsection 7g77#a77;,b7 on su* loan     
accord+ to ! t]ms & conditions1 includ+ 
! repaym5t s*$ule1 t 7 9 effect )       
respect to su* loan on ! day be=e !     
,secret>y assumes su* obligation2 &     
7,c7 ensure t ! hold] ( su* loan 7or1 if
 ! hold] acts z an eligible l5d] tru/ee 
= ! b5eficial own] ( ! loan1 ! b5eficial
 own] ( ! loan7 %all1 ^u ent]+ into an  
agreem5t describ$ 9 subp>agraph 7,a7 )  
respect to a loan ( a borr[]1 reports to

 consum] report+ ag5cies t--  7i7 9 !   
case ( a repaym5t "u p>agraph           
7#g77;,b77ii71 ! borr[]'s liability on  
su* loan has be5 dis*>g$2 &  7ii7 9 !   
case ( a repaym5t "u subsection 7g71 !  
borr[]'s liability has be5 dis*>g$ )    
respect to ! balance ( ! int]e/ due on  
su* loan z ( ! "t ( ! paym5t describ$ 9 
subsection 7g77#a77;,b7 on su* loan4  4 
7#c7 ,rules ( con/ruction ,section      
#dic;,c 7#bj ,u4,s4,c4 #ajih;e7 is am5d$
 by add+ at ! end ! foll[+3  7f7 ,rules 
( con/ruction ,no?+ 9 subsection        
7b77#aj7 %all be con/ru$ to au?orize !  
,secret>y to--  7#a7 revoke ! rights to 
a special all[ance "u section #dch ( !  
hold] 7or1 if ! hold] acts z an eligible
 l5d] tru/ee = ! b5eficial own] ( !     
loan1 ! b5eficial own] ( ! loan7 ( !    
loans be+ repaid by ! ,secret>y "u      
subsection 7b77#aj72  7#b7 prepay su*   
loan ahead ( repaym5t s*$ule ) respect  
to su* loans describ$ 9 subp>agraph 7,b7
 ( subsection 7b77#aj72 or  7#c7 use any
 au?ority or take any actions beyond :at

 is au?oriz$ explicitly 9 subsection    
7b77#aj74  4  7#d7 ,excessive int]e/ cap
 = di/ress$ borr[]s ,section #dic;,c    
7#bj ,u4,s4,c4 #ajih;e7 is fur!r am5d$  
by add+ at ! end ! foll[+3  7g7         
,excessive int]e/ cap = di/ress$ borr[]s
  7#a7 ,9 g5]al ,! ,secret>y %all repay 
or cancel ! balance ( int]e/ due 79     
accordance ) p>agraph 7#b77 on any loan 
made "u "p ,b or ,d 7o!r ?an an except$ 
,,plus or except$ consolidation loan7 to
 a borr[]-- 7,a7 7i7 :o has be5 9       
repaym5t = n less ?an a #aj-ye> p]iod on
 su* loan2 or  7ii7 9 ! case ( a ,f$]al 
,direct ,consolidation ,loan or a       
consolidation loan "u section #dbh;,c1  
:o has be5 9 repaym5t on su* loan = n   
less ?an ! repaym5t p]iod "u ! repaym5t 
s*$ule e/abli%$ = su* loan "u section   
#dbh;,c7c77#b7 on ! date on :i* su* loan
 0 made2 &  7,b7 ^: fir/ mon?ly paym5t  
on su* loan pursuant to subsection      
7b77#g7 t is n less ?an ! full am\nt due
 on su* loan = su* mon?1 aft] ! date (  
enactm5t ( ! ,,real ,re=ms ,act1 is     

insuffici5t to cov] ! int]e/ t has      
accru$ on su* loan = su* mon?1 & results
 9 high] balance ( pr9cipal & int]e/ on 
su* loan4  7#b7 ,am\nt ( int]e/ repaym5t
 or cancellation ,! ,secret>y %all repay
 or cancel ! obligation to repay !      
balance ( int]e/ due on su* loan z ( !  
"t ( ! paym5t describ$ 9 p>agraph       
7#a77;,b7 on su* loan4  4  ,b ,loan     
rehabilitation & loan limits  #baa4     
,loan rehabilitation  7a7 ,9 g5]al      
,section #dbh;,f7a77#e7 7#bj ,u4,s4,c4  
#ajgh-f7 is am5d$ by /rik+ "o "t &      
ins]t+ two times4  7b7 ,application (   
am5dm5t ,! am5dm5t made by ?is section  
%all apply to any borr[] ( a loan made1 
insur$1 or gu>ante$ "u title ,,iv ( !   
,high] ,education ,act ( #aife be=e1 on1
 or aft] ! date ( enactm5t ( ?is ,act4  
#bab4 ,loan limits  7a7 ,graduate &     
pr(essional /ud5ts  7#a7 ,aggregate &   
annual limits ,section #dee7;a7 7#bj    
,u4,s4,c4 #ajhg;e7a77 is am5d$--  7,a7 9
 p>agraph 7#c7-- 7i7 9 subp>agraph      
7,a77ii71 by ins]t+ be=e ! p]iod at !   

end ! foll[+3 1 except t = any p]iod (  
in/ruction beg9n+ on or aft] ,july #a1  
#bjbc1 & subject to subp>agraph 7,d71   
su* maximum annual am\nt may n exce$    
#be1jjj2 &  7ii7 by add+ at ! end !     
foll[+3  7,c7 ,aggregate limits ,subject
 to subp>agraph 7,d71 = any p]iod (     
in/ruction beg9n+ on or aft] ,july #a1  
#bjbc1 ! maximum aggregate am\nt ( loans
 "u ?is "p t a graduate or pr(essional  
/ud5t may borr[ = enrollm5t 9 a program 
( graduate or pr(essional education %all
 be #ajj1jjj4  7,d7 ,exception = c]ta9  
/ud5ts ,! annual & aggregate limits     
describ$ 9 subp>agraphs 7,a77ii7 & 7,c7 
= any p]iod ( in/ruction beg9n+ on or   
aft] ,july #a1 #bjbc1 %all n apply to   
any /ud5t enroll$ 9 a program ( /udy z (
 ,june #cj1 #bjbc1 or any loans made "u 
?is "p to 7or on behalf (7 su* /ud5t1   
dur+ ! p]iod requir$ = ! completion (   
su* program4  4  7#b7 ,t]m9ation (      
au?ority to make ,f$]al ,direct ,,plus  
,loans to graduate & pr(essional /ud5ts 
,section #dee7;a7 7#bj ,u4,s4,c4        

#ajhg;e7a77 is fur!r am5d$ by add+ at ! 
end ! foll[+3  7#d7 ,t]m9ation (        
au?ority to make ,f$]al ,direct ,,plus  
,loans to graduate & pr(essional /ud5ts 
7,a7 ,9 g5]al ,not)/&+ any provision (  
?is "p or "p ,b1 & except z o!rwise     
provid$ 9 subp>agraph 7,b71 = any p]iod 
( in/ruction beg9n+ on or aft] ,july #a1
 #bjbc1 a graduate or pr(essional /ud5t 
%all n be eligible to receive a ,f$]al  
,direct ,,plus ,loan "u ?is "p =        
enrollm5t 9 a program ( graduate or     
pr(essional education4  7,b7 ,exception 
= c]ta9 /ud5ts ,?is p>agraph %all n     
apply to any /ud5t enroll$ 9 a program (
 /udy at an eligible in/itution z (     
,june #cj1 #bjbc1 or any loans made "u  
?is "p to 7or on behalf (7 su* /ud5t1   
dur+ ! p]iod requir$ = ! completion (   
su* program4  4  7b7 ,in/itutionally    
det]m9$ limits ,section #dee7;a7 7#bj   
,u4,s4,c4 #ajhg;e7a77 is fur!r am5d$ by 
add+ at ! end ! foll[+3  7#e7           
,in/itutionally det]m9$ limits  7,a7 ,9 
g5]al ,not)/&+ any o!r provision ( ?is  

subsection1 an eligible in/itution 7at !
 discretion ( a f9ancial aid adm9i/rator
 at ! in/itution7 may prorate or limit !
 am\nt ( a loan any /ud5t 7o!r ?an a    
/ud5t describ$ 9 subp>agraph 7,d77 :o is
 enroll$ 9 a program ( /udy = a p]iod ( 
in/ruction beg9n+ on or aft] ,july #a1  
#bjbc1 at t in/itution1 may borr[ "u ?is
 "p = an academic ye>--  7i7 if !       
in/itution c reasonably demon/rate t    
/ud5t debt levels are or w\ld be        
excessive = su* program1 bas$ on-- 7,i7 
! mo/ rec5tly available data f ! ,bureau
 ( ,labor ,/ati/ics = ! av]age />t+     
sal>y 9 ! region 9 :i* ! in/itution is  
locat$ = typical occupations pursu$ by  
graduates ( su* program2 or  7,,ii7 !   
mo/ rec5tly available data f ! ,college 
,scorec>d 7or successor website7 on--   
7aa7 ! m$ian e>n+s ( /ud5ts :o complete 
su* program2 &  7bb7 ! m$ian debt ow$1 &
 ! repaym5t rate1 on loans made "u ?is  
"p1 ( su* /ud5ts2  7ii7 9 a case 9 :i* !
 /ud5t is enroll$ on a less ?an full-"t 
basis or ! /ud5t is enroll$ = less ?an !

 p]iod ( enrollm5t to :i* ! annual loan 
limit applies "u ?is subsection1 bas$ on
 ! /ud5t's enrollm5t /atus2  7iii7 bas$ 
on ! cr$5tial level 7su* z a degree1    
c]tificate1 or o!r recogniz$ educational
 cr$5tial7 t ! /ud5t w\ld atta9 ^u      
completion ( su* program2 or  7iv7 bas$ 
on ! ye> ( ! program = :i* ! /ud5t is   
seek+ su* loan4  7,b7 ,application to   
all /ud5ts ,any proration or limit+ (   
loan am\nts "u subp>agraph 7,a7 %all be 
appli$ 9 ! same mann] to all /ud5ts     
enroll$ 9 ! in/itution or program (     
/udy4  7,c7 ,increases = ,individual    
,/ud5ts ,^u ! reque/ ( a /ud5t ^: loan  
am\nt = an academic ye> has be5 prorat$ 
or limit$ "u subp>agraph 7,a71 an       
eligible in/itution 7at ! discretion ( !
 f9ancial aid adm9i/rator at !          
in/itution7 may increase su* loan am\nt 
to an am\nt n exce$+ ! annual loan am\nt
 applicable to su* /ud5t "u ?is p>agraph
 = su* academic ye> if su* /ud5t        
demon/rates special circum/ances or     
exceptional ne$4  7,d7 ,exception =     

c]ta9 /ud5ts ,?is p>agraph %all n apply 
to any /ud5t enroll$ 9 a program ( /udy 
at an eligible in/itution z ( ,june #cj1
 #bjbc1 or any loans made "u ?is "p to  
7or on behalf (7 su* /ud5t1 dur+ ! p]iod
 requir$ = ! completion ( su* program4  
4  ,c ,repaym5t t]ms & conditions =     
loans made on or aft] ,july #a1 #bjbc   
#bba4 ,repaym5t t]ms = ,f$]al ,direct   
,consolidation ,loans ,section          
#dbh;,c7c7 7#bj ,u4,s4,c4 #ajgh-c7;c77  
is am5d$--  7#a7 9 p>agraph 7#b77;,a71 9
 ! fir/ s5t5ce ( subp>agraph 7,a71 by   
ins]t+ 1 includ+ income-bas$ repaym5t   
s*$ules "u section #dfj;,a1 9 ! case (  
,f$]al ,direct ,consolidation ,loans    
made on or aft] ,july #a1 #bjbc aft]    
income-bas$ repaym5t s*$ules2 &  7#b7 9 
p>agraph 7#c7--  7,a7 9 subp>agraph     
7,a71 by ins]t+ or an income-bas$       
repaym5t s*$ule "u section #dfj;,a aft] 
section #dic;,c2 &  7,b7 9 subp>agraph  
7,c71 by ins]t+ or an income-bas$       
repaym5t s*$ule "u section #dfj;,a aft] 
section #dic;,c4  #bbb4 ,repaym5t       

inc5tives  7a7 ,am5dm5t ,section        
#dee7;b77#i77;,c7 7#bj ,u4,s4,c4        
#ajhg;e7b77#i77;,c77 is am5d$ by ins]t+ 
7:i* 9 ! case ( a loan = :i* ! fir/     
disbursem5t ( pr9cipal is made on or    
aft] ,july #a1 #bjbc1 may n exce$ ?an   
#j4be p]c5tage po9ts7 aft] int]e/ rate  
r$uction4  7b7 ,application ( am5dm5t ,!
 am5dm5t made by ?is section %all n     
apply to any borr[] :o is a /ud5t       
enroll$ 9 a program ( /udy at an        
in/itution ( high] education 7z def9$ 9 
section #ajb ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajjb77 z ( ,june
 #cj1 #bjbc1 or any loans made "u "p ,d 
( title ,,iv ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 
to 7or on behalf (7 su* /ud5t1 dur+ !   
p]iod requir$ = ! completion ( su*      
program4  #bbc4 ,repaym5t plans ,section
 #dee7;d7 7#bj ,u4,s4,c4 #ajhg;e7d77 is 
am5d$ by add+ at ! end ! foll[+3  7#f7  
,repaym5t plans = loans made on or aft] 
,july #a1 #bjbc  7,a7 ,design &         
selection ,not)/&+ p>agraph 7#a7 &      

except z provid$ 9 subp>agraph 7,e71 !  
,secret>y %all (f] a borr[] ( a loan    
made "u ?is "p on or aft] ,july #a1     
#bjbc1 two plans = repaym5t ( su* loan1 
includ+ pr9cipal & int]e/ on ! loan4 ,! 
borr[] %all be entitl$ to accel]ate1 )\t
 p5alty1 repaym5t on su* loans4 ,!      
borr[] may *oose--  7i7 a /&>d repaym5t 
plan ) a fix$ mon?ly repaym5t am\nt paid
 ov] a fix$ p]iod ( "t1 n to exce$ #aj  
ye>s2 or  7ii7 an income-bas$ repaym5t  
plan "u section #dfj;,a4  7,b7          
,selection by ,secret>y ,if su* borr[]  
does n select a repaym5t plan describ$ 9
 subp>agraph 7,a71 ! ,secret>y %all     
provide ! borr[] ) ! repaym5t plan      
describ$ 9 subp>agraph 7,a77i74  7,c7   
,*anges 9 selection  7i7 ,9 g5]al       
,subject to clause 7ii71 a borr[] may   
*ange ! borr[]'s selection ( a repaym5t 
plan "u subp>agraph 7,a71 or !          
,secret>y's selection ( a plan = !      
borr[] "u subp>agraph 7,b71 z ! case may
 be1 "u su* t]ms & conditions z may be  
e/abli%$ by ! ,secret>y1 except t !     

,secret>y may n e/abli% any t]ms or     
conditions ) respect to :e!r a borr[]   
may *ange ! borr[]'s repaym5t plan4     
,no?+ 9 ?is subsection %all prohibit !  
,secret>y f enc\rag+ /ruggl+ borr[]s f  
enroll+ 9 ! income-bas$ repaym5t plan "u
 section #dfj;,a4  7ii7 ,same repaym5t  
plan requir$ ,all loans made "u ?is "p  
on or aft] ,july #a1 #bjbc1 to a borr[] 
%all be repaid "u ! same repaym5t plan  
"u subp>agraph 7,a71 except t ! borr[]  
may repay an except$ ,,plus loan or an  
except$ consolidation loan 7z su* t]ms  
are def9$ 9 section #dic;,c7a77         
sep>ately f o!r loans made "u ?is "p to 
! borr[]4  7,d7 ,repaym5t aft] default  
,! ,secret>y may require a borr[] :o has
 default$ on a loan made "u ?is "p on or
 aft] ,july #a1 #bjbc1 to--  7i7 pay all
 reasonable collection co/s associat$ ) 
su* loan2 &  7ii7 repay ! loan pursuant 
to ! income-bas$ repaym5t plan "u       
section #dfj;,a4  7,e7 ,exception =     
c]ta9 borr[]s ,?is p>agraph %all n apply
 to any borr[] :o is /ud5t :o is enroll$

 9 a program ( /udy at an in/itution (  
high] education z ( ,june #cj1 #bjbc1 or
 any loans made to 7or on behalf (7 su* 
borr[]1 dur+ ! p]iod requir$ = !        
completion ( su* program4  7,f7 ,rule ( 
con/ruction ,no?+ 9 ?is p>agraph %all be
 con/ru$ to au?orize1 ) respect to a    
borr[] ( loans made "u ?is "p on or aft]
 ,july #a1 #bjbc--  7i7 eligibility = a 
repaym5t plan t is n describ$ 9 clause  
7i7 or 7ii7 ( subp>agraph 7,a72 or  7ii7
 ! ,secret>y to--  7,i7 c>ry out a      
repaym5t plan t is n describ$ 9 su*     
clause 7i7 or 7ii72 or  7,,ii7 modify a 
repaym5t plan t is describ$ 9 su* clause
 7i7 or 7ii74  4  #bbd4 ,public s]vice  
loan =giv5ess  7a7 ,am5dm5t ,section    
#dee7m77#c77;,a7 7#bj ,u4,s4,c4         
#ajhg;e7m77#c77;,a77 is am5d$ by ins]t+ 
be=e ! p]iod at ! end ! foll[+3 t 0 made
 be=e ,july #a1 #bjbc4  7b7 ,application
 ( am5dm5t ,! am5dm5t made by ?is       
section %all n apply to any borr[] :o is
 a /ud5t enroll$ 9 a program ( /udy at  
an in/itution ( high] education 7z def9$

 9 section #ajb ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajjb77 z ( 
,june #cj1 #bjbc1 or any loans made "u  
"p ,d ( title ,,iv ( ! ,high] ,education
 ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et 
seq47 to 7or on behalf (7 su* /ud5t1    
dur+ ! p]iod requir$ = ! completion (   
su* program4  #bbe4 ,income-bas$        
repaym5t plan  7a7 ,e/abli%m5t ( new    
,,ibr ,"p ,d ( title ,,iv 7#bj ,u4,s4,c4
 #ajhg;e et seq47 is fur!r am5d$ by add+
 at ! end ! foll[+3  #dfj;,a4           
,income-bas$ repaym5t program  7a7 ,9   
g5]al ,not)/&+ any o!r provision ( ?is  
,act1 ! ,secret>y %all c>ry out a       
program "u :i*--  7#a7 a borr[] 7o!r ?an
 a borr[] describ$ 9 section            
#dee7;d77#f77;,e77 ( a loan made "u ?is 
"p on or aft] ,july #a1 #bjbc1 may elect
 to h ! borr[]'s aggregate mon?ly paym5t
 = all su* loans 7o!r ?an an except$    
,,plus ,loan or except$ ,consolidation  
,loan7 made to ! borr[]-- 7,a7 n to     
exce$ ! result obta9$ by divid+ by #ab1 
#ae p]c5t ( ! result obta9$ by          

calculat+1 on at lea/ an annual basis1 !
 am\nt by :i*--  7i7 ! adju/$ gross     
income ( ! borr[] or1 if ! borr[] is    
m>ri$ & files a ,f$]al income tax return
 jo9tly ) or sep>ately f ! borr[]'s     
sp\se1 ! adju/$ gross income ( ! borr[] 
& ! borr[]'s sp\se2 exce$s  7ii7 #aej   
p]c5t ( ! pov]ty l9e applicable to !    
borr[]'s family size z det]m9$ "u       
section #fgc7b7 ( ! ,community ,s]vices 
,block ,grant ,act 7#db ,u4,s4,c4       
#iijb7b772 &  7,b7 n to be less ?an #be2
  7#b7 ! ,secret>y %all apply ! borr[]'s
 mon?ly paym5t "u ?is section fir/ t[>d 
int]e/ due on su* a loan1 next t[>d any 
fees due on ! loan1 & !n t[>d ! pr9cipal
 ( ! loan2  7#c7 any pr9cipal due & n   
paid "u p>agraph 7#b7 %all be def]r$2   
7#d7 ! am\nt ( "t ! borr[] makes mon?ly 
paym5ts "u p>agraph 7#a7 may exce$ #aj  
ye>s2  7#e7 ! ,secret>y %all cancel any 
out/&+ balance due on all loans made on 
or aft] ,july #a1 #bjbc1 "u ?is "p 7o!r 
?an an except$ ,,plus ,loan or an       
except$ ,consolidation ,loan7 to !      

borr[]-- 7,a7 :o1 at any "t1 elect$ to  
p>ticipate 9 income-bas$ repaym5t "u    
p>agraph 7#a72  7,b7 ^: f9al mon?ly     
paym5t = su* loans prior to ! loan      
cancellation "u ?is p>agraph 0 made "u  
su* income-bas$ repaym5t2 &  7,c7 :o has
 repaid1 pursuant to income-bas$        
repaym5t "u p>agraph 7#a71 a /&>d       
repaym5t plan "u section                
#dee7;d77#f77;,a77i71 or a comb9ation1  
or 9 ! case ( consolidation loans1 a    
repaym5t s*$ule describ$ 9 clause       
7i77,,ii7--  7i7  7,i7 except z o!rwise 
provid$ 9 subclause 7,,ii71 an am\nt on 
su* loans t is equal to ! total am\nt ( 
pr9cipal & int]e/ t ! borr[] w\ld h     
repaid "u a /&>d repaym5t plan "u       
section #dee7;d77#f77;,a77i71 bas$ on a 
#aj-ye> repaym5t p]iod1 :5 ! borr[]     
ent]$ repaym5t on su* loans2 or  7,,ii7 
9 ! case ( a ,f$]al ,direct             
,consolidation ,loan1 an am\nt on su*   
loan t is equal to ! total am\nt (      
pr9cipal & int]e/ t ! borr[] w\ld h     
repaid "u ! repaym5t s*$ule e/abli%$ =  

su* loan "u section #dbh;,c7c77#b7 on ! 
date on :i* su* loan 0 made2 &  7ii7 an 
am\nt equal to ! am\nt ( any unpaid     
int]e/ t has accru$1 b 0 n includ$ 9 !  
calculation ( ! total am\nt pr9cipal &  
int]e/ t w\ld h be5 repaid "u ! /&>d    
repaym5t plan or s*$ule describ$ 9      
clause 7i71 dur+ any p]iod ( def]m5t "u 
subp>agraph 7,a71 7,b71 or 7,f7 (       
section #dfj;,b7b77#a72 &  7#f7 a borr[]
 :o is repay+ a loan made "u ?is "p     
pursuant to income-bas$ repaym5t "u     
p>agraph 7#a7 may elect1 at any "t1 to  
t]m9ate repaym5t pursuant to su*        
income-bas$ repaym5t & repay su* loan "u
 ! /&>d repaym5t plan4  7b7 ,eligibility
 det]m9ations ,! ,secret>y %all e/abli% 
& implem5t ) respect to any borr[] :o   
*ooses to repay a loan made "u ?is "p   
pursuant to income-bas$ repaym5t "u ?is 
section proc$ures to-- 7#a7 use return  
in=mation disclos$ "u section           
#fajc7l77#ac7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 pursuant to approval provid$  
"u section #did1 to det]m9e ! repaym5t  

obligation ( ! borr[] )\t fur!r action  
by ! borr[]2  7#b7 all[ ! borr[] 7or !  
sp\se ( ! borr[]71 at any "t1 to opt out
 ( disclosure "u su* section            
#fajc7l77#ac7 & in/ead provide su*      
in=mation z ! ,secret>y may require to  
det]m9e ! repaym5t obligation ( ! borr[]
 7or )draw f ! repaym5t plan "u ?is     
subsection72 &  7#c7 provide ! borr[] ) 
an opportunity to update ! return       
in=mation s disclos$ be=e ! det]m9ation 
( ! repaym5t obligation ( ! borr[]4  7c7
 ,notification to borr[]s ,! ,secret>y  
%all e/abli% proc$ures "u :i* a borr[] (
 a loan made "u ?is "p :o *ooses to     
repay su* loan pursuant to income-bas$  
repaym5t "u ?is section is notifi$ ( !  
t]ms & conditions ( su* plan1 includ+   
notification t if a borr[] consid]s t   
special circum/ances1 su* z a loss (    
employm5t by ! borr[] or ! borr[]'s     
sp\se1 w>rant an adju/m5t 9 ! borr[]'s  
loan repaym5t z det]m9$ us+ ! borr[]'s  
,f$]al tax return in=mation1 or !       
alt]native docum5tation describ$ 9      

subsection 7b77#b71 ! borr[] may contact
 ! ,secret>y1 :o %all det]m9e :e!r su*  
adju/m5t is appropriate1 9 accordance ) 
crit]ia e/abli%$ by ! ,secret>y4  7d7   
,r$uc$ paym5t p]iods  7#a7 ,9 g5]al ,!  
,secret>y %all au?orize borr[]s meet+ ! 
crit]ia "u p>agraph 7#b7 to make mon?ly 
paym5ts ( #e = a p]iod n 9 excess ( #c  
ye>s1 except t--  7,a7 = purposes (     
p>agraph 7#b77;,a71 ! ,secret>y may     
au?orize r$uc$ paym5ts 9 #f-mon?        
increm5ts1 beg9n+ on ! date ! borr[]    
provides to ! ,secret>y ! evid5ce       
describ$ 9 p>agraph 7#b77;,a77i72 &     
7,b7 = purposes ( p>agraph 7#b77;,b71 ! 
,secret>y may au?orize r$uc$ paym5ts 9  
#c-mon? increm5ts1 beg9n+ on ! date !   
borr[] provides to ! ,secret>y ! evid5ce
 describ$ 9 p>agraph 7#b77;,b77i74  7#b7
 ,eligibility det]m9ations ,! ,secret>y 
%all au?orize borr[]s to make r$uc$     
paym5ts "u ?is subsection 9 ! foll[+    
circum/ances3 7,a7 ,9 a case ( borr[] :o
 is seek+ & unable to f9d full-"t       
employm5t1 z demon/rat$ by provid+ to ! 

,secret>y--  7i7 evid5ce ( ! borr[]'s   
eligibility = unemploym5t b5efits to !  
,secret>y2 or  7ii7 ! borr[] rec]tifies 
! reason = ! #e mon?ly paym5t "u ?is    
subp>agraph4  7,b7 ,! ,secret>y det]m9es
 t1 due to high m$ical exp5ses1 ! #be   
mon?ly paym5t ! borr[] w\ld o!rwise make
 w\ld be an extreme economic h>d%ip to !
 borr[]1 if-- 7i7 ! borr[] docum5ts !   
reason :y ! #be m9imum paym5t is an     
extreme economic h>d%ip2 &  7ii7 !      
borr[] rec]tifies ! reason = ! #e m9imum
 paym5t on a ?ree-mon? basis4  7#c7     
,def9ition ,= purpose ( ?is subsection1 
! t]m full-"t employm5t means employm5t 
t w provide n less ?an #cj h\rs ( "w a  
week & is expect$ to cont9ue = a p]iod (
 n less ?an #c mon?s4  7e7 ,def9itions  
,9 ?is section3 7#a7 ,adju/$ gross      
income ,! t]m adju/$ gross income has ! 
mean+ giv5 ! t]m 9 section #fb ( !      
,int]nal ,rev5ue ,code ( #aihf4  7#b7   
,except$ ,consolidation ,loan ,! t]m    
except$ ,consolidation ,loan means a    
,f$]al ,direct ,consolidation ,loan1 if 

! proce$s ( su* loan 7 us$ to ! dis*>ge 
! liability on-- 7,a7 an except$ ,,plus 
loan2 or  7,b7 a ,f$]al ,direct         
,consolidation loan1 if ! proce$s ( su* 
loan 7 us$ to dis*>ge ! liability on an 
except$ ,,plus loan4  7#c7 ,except$     
,,plus ,loan ,! t]m except$ ,,plus ,loan
 has ! mean+ giv5 ! t]m 9 section       
#dic;,c4  4  7b7 ,proc$ure & requirem5ts
 = reque/+ tax return in=mation f !     
,,irs ,section #did7;a7 7#bj ,u4,s4,c4  
#ajih;h7a77 is am5d$ by add+ at ! end ! 
foll[+3  7#d7 ,income-bas$ repaym5t =   
loans made on or aft] ,july #a1 #bjbc   
7,a7 ,new applicants ,9 ! case ( any    
writt5 or electronic application by an  
individual = an income-bas$ repaym5t    
plan "u section #dfj;,a = a loan made "u
 "p ,d on aft] ,july #a1 #bjbc1 !       
,secret>y1 ) respect to su* individual &
 any sp\se ( su* individual1 %all--  7i7
 provide to su* individuals !           
notification describ$ 9 p>agraph        
7#a77;,a77i72 &  7ii7 require1 z a      
condition ( eligibility = su* repaym5t  

plan1 t su* individuals--  7,i7         
affirmatively approve ! disclosures     
describ$ 9 subclauses 7,i7 & 7,,ii7 (   
p>agraph 7#a77;,a77i71 to ! ext5t       
applicable1 & agree t su* approval %all 
s]ve z an ongo+ approval ( su*          
disclosures until ! date on :i* !       
individual elects to opt out ( su*      
disclosures "u section #dfe7;b77#b72 or 
7,,ii7 provide su* in=mation z !        
,secret>y may require to confirm !      
eligibility ( su* individual = su*      
repaym5t plan4  7,b7 ,rec]tifications ,)
 respect to ! fir/ writt5 or electronic 
rec]tification 7aft] ! date ( ! enactm5t
 ( ! ,,real ,re=ms ,act7 ( an           
individual's income or family size =    
purposes ( an income-bas$ repaym5t plan 
"u section #dfj;,a 7ent]$ into be=e !   
date ( ! enactm5t ( ! ,,real ,re=ms     
,act7 = a loan "u "p ,d1 ! ,secret>y1 ) 
respect to su* individual & any sp\se ( 
su* individual1 %all meet ! requirem5ts 
( clauses 7i7 & 7ii7 ( subp>agraph 7,a7 
) respect to su* rec]tification4  4     

#bbf4 ,def]m5t on loans made on or aft] 
,july #a1 #bjbc  7a7 ,9 g5]al ,"p ,d (  
title ,,iv 7#bj ,u4,s4,c4 #ajhg;e et    
seq47 is fur!r am5d$ by add+ at ! end ! 
foll[+3  #dfj;,b4 ,def]m5t on loans made
 on or aft] ,july #a1 #bjbc  7a7 ,effect
 on pr9cipal & int]e/  7#a7 ,9 g5]al ,a 
borr[] 7o!r ?an a borr[] describ$ 9     
section #dee7;d77#f77;,e77 ( a loan made
 "u ?is "p on or aft] ,july #a1 #bjbc-- 
7,a7 :o meets ! requirem5ts describ$ 9  
subsection 7b7 %all be eligible = a     
def]m5t on su* loan dur+ :i* in/allm5ts 
( pr9cipal ne$ n be paid &1 z specifi$ 9
 p>agraph 7#b71 int]e/ %all n accrue1 or
 %all accrue & be paid by ! borr[]2 &   
7,b7 may n be eligible = a def]m5t or   
=be>ance "u section #dee7;f7 or any o!r 
provision ( ?is ,act 7o!r ?an =be>ance  
"u section #dee7l71 =be>ance "u section 
#fhe4bje7;a7 ( title #cd1 ,code ( ,f$]al
 ,regulations 7or successor             
regulations71 or def]m5t "u section     
#dic;,d74  7#b7 ,effect on int]e/  7,a7 
,no accrual ( int]e/ on subsidiz$ loans 

,) respect to a def]m5t p]iod describ$ 9
 subp>agraphs 7,a7 ?r\gh 7,d7 (         
subsection 7b77#a71 int]e/--  7i7 %all n
 accrue1 9 ! case ( a-- 7,i7 ,f$]al     
,direct ,/af=d ,loan2 or  7,,ii7 a      
,f$]al ,direct ,consolidation ,loan t   
consolidat$ only ,f$]al ,direct ,/af=d  
,loans1 or a comb9ation ( su* loans &   
,f$]al ,/af=d ,loans = :i* ! /ud5t      
borr[] receiv$ an int]e/ subsidy "u     
section #dbh2 or  7ii7 %all accrue or be
 paid by ! borr[]1 9 ! case ( a ,f$]al  
,direct ,,plus ,loan1 a ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al  
,direct ,consolidation ,loan n describ$ 
9 clause 7i77,,ii74  7,b7 ,int]e/       
accrual on all loans ,) respect to a    
def]m5t p]iod describ$ 9 subp>agraph    
7,e7 or 7,f7 ( subsection 7b77#a71 or   
p>agraph 7#b71 7#c77;,a71 or 7#d71      
int]e/ %all accrue or be paid by !      
borr[]1 9 ! case ( any loan made "u ?is 
"p4  7,c7 ,no accrual ( int]e/ on any   
loan ,) respect to a def]m5t p]iod      
describ$ 9 p>agraph 7#c77;,b7 or        

p>agraph 7#e71 int]e/ %all n accrue1 9 !
 case ( any loan made "u ?is "p4  7b7   
,eligibility ,any borr[] describ$ 9     
subsection 7a7 %all be eligible = a     
def]m5t on a loan made "u ?is "p on or  
aft] ,july #a1 #bjbc-- 7#a7 dur+ any    
p]iod dur+ :i* ! borr[]--  7,a7 is c>ry+
 at lea/ "o-half ! normal full-"t "w    
load = ! c\rse ( /udy t ! borr[] is     
pursu+1 z det]m9$ by ! eligible         
in/itution ! borr[] is att5d+2  7,b7 is 
pursu+ a c\rse ( /udy pursuant to--  7i7
 an eligible graduate fell[%ip program 9
 accordance ) subsection 7g72 or  7ii7  
an eligible rehabilitation tra9+ program
 = individuals ) disabilities 9         
accordance ) subsection 7i72  7,c7 is   
s]v+ on active duty dur+ a w> or o!r    
milit>y op]ation or national em]g5cy1 & 
= ! #ahj-;day p]iod foll[+ !            
demobilization date = su* s]vice2  7,d7 
is p]=m+ qualify+ ,national ,gu>d duty  
dur+ a w> or o!r milit>y op]ation or    
national em]g5cy1 & = ! #ahj-;day p]iod 
foll[+ ! demobilization date = su*      

s]vice2  7,e7 is a memb] ( ! ,national  
,gu>d :o is n eligible = a po/-active   
duty def]m5t "u section #dic;,d & is    
engag$ 9 active ,/ate duty = a p]iod ( m
 ?an #cj consecutive days beg9n+-- 7i7 !
 day aft] #f mon?s aft] ! date ! /ud5t  
ceases to c>ry at lea/ "o-half ! normal 
full-"t academic workload 7z det]m9$ by 
! in/itution72 or  7ii7 ! day aft] !    
borr[] ceases enrollm5t on at lea/ a    
half-"t basis1 = a loan 9 repaym5t2 or  
7,f7 is s]v+ 9 a m$ical or d5tal        
int]n%ip or resid5cy program1 !         
successful completion ( :i* is requir$  
to beg9 pr(essional practice or s]vice1 
or is s]v+ 9 a m$ical or d5tal int]n%ip 
or resid5cy program lead+ to a degree or
 c]tificate aw>d$ by an in/itution (    
high] education1 a hospital1 or a heal? 
c>e facility t (f]s po/graduate tra9+2  
7#b7 dur+ a p]iod suffici5t to enable ! 
borr[] to resume honor+ ! agreem5t to   
repay ! out/&+ balance ( pr9cipal &     
int]e/ on ! loan aft] default1 if-- 7,a7
 ! borr[] signs a new agreem5t to repay 

su* out/&+ balance2  7,b7 ! def]m5t     
p]iod is limit$ to #abj days2 &  7,c7   
su* def]m5t is n grant$ = consecutive   
p]iods2  7#c7 dur+ a p]iod (            
adm9i/rative def]m5t-- 7,a7 describ$ 9  
p>agraphs 7#a7 ?r\gh 7#d7 ( subsection  
7j72 or  7,b7 describ$ 9 subsection     
7j77#e72  7#d7 9 ! case ( a borr[] ( an 
except$ ,,plus ,loan or an except$      
,consolidation ,loan1 dur+ a p]iod      
describ$ 9 subsection 7k72 or  7#e7 dur+
 a p]iod 9 :i* su* borr[] is receiv+    
treatm5t = canc] 79 ?is p>agraph ref]r$ 
to z ! treatm5t p]iod71 & ! #f-mon?     
p]iod aft] su* treatm5t p]iod 79 ?is    
p>agraph ref]r$ to z ! po/-treatm5t     
p]iod71 except t1 not)/&+ subsection    
7a71 int]e/ %all n accrue dur+ any su*  
treatm5t p]iod or po/-treatm5t p]iod4   
7c7 ,l5g? ( def]m5t ,a def]m5t grant$ by
 ! ,secret>y--  7#a7 "u subp>agraph 7,f7
 ( subsection 7b77#a7 %all be r5ewable  
at #ab mon? int]vals2 &  7#b7 "u        
subp>agraph 7,f7 ( subsection 7b77#a7   
%all equal ! l5g? ( "t rema9+ 9 !       

borr[]'s m$ical or d5tal int]n%ip or    
resid5cy program4  7d7 ,reque/ &        
docum5tation ,! ,secret>y %all det]m9e !
 eligibility ( a borr[] = a def]m5t "u  
p>agraph 7#a71 7#b71 or 7#d7 (          
subsection 7b71 bas$ on-- 7#a7 ! receipt
 ( a reque/ = a def]m5t f ! borr[]1 &   
docum5tation ( ! borr[]'s eligibility = 
! def]m5t2  7#b7 receipt ( a complet$   
loan application t docum5ts ! borr[]'s  
eligibility = a def]m5t2  7#c7 receipt (
 a /ud5t /atus in=mation docum5t+ t !   
borr[] is enroll$ on at lea/ a half-"t  
basis2 or  7#d7 ! ,secret>y's           
confirmation ( ! borr[]'s half-"t       
enrollm5t /atus1 if ! confirmation is   
reque/$ by ! in/itution ( high]         
education4  7e7 ,notification ,!        
,secret>y %all--  7#a7 notify a borr[] (
 a loan made "u ?is "p-- 7,a7 ! grant+ (
 a def]m5t "u ?is subsection on su*     
loan2 &  7,b7 ! option ( ! borr[] to    
cont9ue mak+ paym5ts on ! out/&+ balance
 ( pr9cipal & int]e/ on su* loan 9      
accordance ) subsection 7f72  7#b7 at ! 

"t ! ,secret>y grants a def]m5t to a    
borr[] ( a loan made "u ?is "p1 & n less
 frequ5tly ?an once e #ahj days dur+ !  
p]iod ( su* def]m5t1 provide in=mation  
to ! borr[] to assi/ ! borr[] 9         
und]/&+--  7,a7 ! effect ( grant+ a     
def]m5t on ! total am\nt to be paid "u !
 income-bas$ repaym5t plan "u #dfj;,a2  
7,b7 int]e/ %all n accrue1 or %all      
accrue or be paid by ! borr[]1 z        
specifi$ 9 subsection 7a77#b72  7,c7 !  
am\nt ( unpaid pr9cipal & ! am\nt (     
int]e/ t has accru$ s9ce ! la/ /atem5t (
 su* am\nts provid$ to ! borr[]2 &  7,d7
 ! borr[]'s option to discont9ue !      
def]m5t at any "t4  7f7 ,paym5ts by     
borr[]s au?oriz$ ,a borr[] may make     
paym5ts on ! out/&+ balance ( pr9cipal &
 int]e/ on a loan made "u ?is "p dur+   
any p]iod ( def]m5t grant$ "u ?is       
subsection4  7g7 ,graduate fell[%ip     
def]m5t  7#a7 ,9 g5]al ,a borr[] ( a    
loan "u ?is "p is eligible = a def]m5t  
"u subsection 7b77#a77;,b77i7 dur+ any  
p]iod = :i* an au?oriz$ (ficial ( !     

borr[]'s graduate fell[%ip program      
c]tifies t ! borr[] meets ! requirem5ts 
( p>agraph 7#b7 & is pursu+ a c\rse (   
/udy pursuant to an eligible graduate   
fell[%ip program4  7#b7 ,borr[]         
requirem5ts ,a borr[] meets !           
requirem5ts ( ?is subp>agraph if !      
borr[]-- 7,a7 holds at lea/ a           
baccalaureate degree conf]r$ by an      
in/itution ( high] education2  7,b7 has 
be5 accept$ or recomm5d$ by an          
in/itution ( high] education =          
acceptance on a full-"t basis into an   
eligible graduate fell[%ip program2 &   
7,c7 is n s]v+ 9 a m$ical int]n%ip or   
resid5cy program1 except = a resid5cy   
program 9 d5ti/ry4  7h7 ,treatm5t ( /udy
 outside ! ,unit$ ,/ates  7#a7 ,9 g5]al 
,! ,secret>y %all treat1 9 ! same mann] 
z requir$ "u section #dbh7;b77#d71 any  
c\rse ( /udy at a =eign univ]sity t is  
accept$ = ! completion ( a recogniz$    
int]national fell[%ip program by !      
adm9i/rator ( su* a program z an        
eligible graduate fell[%ip program4     

7#b7 ,reque/s = def]m5t ,reque/s =      
def]m5t ( repaym5t ( loans "u ?is       
subsection by /ud5ts engag$ 9 graduate  
or po/graduate fell[%ip-support$ /udy   
7su* z pursuant to a ,fulbright grant7  
outside ! ,unit$ ,/ates %all be approv$ 
until completion ( ! p]iod ( ! fell[%ip1
 9 ! same mann] z requir$ "u section    
#dbh7;b77#d74  7i7 ,rehabilitation tra9+
 program def]m5t ,a borr[] ( a loan "u  
?is "p is eligible = a def]m5t "u       
subsection 7b77#a77;,b77ii7 dur+ any    
p]iod = :i* an au?oriz$ (ficial ( !     
borr[]'s rehabilitation tra9+ program   
c]tifies t ! borr[] is pursu+ an        
eligible rehabilitation tra9+ program = 
individuals ) disabilities4  7j7        
,adm9i/rative def]m5ts ,! ,secret>y may 
grant a def]m5t to a borr[] )\t requir+ 
a reque/ & docum5tation f ! borr[] "u   
subsection 7d7 =--  7#a7 a p]iod dur+   
:i* ! borr[] 0 del9qu5t at ! "t a       
def]m5t is grant$1 includ+ a p]iod = :i*
 s*$ul$ paym5ts ( pr9cipal & int]e/ 7   
ov]due at ! "t su* def]m5t is grant$2   

7#b7 a p]iod dur+ :i* ! borr[] 0 grant$ 
a def]m5t "u ?is subsection b = :i* !   
,secret>y det]m9es ! borr[] %\ld n h    
qualifi$2  7#c7 a p]iod necess>y = !    
,secret>y to det]m9e ! borr[]'s         
eligibility = ! cancellation ( !        
obligation ( ! borr[] to repay ! loan "u
 section #dcg2  7#d7 a p]iod dur+ :i* ! 
,secret>y has au?oriz$ def]m5t due to a 
national milit>y mobilization or o!r    
local or national em]g5cy2 or  7#e7 a   
p]iod n to exce$ #fj days1 dur+ :i*     
int]e/ %all accrue b n be capitaliz$1 if
 ! ,secret>y reasonably det]m9es t a    
susp5sion ( collection activity is      
w>rant$ to enable ! ,secret>y to process
 support+ docum5tation relat+ to a      
borr[]'s reque/-- 7,a7 = a def]m5t "u   
?is subsection2  7,b7 = a *ange 9       
repaym5t plan "u section #dee7;d77#f72  
or  7,c7 to consolidate loans "u ?is "p4
  7k7 ,def]m5ts = except$ ,,plus ,loans 
or except$ consolidation loans  7#a7 ,9 
g5]al ,a qualifi$ borr[] %all be        
eligible = def]m5ts "u p>agraphs 7#c7   

?r\gh 7#e74  7#b7 ,qualifi$ borr[] def9$
 ,9 ?is subsection1 ! t]m qualifi$      
borr[] means a borr[] ( an except$      
,,plus ,loan or an except$ consolidation
 loan4  7#c7 ,economic h>d%ip def]m5t   
7,a7 ,9 g5]al ,a qualifi$ borr[] %all be
 eligible = a def]m5t dur+ p]iods1 n to 
exce$ #c ye>s 9 total1 dur+ :i* !       
qualifi$ borr[] exp]i5ces an economic   
h>d%ip describ$ 9 subp>agraph 7,b74     
7,b7 ,economic h>d%ip ,an economic      
h>d%ip describ$ 9 ?is clause is a p]iod 
dur+ :i* ! qualifi$ borr[]--  7i7 is    
receiv+ paym5t "u a means-te/$ b5efit   
program2  7ii7 is employ$ full-"t & !   
mon?ly gross income ( ! qualifi$ borr[] 
does n exce$ ! great] (--  7,i7 ! m9imum
 wage rate describ$ 9 section #f ( !    
,fair ,labor ,/&>ds ,act ( #aich 7#bi   
,u4,s4,c4 #bjf72 or  7,,ii7 an am\nt    
equal to #aej p]c5t ( ! pov]ty l9e2 or  
7iii7 demon/rates t ! sum ( ! qualifi$  
borr[]'s mon?ly paym5ts on ! qualifi$   
borr[]'s except$ ,,plus ,loan or an     
except$ consolidation loan is n less ?an

 #bj p]c5t ( ! qualifi$ borr[]'s mon?ly 
gross income4  7,c7 ,eligibility ,to be 
eligible to receive a def]m5t "u ?is    
subp>agraph1 a qualifi$ borr[] %all     
submit to ! ,secret>y--  7i7 = ! fir/   
p]iod ( def]m5t "u ?is subp>agraph1     
evid5ce %[+ ! mon?ly gross income ( !   
qualifi$ borr[]2 &  7ii7 = a subsequ5t  
p]iod ( def]m5t t beg9s less ?an "o ye> 
aft] ! end ( a p]iod ( def]m5t grant$ "u
 ?is subp>agraph--  7,i7 evid5ce %[+ !  
mon?ly gross income ( ! qualifi$ borr[]2
 or  7,,ii7 ! qualifi$ borr[]'s mo/     
rec5tly fil$ ,f$]al income tax return1  
if su* a return 0 fil$ 9 ei!r ( ! two   
tax ye>s prec$+ ! ye> 9 :i* ! qualifi$  
borr[] reque/s ! subsequ5t p]iod (      
def]m5t4  7#d7 ,unemploym5t def]m5t     
7,a7 ,9 g5]al ,a qualifi$ borr[] %all be
 eligible = a def]m5t = p]iods dur+ :i* 
! qualifi$ borr[] is seek+1 & is unable 
to f9d1 full-"t employm5t4  7,b7        
,eligibility ,to be eligible to receive 
an def]m5t "u ?is subp>agraph1 a        
qualifi$ borr[] %all submit to !        

,secret>y--  7i7 evid5ce ( ! qualifi$   
borr[]'s eligibility = unemploym5t      
b5efits2 or  7ii7 = reque/s submitt$    
aft] ! initial reque/1 writt5           
confirmation1 or an equival5t z approv$ 
by ! ,secret>y1 t ! qualifi$ borr[] has 
made at lea/ six dilig5t attempts dur+ !
 prec$+ six-mon? p]iod to secure full-"t
 employm5t4  7,c7 ,t]ms ( def]m5t ,!    
foll[+ t]ms %all apply to a def]m5t "u  
?is subp>agraph3 7i7 ,initial p]iod ,!  
fir/ def]m5t grant$ to a qualifi$ borr[]
 "u ?is subp>agraph may be = a p]iod (  
unemploym5t beg9n+ n m ?an #f mon?s be=e
 ! date on :i* ! ,secret>y receives !   
qualifi$ borr[]'s reque/ = def]m5t & may
 be grant$ = a p]iod ( up to #f mon?s   
aft] t date4  7ii7 ,r5ewals ,def]m5ts "u
 ?is subp>agraph %all be r5ewable at    
#f-mon? int]vals beg9n+ aft] !          
expiration ( ! fir/ p]iod ( def]m5t "u  
clause 7i74 ,to be eligible to r5ew a   
def]m5t "u ?is subp>agraph1 a qualifi$  
borr[] %all submit to ! ,secret>y !     
in=mation describ$ 9 subp>agraph        

7,b77i74  7iii7 ,aggregate limit ,!     
p]iod ( all def]m5ts grant$ to a borr[] 
"u ?is subp>agraph may n exce$ #c ye>s 9
 aggregate4  7#e7 ,heal? def]m5t  7,a7  
,9 g5]al ,a qualifi$ borr[] %all be     
eligible = a def]m5t dur+ p]iods 9 :i* !
 qualifi$ borr[] is unable to make      
s*$ul$ loan paym5ts due to high m$ical  
exp5ses1 z det]m9$ by ! ,secret>y4  7,b7
 ,eligibility ,to be eligible to receive
 a def]m5t "u ?is subp>agraph1 a        
qualifi$ borr[] %all--  7i7 submit to ! 
,secret>y docum5tation demon/rat+ t mak+
 s*$ul$ loan paym5ts w\ld be an extreme 
economic h>d%ip to ! borr[] due to high 
m$ical exp5ses1 z det]m9$ by !          
,secret>y2 &  7ii7 resubmit su*         
docum5tation to ! ,secret>y n less      
frequ5tly ?an once e #c mon?s4  7l7     
,prohibitions  7#a7 ,prohibition on fees
 ,no adm9i/rative fee or o!r fee may be 
*>g$ to ! borr[] 9 connection ) ! grant+
 ( a def]m5t "u ?is subsection4  7#b7   
,prohibition on adv]se cr$it report+ ,no
 adv]se in=mation relat+ to a borr[] may

 be report$ to a consum] report+ ag5cy  
solely because ( ! grant+ ( a def]m5t "u
 ?is subsection4  7#c7 ,limitation on   
au?ority ,! ,secret>y %all n1 ?r\gh     
regulation or o!rwise1 au?orize         
additional def]m5t options or p]iods (  
def]m5t o!r ?an ! def]m5t options &     
p]iods ( def]m5t au?oriz$ "u ?is        
subsection4  7m7 ,def9itions ,9 ?is     
section3  7#a7 ,eligible graduate       
fell[%ip program ,! t]m eligible        
graduate fell[%ip program1 :5 us$ )     
respect to a c\rse ( /udy pursu$ by !   
borr[] ( a loan "u ?is "p1 means a      
fell[%ip program t-- 7,a7 provides      
suffici5t f9ancial support to graduate  
fell[s to all[ = full-"t /udy = at lea/ 
six mon?s2  7,b7 requires a writt5      
/atem5t f ea* applicant expla9+ !       
applicant's objectives be=e ! aw>d ( t  
f9ancial support2  7,c7 requires a      
graduate fell[ to submit p]iodic        
reports1 projects1 or evid5ce ( !       
fell['s progress2 &  7,d7 9 ! case ( a  
c\rse ( /udy at an in/itution ( high]   

education outside ! ,unit$ ,/ates       
describ$ 9 section #ajb1 accepts ! c\rse
 ( /udy = completion ( ! fell[%ip       
program4  7#b7 ,eligible rehabilitation 
tra9+ program = individuals )           
disabilities ,! t]m eligible            
rehabilitation tra9+ program =          
individuals ) disabilities1 :5 us$ )    
respect a c\rse ( /udy pursu$ by !      
borr[] ( a loan "u ?is "p1 means a      
program t--  7,a7 is necess>y to assi/  
an individual ) a disability 9 prep>+ =1
 secur+1 reta9+1 or rega9+ employm5t2   
7,b7 is lic5s$1 approv$1 c]tifi$1 or    
o!rwise recogniz$ z provid+             
rehabilitation tra9+ to disabl$         
individuals by--  7i7 a ,/ate ag5cy )   
responsibility = vocational             
rehabilitation programs1 drug abuse     
treatm5t programs1 m5tal heal? s]vices  
programs1 or alcohol abuse treatm5t     
programs2 or  7ii7 ! ,secret>y (        
,vet]ans ,affairs2 &  7,c7 provides or w
 provide ! borr[] ) rehabilitation      
s]vices "u a writt5 plan t-- 7i7 is     

individualiz$ to meet ! borr[]'s ne$s2  
7ii7 specifies ! date on :i* ! s]vices  
to ! borr[] are expect$ to end2 &  7iii7
 requires a commitm5t ( "t & ef=t f !   
borr[] t prev5ts ! borr[] f be+ employ$ 
at lea/ #cj h\rs p] week1 ei!r because (
 ! numb] ( h\rs t mu/ be devot$ to      
rehabilitation or because ( ! nature ( !
 rehabilitation4  7#c7 ,except$ ,,plus  
loan2 except$ consolidation loan ,! t]ms
 except$ ,,plus loan & except$          
consolidation loan h ! mean+s giv5 su*  
t]ms 9 section #dfj;,a4  7#d7 ,family   
size ,! t]m family size means ! numb] t 
is det]m9$ by c\nt+--  7,a7 ! borr[]2   
7,b7 ! borr[]'s sp\se2  7,c7 ! borr[]'s 
*ildr51 includ+ unborn *ildr5 :o are    
expect$ to be born dur+ ! p]iod cov]$ by
 ! def]m5t1 if ! *ildr5 receive m ?an   
half _! support f ! borr[]2 &  7,d7     
ano!r individual if1 at ! "t ! borr[]   
reque/s a def]m5t "u ?is section1 !     
individual--  7i7 lives ) ! borr[]2     
7ii7 receives m ?an half ( !            
individual's support 7:i* may include   

money1 gifts1 loans1 h\s+1 food1 clo!s1 
c>1 m$ical & d5tal c>e1 & paym5t (      
college co/s7 f ! borr[]2 &  7iii7 is   
expect$ to receive su* support f !      
borr[] dur+ ! relevant p]iod ( def]m5t4 
7#e7 ,full-"t ,! t]m full-"t1 :5 us$ )  
respect to employm5t1 means employm5t = 
n less ?an #cj h\rs p] week t is expect$
 to cont9ue = n less ?an ?ree mon?s4    
7#f7 ,means-te/$ b5efit program ,! t]m  
means-te/$ b5efit program means-- 7,a7 a
 ,/ate public assi/ance program "u :i*  
eligibility = ! program's b5efits1 or ! 
am\nt ( su* b5efits1 are det]m9$ on !   
basis ( income or res\rces ( !          
individual or family seek+ ! b5efit2 or 
7,b7 a m&atory sp5d+ program ( ! ,f$]al 
,gov]nm5t1 o!r ?an a program "u ?is     
title1 "u :i* eligibility = ! program's 
b5efits1 or ! am\nt ( su* b5efits1 are  
det]m9$ on ! basis ( income or res\rces 
( ! individual or family seek+ ! b5efit1
 & may include su* programs z-- 7i7 !   
supplem5tal security income program "u  
title ,,xvi ( ! ,social ,security ,act  

7#db ,u4,s4,c4 #acha et seq472  7ii7 !  
supplem5tal nutrition assi/ance program 
"u ! ,food & ,nutrition ,act ( #bjjh 7#g
 ,u4,s4,c4 #bjaa et seq472  7iii7 !     
program ( block grants = ,/ates =       
tempor>y assi/ance = ne$y families      
e/abli%$ "u "p ,a ( title ,,iv ( !      
,social ,security ,act 7#db ,u4,s4,c4   
#fja et seq472  7iv7 ! special          
supplem5tal nutrition program = wom51   
infants1 & *ildr5 e/abli%$ by section   
#ag ( ! ,*ild ,nutrition ,act ( #aiff   
7#db ,u4,s4,c4 #aghf72 &  7v7 o!r       
programs id5tifi$ by ! ,secret>y4  7#g7 
,mon?ly gross income ,! t]m mon?ly gross
 income1 :5 us$ ) respect to a borr[]1  
means-- 7,a7 ! gross am\nt ( income     
receiv$ by ! borr[] f employm5t & o!r   
s\rces = ! mo/ rec5t mon?2 or  7,b7     
"o-twelf? ( ! borr[]'s adju/$ gross     
income1 z record$ on ! borr[]'s mo/     
rec5tly fil$ ,f$]al income tax return4  
7#h7 ,rule ( con/ruction ,no?+ 9 ?is    
section %all be con/ru$ to impact a     
borr[]'s eligibility to receive ! b5efit

 ( section #dee7o74  4  7b7 ,con=m+     
am5dm5t ,section #dic;,d7a7 7#bj        
,u4,s4,c4 #ajih;f7a77 is am5d$ by ins]t+
 1 or section #dfj;,b aft]              
#dfd7;c77#b77;,a77iii74  ,d ,elim9ation 
( int]e/ capitalization  #bca4          
,elim9ation ( int]e/ capitalization  7a7
 ,f$]al ,,plus loans ,section           
#dbh;,b7d77#b7 7#bj ,u4,s4,c4           
#ajgh-b7;d77#b77 is am5d$ to read z     
foll[s3  7#b7 ,no capitalization (      
int]e/ ,int]e/ on loans made "u ?is     
section = :i* paym5ts ( pr9cipal are    
def]r$ pursuant to p>agraph 7#a7 %all be
 paid mon?ly or qu>t]ly1 if agre$ ^u by 
! borr[] & ! l5d]4  4  7b7 ,f$]al       
consolidation loans def]rals ,section   
#dbh;,c7b77#d77;,c77ii77,,iii7 7#bj     
,u4,s4,c4 #ajgh-c7;b77#d77;,c77,,iii77  
is am5d$ by /rik+ or capitaliz$14  7c7  
,loan limits = ,unsubsidiz$ ,/af=d      
,loans ,section #dbh;,h7d77#e7 7#bj     
,u4,s4,c4 #ajgh-h7;d77#e77 is am5d$ by  
ins]t+ be=e ! date ( enactm5t ( ! ,,real
 ,re=ms ,act aft] ,int]e/ capitaliz$4   

7d7 ,unsubsidiz$ ,/af=d loans = middle  
income borr[]s ,section #dbh;,h7e77#b7  
7#bj ,u4,s4,c4 #ajgh-h7;e77#b77 is      
am5d$--  7#a7 9 subp>agraph 7,a71 9 !   
matt] be=e clause 7i71 by /rik+ 1 if    
agre$ ^u by ! borr[] & ! l5d] & all t   
foll[s ?r\gh clause 7ii77,,iv7 & ins]t+ 
be paid mon?ly or qu>t]ly1 if agre$ ^u  
by ! borr[] & ! l5d]42  7#b7 by /rik+   
subp>agraph 7,b72 &  7#c7 by r$esignat+ 
subp>agraph 7,c7 z subp>agraph 7,b74    
7e7 ,income cont+5t repaym5t ,section   
#dee7;e77#e7 7#bj ,u4,s4,c4             
#ajhg;e7e77#e77 is am5d$ by /rik+ ! la/ 
s5t5ce & ins]t+ ,no int]e/ may be       
capitaliz$ on su* loan on or aft] ! date
 ( ! enactm5t ( ! ,,real ,re=ms ,act1 & 
! ,secret>y %all promulgate regulations 
) respect to ! treatm5t ( accru$ int]e/ 
t is n capitaliz$4  7f7 ,effect (       
def]m5t on pr9cipal & int]e/ ,section   
#dee7;f77#a77;,b7 7#bj ,u4,s4,c4        
#ajhg;e7f77#a77;,b77 is am5d$ by /rik+  
capitaliz$ or4  7g7 ,income-,bas$       
,repaym5t program ,section              

#dic;,c7b77#c77;,b7 7#bj ,u4,s4,c4      
#ajih;e7b77#c77;,b77 is am5d$ by ins]t+ 
%all accrue b n be=e be capitaliz$4     
,,iii ,work=ce ,pell ,grants  #cja4     
,data collection & dissem9ation relat$  
to ,work=ce ,pell ,section #aca 7#bj    
,u4,s4,c4 #ajae7 is am5d$ by add+ at !  
end ! foll[+3  7i7 ,data collection &   
dissem9ation relat$ to ,work=ce ,pell   
7#a7 ,appeal ( e>n+s in=mation ,!       
,secret>y may e/abli% an appeals process
 to p]mit eligible programs = purposes (
 ! ,work=ce ,pell ,grants program "u    
section #dja7k7 to submit alt]nate e>n+s
 data to comply ) section               
#dha7;b77#c77;,f71 provid$ t su* data   
are /ati/ically rigor\s1 accurate1      
comp>able1 & repres5tative ( /ud5ts :o  
receive a ,work=ce ,pell ,grant &       
complete ! eligible program4  7#b7      
,dissem9ation ( in=mation ,! ,secret>y  
%all collect1 v]ify1 & make publicly    
available ! in=mation requir$ "u        
subp>agraph 7,e7 ( subsection 7b77#c7 ( 
section #dha on ! ,college ,scorec>d or 

any simil> successor website4  7#c7     
,exceptions ,not)/&+ any o!r provision (
 ?is subsection1 if disclosure ( any    
data "u p>agraph 7#b7 is prohibit$ "u   
,/ate or ,f$]al privacy laws or         
regulations1 ! ,secret>y %all take su*  
/eps z ! ,secret>y det]m9es necess>y to 
make publicly available su* data 9      
accordance ) su* laws & regulations4  4 
#cjb4 ,program eligibility = ,work=ce   
,pell grants ,section #dha7;b7 7#bj     
,u4,s4,c4 #ajhh7;b77 is am5d$-- 7#a7 by 
r$esignat+ p>agraphs 7#c7 & 7#d7 z      
p>agraphs 7#d7 & 7#e71 respectively2 &  
7#b7 by ins]t+ aft] p>agraph 7#b7 !     
foll[+3  7#c7 ,a program is an eligible 
program = purposes ( ! ,work=ce ,pell   
,grants program "u section #dja7k7 only 
if--  7,a7 x is at lea/ #aej clock h\rs 
( in/ruction1 b n m ?an #fjj clock h\rs 
( in/ruction1 or an equival5t numb] (   
cr$it h\rs1 (f]$ dur+ a m9imum ( #h     
weeks1 b n m ?an #ae weeks2  7,b7 x is  
det]m9$ by an accr$it+ ag5cy or         
association recogniz$ by ! ,secret>y    

pursuant to section #dif7;a7 to--  7i7  
provide an education align$ ) !         
requirem5ts ( 9-dem& indu/ry sectors or 
occupations1 z def9$ 9 section #c ( !   
,work=ce ,innovation & ,opportunity     
,act2  7ii7 meet ! hir+ requirem5ts (   
pot5tial employ]s 9 ! sectors or        
occupations describ$ 9 clause 7i72      
7iii7 h be5 (f]$ by an in/itution = n   
less ?an #a ye> prior to a det]m9ation  
by su* ag5cy or association "u ?is      
subp>agraph2  7iv7 h a completion rate  
7bas$ on ! me?odology ( su* ag5cy or    
association7 ( at lea/ #gj p]c5t2 &  7v7
 h a job placem5t rate 7bas$ on !       
me?odology ( su* ag5cy or association7 (
 at lea/ #gj p]c5t2 &  7,c7 ! increase 9
 m$ian e>n+s ( /ud5ts :o receive ,f$]al 
f9ancial aid "u ?is title & :o complete 
! program is an am\nt t is equal to or  
great] ?an ! publi%$ tuition & fees (   
su* program1 z det]m9$ by calculat+ !   
diff]5ce betwe5--  7i7 ! m$ian e>n+s (  
su* /ud5ts at ! "t ( initial enrollm5t 9
 ! program2 &  7ii7 ! m$ian e>n+s ( su* 

/ud5ts two ye>s aft] complet+ su*       
program4  4  #cjc4 ,work=ce ,pell       
,grants  7a7 ,aw>d ye> #bjbc-bjbd       
,section #dja 7#bj ,u4,s4,c4 #ajgj;a7 is
 am5d$ by add+ at ! end ! foll[+3  7k7  
,work=ce ,pell ,grants program  7#a7 ,9 
g5]al ,= ! aw>d ye> beg9n+ on ,july #a1 
#bjbc1 ! ,secret>y %all aw>d grants     
7ref]r$ to z a ,work=ce ,pell ,grants7  
to eligible /ud5ts "u p>agraph 7#b7 9   
accordance ) ?is subsection4  7#b7      
,eligible /ud5ts ,= aw>d ye> #bjbc-bjbd1
 to be eligible to receive a ,work=ce   
,pell ,grant "u ?is subsection = any    
p]iod ( enrollm5t1 a /ud5t %all meet !  
eligibility requirem5ts = a ,f$]al ,pell
 ,grant "u ?is section1 except t !      
/ud5t-- 7,a7 %all be enroll$1 or accept$
 = enrollm5t1 9 an eligible program     
describ$ 9 section #dha7;b77#c72 &  7,b7
 may n h receiv$ a po/baccalaureate     
degree4  7#c7 ,t]ms & conditions ( aw>ds
 ,! ,secret>y %all aw>d ,work=ce ,pell  
,grants "u ?is subsection 9 ! same mann]
 & ) ! same t]ms & conditions z !       

,secret>y aw>ds ,f$]al ,pell ,grants "u 
subsection 7b71 except t a /ud5t :o is  
eligible = a grant equal to less ?an !  
am\nt ( ! m9imum ,f$]al ,pell ,grant    
because ! eligible work=ce developm5t   
program 9 :i* ! /ud5t is enroll$ or     
accept$ = enrollm5t is less ?an an      
academic ye> 79 h\rs ( in/ruction or    
weeks ( duration7 may /ill be eligible =
 a ,work=ce ,pell ,grant4  7#d7         
,prev5tion ( d\ble b5efits ,no eligible 
/ud5t describ$ 9 p>agraph 7#b7 may1 = ! 
same p]iod ( enrollm5t1 receive bo? a   
grant "u ?is subsection & a ,f$]al ,pell
 ,grant "u subsection 7b74  4  7b7      
,subsequ5t aw>d ye>s  7#a7 ,9 g5]al     
,section #dja 7#bj ,u4,s4,c4 #ajgj;a71 z
 am5d$ by section #gjc ( ! ,,fafsa      
,simplification ,act 7title ,,vii (     
division ,,ff ( ,public ,law #aaf-bfj71 
is am5d$ by add+ at ! end ! foll[+3  7k7
 ,work=ce ,pell ,grants program  7#a7 ,9
 g5]al ,= ! aw>d ye> beg9n+ on ,july #a1
 #bjbd1 & ea* subsequ5t aw>d ye>1 !     
,secret>y %all aw>d grants 7ref]r$ to z 

a ,work=ce ,pell ,grants7 to eligible   
/ud5ts "u p>agraph 7#b7 9 accordance )  
?is subsection4  7#b7 ,eligible /ud5ts  
,= aw>d ye> #bjbd-bjbe & ea* succe$+    
aw>d ye>1 to be eligible to receive a   
,work=ce ,pell ,grant "u ?is subsection 
= any p]iod ( enrollm5t1 a /ud5t %all   
meet ! eligibility requirem5ts = a      
,f$]al ,pell ,grant "u ?is section1     
except t ! /ud5t--  7,a7 %all be        
enroll$1 or accept$ = enrollm5t1 9 an   
eligible program describ$ 9 section     
#dha7;b77#c72 &  7,b7 may n h receiv$ a 
po/baccalaureate degree4  7#c7 ,t]ms &  
conditions ( aw>ds ,! ,secret>y %all    
aw>d ,work=ce ,pell ,grants "u ?is      
subsection 9 ! same mann] & ) ! same    
t]ms & conditions z ! ,secret>y aw>ds   
,f$]al ,pell ,grants "u subsection 7b71 
except t a /ud5t :o is eligible = a     
grant equal to less ?an ! am\nt ( !     
m9imum ,f$]al ,pell ,grant because !    
eligible work=ce developm5t program 9   
:i* ! /ud5t is enroll$ or accept$ =     
enrollm5t is less ?an an academic ye> 79

 h\rs ( in/ruction or weeks ( duration7 
may /ill be eligible = a ,work=ce ,pell 
,grant4  7#d7 ,prev5tion ( d\ble b5efits
 ,no eligible /ud5t describ$ 9 p>agraph 
7#b7 may1 = ! same p]iod ( enrollm5t1   
receive bo? a grant "u ?is subsection & 
a ,f$]al ,pell ,grant "u subsection 7b74
  4  7#b7 ,effective date ,! am5dm5t    
made by p>agraph 7#a7 %all take effect z
 if includ$ 9 section #gjc ( ! ,,fafsa  
,simplification ,act 7title ,,vii (     
division ,,ff ( ,public ,law #aaf-bfj2  
#acd ,/at4 #caia7 & 9 accordance )      
section #gja7;b7 ( su* ,act4  #cjd4     
,accr$it+ ag5cy det]m9ation (           
eligibility requirem5ts = ! ,work=ce    
,pell ,grants program  7a7 ,9 g5]al     
,section #dif7;a77#d7 7#bj ,u4,s4,c4    
#ajii;b7a77#d77 is am5d$--  7#a7 9      
subp>agraph 7,a71 by /rik+ & at ! end2  
7#b7 9 subp>agraph 7,b77ii71 by ins]t+ &
 at ! end2 &  7#c7 by add+ at ! end !   
foll[+3  7,c7 if su* ag5cy or           
association has or seeks to include )9  
its scope ( recognition ! evaluation ( !

 quality ( in/itutions (f]+ an eligible 
program = purposes ( ! ,work=ce ,pell   
,grants program 79 accordance ) section 
#dha7;b77#c771 su* ag5cy or association 
%all1 9 addition to meet+ ! o!r         
requirem5ts ( ?is subp>t1 demon/rate to 
! ,secret>y t1 ) respect to su* eligible
 programs--  7i7 ! ag5cy's or           
association's /&>ds include a process = 
det]m9+ if ! in/itution has ! capability
 to effectively (f] su* an eligible     
program2 &  7ii7 ! ag5cy or association 
requires a demon/ration t ! program--   
7,i7 satisfies ! requirem5ts (          
subp>agraph 7,b7 ( section #dha7;b77#c72
 &  7,,ii7 provides academic cont5t1 an 
am\nt ( in/ructional "t1 & compet5cies  
to satisfy any applicable educational   
requirem5t s t a /ud5t :o completes !   
program & seeks employm5t is qualifi$ to
 practice or f9d employm5t 9 ! sectors  
or occupations t ! program prep>es      
/ud5ts to ent]4  4  7b7 ,additional     
,,naciqi review meet+s ,= ! purpose (   
prep>+ = ! implem5tation ( ! ,work=ce   

,pell ,grant program "u section #dja7k7 
( ! ,high] ,education ,act ( #aife 7z   
add$ by section #cjd71 9 addition to !  
meet+s requir$ "u section #aad7;d77#a7 (
 ! ,high] ,education ,act ( #aife 7#bj  
,u4,s4,c4 #ajaa;c7d77#a771 ! ,national  
,advisory ,committee on ,in/itutional   
,quality & ,integrity 7z e/abli%$ by su*
 section #aad7 %all1 ?r\gh #bjbe1 hold  
meet+s to evaluate ! additions to !     
scope ( recognition ( accr$it+ ag5cies &
 associations ) respect to an eligible  
program = purposes ( ! ,work=ce ,pell   
,grants program 79 accordance ) section 
#dha7;b77#c7 ( ! ,high] ,education ,act 
( #aife1 z add$ by section #cjb74