,i #aag? ,,congress #b;d ,session ,h4 ,r4 #hhgb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #ae1 #bjbb ,ms4 ,wilson ( ,florida 7= h]self1 ,mr4 ,scott ( ,virg9ia1 ,ms4 ,adams1 ,mr4 ,sablan1 ,ms4 ,bonamici1 ,ms4 ,mann+1 ,ms4 ,norton1 ,mrs4 ,hayes1 ,mr4 ,takano1 ,mr4 ,danny ,k4 ,davis ( ,ill9ois1 ,mrs4 ,mc,bath1 ,mr4 ,?ompson ( ,mississippi1 ,mr4 ,soto1 ,mr4 ,de,saulnier1 ,mr4 ,grijalva1 ,ms4 ,b>ragn1 ,mr4 ,correa1 ,mr4 ,evans1 ,mrs4 ,*]filus-,mc,cormick1 ,mr4 ,c>bajal1 ,mr4 ,torres ( ,new ,york1 ,ms4 ,cl>ke ( ,new ,york1 ,mrs4 ,lawr5ce1 ,mr4 ,s>banes1 ,ms4 ,lee ( ,cali=nia1 ,ms4 ,br[n ( ,ohio1 ,mr4 ,lawson ( ,florida1 ,mr4 ,c>t] ( ,l\isiana1 ,mr4 ,b[man1 ,mr4 ,c>son1 ,mr4 ,espaillat1 & ,mr4 ,ca/ro ( ,texas7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ,labor1 & 9 addition to ! ,committee on ! ,budget1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife to d\ble ! ,pell ,grant aw>d am\nt1 improve ! ,public ,s]vice ,loan ,=giv5ess program1 & r$uce int]e/ rates1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,l[]+ ,ob/acles to ,a*ievem5t ,n[ ,act or ! ,,loan ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,f$]al ,pell ,grants ,sec4 #aja4 ,d\bl+ ,f$]al ,pell ,grants & provid+ all ,f$]al ,pell ,grants ?r\gh m&atory fund+4 ,sec4 #ajb4 ,provid+ increas$ ,f$]al ,pell ,grants & o!r assi/ance = recipi5ts ( means-te/$ b5efits4 ,sec4 #ajc4 ,f$]al aid eligibility = dream] /ud5ts4 ,sec4 #ajd4 ,re/or+ ! total seme/]s ( ,f$]al ,pell ,grant eligibility4 ,sec4 #aje4 ,r$uc+ f9ancial aid p5alties f satisfactory academic progress det]m9ations4 ,sec4 #ajf4 ,f$]al ,pell ,grants = graduate /ud5ts4 ,title ,,ii--,am5dm5ts to t]ms & conditions ( loans & repaym5t plans ,"p ,a--,direct loans ,sec4 #bja4 ,subsidiz$ loans = graduate & pr(essional /ud5ts4 ,sec4 #bjb4 ,int]e/ rate on subsidiz$ loans = graduate & pr(essional /ud5ts4 ,sec4 #bjc4 ,repeal ( orig9ation fees4 ,sec4 #bjd4 ,prepaym5t am\nts4 ,"p ,b--,automatic enrollm5t 9 income-,driv5 repaym5t = c]ta9 borr[]s ,sec4 #baa4 ,notification & automatic enrollm5t proc$ures = borr[]s :o are del9qu5t on loans4 ,sec4 #bab4 ,notification & automatic enrollm5t proc$ures = borr[]s :o are rehabilitat+ default$ loans4 ,sec4 #bac4 ,cov]$ loan1 income-driv5 repaym5t plan1 & non-cov]$ loan def9$4 ,sec4 #bad4 ,automatic rec]tification ( income = income-driv5 repaym5t plans4 ,sec4 #bae4 ,proc$ure & requirem5t = reque/+ tax return in=mation f ! ,,irs4 ,"p ,c--,am5dm5ts to c]ta9 loan =giv5ess programs ,sec4 #bba4 ,am5dm5ts to t]ms & conditions ( ,public ,s]vice ,loan ,=giv5ess4 ,sec4 #bbb4 ,loan =giv5ess = tea*]s4 ,title ,,iii--,int]e/ ,capitalization ,sec4 #cja4 ,elim9ation ( int]e/ capitalization4 ,sec4 #cjb4 ,elim9ation ( disclosure requirem5ts relat+ to capitalization4 ,title ,,iv--,int]e/ ,rates ,sec4 #dja4 ,int]e/ rate provisions = new ,f$]al /ud5t loans on or aft] ,july #a1 #bjbc4 ,sec4 #djb4 ,ref9anc+ ,,ffel & ,f$]al ,direct ,loans4 ,sec4 #djc4 ,ref9anc+ private /ud5t loans4 ,i ,f$]al ,pell ,grants #aja4 ,d\bl+ ,f$]al ,pell ,grants & provid+ all ,f$]al ,pell ,grants ?r\gh m&atory fund+ 7a7 ,am\nt ( m9imum ,f$]al ,pell ,grants ,section #dja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a71 z am5d$ by title ,,vii ( division ,,ff ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$-- 7#a7 9 subsection 7a77#b77;,f71 by /rik+ #aj p]c5t & ins]t+ #e p]c5t2 7#b7 9 subsection 7b7-- 7,a7 9 p>agraph 7#a77;,b77i71 by /rik+ p>agraph 7#e77;,a7 & ins]t+ p>agraph 7#e72 7,b7 by /rik+ p>agraph 7#e7 & ins]t+ ! foll[+3 7#e7 ,maximum ,f$]al ,pell ,grant 7,a7 ,aw>d ye> #bjbd-bjbe ,= aw>d ye> #bjbd-bjbe1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #i1jjj4 7,b7 ,aw>d ye> #bjbe-bjbf ,= aw>d ye> #bjbe-bjbf1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #aj1jjj4 7,c7 ,aw>d ye> #bjbf-bjbg ,= aw>d ye> #bjbf-bjbg1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #aa1jjj4 7,d7 ,aw>d ye> #bjbg-bjbh ,= aw>d ye> #bjbg-bjbh1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #ab1jjj4 7,e7 ,aw>d ye> #bjbh-bjbi ,= aw>d ye> #bjbh-bjbi1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #ac1jjj4 7,f7 ,aw>d ye> #bjbi-bjcj & subsequ5t ye>s ,= aw>d ye> #bjbi-bjcj1 & ea* subsequ5t aw>d ye>1 ! total maximum ,f$]al ,pell ,grant aw>d %all be #ac1jjj-- 7i7 increas$ by ! adju/m5t p]c5tage = ! aw>d ye> = :i* ! am\nt "u ?is subp>agraph is be+ det]m9$2 & 7ii7 r\nd$ to ! ne>e/ #ej4 7,g7 ,def9ition ( adju/m5t p]c5tage ,9 ?is p>agraph1 ! t]m adju/m5t p]c5tage1 z appli$ to an aw>d ye>1 is equal to ! p]c5tage increase 9 ! ,consum] ,price ,index1 z def9$ 9 section #dgh7;f71 = ! mo/ rec5t cal5d> ye> end+ prior to ! beg9n+ ( ! aw>d ye>4 2 7,c7 by /rik+ p>agraphs 7#f7 & 7#g7 & ins]t+ ! foll[+3 7#f7 ,appropriation ( funds ,!re are au?oriz$ to be appropriat$1 & !re are appropriat$1 out ( any money 9 ! ,treasury n o!rwise appropriat$1 su* sums z may be necess>y = fiscal ye> #bjbd & ea* subsequ5t fiscal ye> to provide ! total maximum ,f$]al ,pell ,grant = :i* a /ud5t %all be eligible "u ?is section dur+ an aw>d ye>4 2 & 7,d7 by r$esignat+ p>agraphs 7#h7 & 7#i7 z p>agraphs 7#g7 & 7#h71 respectively2 7#c7 9 subsection 7d77#e77;,b77ii7-- 7,a7 9 subclause 7,i77bb71 by /rik+ or aft] ! semicolon2 7,b7 9 subclause 7,,ii77bb77,,cc71 by /rik+ ! p]iod & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7,,iii7 dur+ a p]iod = :i* ! /ud5t did n receive a loan "u ?is title b = :i*1 if ! /ud5t _h receiv$ su* a loan1 su* loan w\ld h be5 dis*>g$ "u ! circum/ances describ$ 9 subclause 7,,ii77bb77,,cc74 2 7#d7 by /rik+ subsections 7g7 & 7h72 & 7#e7 by r$esignat+ subsections 7i7 & 7j7 z subsections 7g7 & 7h71 respectively4 7b7 ,repeal ( scor+ requirem5t 7#a7 ,9 g5]al ,section #djf ( ,h4 ,con4 ,res4 #ie 7#aji? ,congress7 is am5d$-- 7,a7 by /rik+ subsection 7b72 & 7,b7 by /rik+ 7a7 ,9 g5]al4--,^u & ins]t+ ! foll[+3 ,^u4 7#b7 ,effective date ,! am5dm5ts made by p>agraph 7#a7 %all take effect beg9n+ on ,july #a1 #bjbd4 7c7 ,/ud5t support s]vices ,section #djb;,d7d77#a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a-#ad7;d77#a77 is am5d$ by /rik+ ! m9imum & ins]t+ #aj p]c5t ( ! maximum4 7d7 ,s*ol>%ip compon5t ,section #djd;,e7d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a-#be7;d77 is am5d$ by /rik+ less ?an ! m9imum & ins]t+ less ?an #aj p]c5t ( ! maximum4 #ajb4 ,provid+ increas$ ,f$]al ,pell ,grants & o!r assi/ance = recipi5ts ( means-te/$ b5efits 7a7 ,increas$ am\nt ( maximum ,f$]al ,pell ,grants = /ud5ts ) negative /ud5t aid indexes ,section #dja7;b77#a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a7b77#a771 z am5d$ by section #b & section #gjc ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ ,a /ud5t & ins]t+ ,except 9 ! case ( a /ud5t ) a /ud5t aid index ( less ?an z]o1 a /ud5t2 7,b7 by /rik+ clause 7i72 & 7,c7 by r$esignat+ clauses 7ii7 & 7iii7 z clauses 7i7 & 7ii71 respectively2 7#b7 by r$esignat+ subp>agraphs 7,b7 ?r\gh 7,e7 z subp>agraphs 7,c7 ?r\gh 7,f71 respectively2 7#c7 by ins]t+ aft] subp>agraph 7,a7 ! foll[+3 7,b7 ,a /ud5t ) a /ud5t aid index ( less ?an z]o %all be eligible = a ,f$]al ,pell ,grant aw>d t exce$s ! total maximum ,f$]al ,pell ,grant by an am\nt equal to ! am\nt by :i* ! /ud5t's /ud5t aid index is less ?an z]o4 2 7#d7 9 subp>agraph 7,c71 z r$esignat$ by p>agraph 7#b7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ subp>agraph 7,a7 = an academic ye>1 & ins]t+ subp>agraph 7,a71 or an increas$ ,f$]al ,pell ,grant "u subp>agraph 7,b71 = an academic ye>12 & 7,b7 9 clause 7ii71 by /rik+ 1 except t a /ud5t aid index ( less ?an z]o %all be consid]$ to be z]o = ! purposes ( ?is clause2 7#e7 9 subp>agraph 7,d71 z r$esignat$ by p>agraph 7#b71 by /rik+ 7,a7 or 7,b7 & ins]t+ 7,a71 7,b71 or 7,c72 7#f7 9 subp>agraph 7,e71 z r$esignat$ by p>agraph 7#b71 by ins]t+ or an increas$ ,f$]al ,pell ,grant "u subp>agraph 7,b7 aft] subp>agraph 7,a72 or 7#g7 9 subp>agraph 7,f71 z r$esignat$ by p>agraph 7#b71 by /rik+ or a m9imum ,f$]al ,pell ,grant "u subp>agraph 7,c7 & ins]t+ an increas$ ,f$]al ,pell ,grant "u subp>agraph 7,b71 or a m9imum ,f$]al ,pell ,grant "u subp>agraph 7,d74 7b7 ,special /ud5t aid index rule = recipi5ts ( means-,te/$ b5efits ,section #dgc ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhgmm71 z am5d$ by section #gjb7;b7 ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$ by add+ at ! end ! foll[+3 7d7 ,special rule = means-,te/$ b5efit recipi5ts ,not)/&+ subsection 7b71 = an applicant 7or1 z applicable1 an applicant & sp\se1 or an applicant's p>5ts7 :o1 at any "t dur+ ! previ\s #bd-mon? p]iod1 receiv$ a b5efit "u a means-te/$ ,f$]al b5efit program 7or ^: p>5t or sp\se receiv$ su* a b5efit1 z applicable71 ! ,secret>y %all = ! purposes ( ?is title consid] ! /ud5t aid index z equal to -#a1ejj = ! applicant4 4 #ajc4 ,f$]al aid eligibility = dream] /ud5ts ,section #dhd ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajia71 z am5d$ by section #gjb7n7 ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$-- 7#a7 9 subsection 7a77#e71 by ins]t+ 1 or be a ,dream] /ud5t1 z def9$ 9 subsection 7u7 aft] becom+ a citiz5 or p]man5t resid5t2 & 7#b7 by add+ at ! end ! foll[+3 7u7 ,dream] /ud5ts 7#a7 ,9 g5]al ,9 ?is section1 ! t]m ,dream] /ud5t means an individual :o-- 7,a7 7i7 is n a citiz5 or national ( ! ,unit$ ,/ates2 & 7ii7 is inadmissible or deportable "u ! ,immigration & ,nationality ,act 7#h ,u4,s4,c4 #aaja et seq4772 & 7,b7 7i7 9 ! case ( su* an individual :o 0 y\ng] ?an #ah ye>s ( age on ! date on :i* ! individual initially ent]$ ! ,unit$ ,/ates-- 7,i7 has e>n$ a high s*ool diploma1 ! recogniz$ equival5t ( su* diploma f a second>y s*ool1 or a high s*ool equival5cy diploma recogniz$ by ,/ate law1 or is s*$ul$ to complete ! requirem5ts = su* a diploma or equival5t be=e ! next academic ye> beg9s2 7,,ii7 is enroll$ at an in/itution ( high] education pursuant to subsection 7d72 7,,iii7 has s]v$ 9 ! uni=m$ s]vices 7z su* t]m is def9$ 9 section #aja ( title #aj1 ,unit$ ,/ates ,code7 = n less ?an #b ye>s &1 if dis*>g$1 receiv$ an honorable dis*>ge2 7,,iv7 has acquir$ a degree1 c]tificate1 or recogniz$ po/second>y cr$5tial f an in/itution ( high] education or area c>e] & te*nical education s*ool 7z su* t]m is def9$ 9 section #c ( ! ,c>l ,d4 ,p]k9s ,c>e] & ,te*nical ,education ,act ( #bjjf 7#bj ,u4,s4,c4 #bcjb772 or 7,v7 has complet$ n less ?an #b ye>s 9 a po/second>y program at an in/itution ( high] education1 or area c>e] & te*nical education s*ool1 9 ! ,unit$ ,/ates & has made satisfactory academic progress1 z def9$ 9 subsection 7c71 dur+ su* "t p]iod2 or 7ii7 7,i7 is1 or at any "t 01 eligible = a grant ( def]r$ action pursuant to-- 7aa7 ! memor&um ( ! ,dep>tm5t ( ,homel& ,security entitl$ ,ex]cis+ ,prosecutorial ,discretion ) ,respect to ,individuals ,:o ,came to ! ,unit$ ,/ates z ,*ildr5 issu$ on ,june #ae1 #bjab2 or 7bb7 ! memor&um ( ! ,dep>tm5t ( ,homel& ,security entitl$ ,ex]cis+ ,prosecutorial ,discretion ) ,respect to ,individuals ,:o ,came to ! ,unit$ ,/ates z ,*ildr5 & ) ,respect to ,c]ta9 ,individuals ,:o ,are ! ,p>5ts ( ,u4,s4 ,citiz5s or ,p]man5t ,resid5ts issu$ on ,novemb] #bj1 #bjad2 or 7,,ii7 w\ld h be5 eligible = su* a grant ( def]r$ action if ! applicable memor&um describ$ 9 subclause 7,i7 _h be5 fully 9 effect s9ce ! date on :i* x 0 issu$4 7#b7 ,h>d%ip exception ,! ,secret>y %all issue regulations t direct :5 ! ,dep>tm5t %all waive ! age requirem5t ( p>agraph 7#a77;,b77i7 = an individual to qualify z a ,dream] /ud5t "u su* p>agraph1 if ! individual demon/rates compell+ circum/ances1 su* z economic h>d%ip 7z def9$ 9 section #dce7o774 4 #ajd4 ,re/or+ ! total seme/]s ( ,f$]al ,pell ,grant eligibility ,section #dja7;d77#e77;,a7 ( ! ,high] ,education ,act ( #aife1 z add$ by section #gjc ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$ by /rik+ #ab ea* place ! t]m appe>s & ins]t+ #ah4 #aje4 ,r$uc+ f9ancial aid p5alties f satisfactory academic progress det]m9ations ,section #dhd7;c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajia7;c77 is am5d$ to read z foll[s3 7c7 ,satisfactory progress 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,appeal ,! t]m appeal means a process by :i* a /ud5t :o is n meet+ ! in/itution's satisfactory academic progress /&>ds petitions ! in/itution = reconsid]ation ( ! /ud5t's eligibility = assi/ance "u ?is title4 7,b7 ,f9ancial aid probation ,! t]m f9ancial aid probation means a /atus assign$ by an in/itution to a /ud5t :o fails to make satisfactory academic progress & :o has appeal$ & has _h eligibility = aid re9/at$4 7,c7 ,f9ancial aid w>n+ ,! t]m f9ancial aid w>n+ means a /atus assign$ to a /ud5t :o fails to make satisfactory academic progress at ! end ( ! seme/] or equival5t p]iod 9 :i* ! /ud5t fir/ fails to make su* progress4 7,d7 ,paym5t p]iod ,! t]m paym5t p]iod means ! applicable paym5t p]iod describ$ 9 section #ffh4d ( title #cd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#b7 ,satisfactory academic progress policy ,an in/itution %all e/abli% a reasonable satisfactory academic progress policy = det]m9+ :e!r an o!rwise eligible /ud5t is mak+ satisfactory academic progress 9 ! /ud5t's educational program & may receive assi/ance "u ?is title4 ,! ,secret>y %all consid] ! in/itution's policy to be reasonable if-- 7,a7 ! policy is at lea/ z /rict z ! policy ! in/itution applies to a /ud5t :o is n receiv+ assi/ance "u ?is title2 7,b7 ! policy provides = consi/5t application ( /&>ds to all /ud5ts1 includ+ full-"t1 "p-"t1 und]graduate1 & graduate /ud5ts1 & all educational programs e/abli%$ by ! in/itution2 7,c7 7i7 ! policy specifies ! grade po9t av]age t a /ud5t mu/ a*ieve at ea* evaluation1 or if a grade po9t av]age is n an appropriate qualitative measure1 a comp>able assessm5t measur$ aga9/ a norm2 & 7ii7 if a /ud5t is enroll$ 9 an educational program ( m ?an #b academic ye>s1 ! policy specifies t at ! end ( ! second academic ye>1 ! /ud5t mu/ h a grade po9t av]age ( at lea/ a ,c or its equival5t1 or h academic /&+ consi/5t ) ! in/itution's requirem5ts = graduation2 7,d7 ! policy provides = measurem5t ( ! /ud5t's progress at ea* evaluation2 7,e7 ! policy describes-- 7i7 h[ a /ud5t's grade po9t av]age & ! pace at :i* ! /ud5t progresses t[>d completion are affect$ by c\rse incompletes1 )drawals1 or repetitions1 or transf]s ( cr$it f o!r in/itutions1 includ+ t cr$it h\rs f ano!r in/itution t are accept$ t[>d ! /ud5t's educational program are c\nt$ z bo? attempt$ & complet$ h\rs2 & 7ii7 h[ aft] a /ud5t re5rolls aft] ! /ud5t's satisfactory academic progress 0 reset pursuant to p>agraph 7#c77;,b71 ! /ud5t may h any cr$its t 7 e>n$ be=e ! /ud5t 0 det]m9$ n to be mak+ satisfactory academic progress c\nt$ = purposes ( det]m9+ progress :5 ! /ud5t re5rolls1 b any attempt$ h\rs t 7 n e>n$ by ! /ud5t 7includ+ incompletes1 )drawn c\rses1 & fail$ c\rses7 be=e ! /ud5t 0 det]m9$ n to be mak+ satisfactory academic progress w n negatively impact ! det]m9ation ( :e!r ! /ud5t made satisfactory academic progress aft] su* reset2 7,f7 ! policy provides t1 except z provid$ 9 subp>agraph 7,g7 ) respect to a /ud5t plac$ on f9ancial aid w>n+ or f9ancial aid probation & p>agraph 7#c71 a /ud5t is no long] eligible to receive assi/ance "u ?is title if ! /ud5t has n a*iev$ ! requir$ grade po9t av]age or :o is n mak+ progress t[>d completion 9 ! /ud5t's educational program-- 7i7 at ! "t ( ea* evaluation ) respect to a /ud5t :o is 9 an educational program ( #b academic ye>s or less 9 l5g?2 or 7ii7 at ! end ( ! second academic ye> ) respect to a /ud5t :o is 9 an educational program ( m ?an #b academic ye>s 9 l5g?2 7,g7 ! policy describes :5 /ud5ts w be plac$ on f9ancial aid w>n+ or f9ancial aid probation1 9 accordance ) p>agraph 7#d71 & provides t-- 7i7 a /ud5t on f9ancial aid w>n+-- 7,i7 %all receive assi/ance "u ?is title = "o paym5t p]iod despite a det]m9ation t ! /ud5t is n mak+ satisfactory academic progress2 & 7,,ii7 may be assign$ su* /atus )\t an appeal or o!r action by ! /ud5t2 & 7ii7 7,i7 a /ud5t on f9ancial aid probation may receive assi/ance "u ?is title = "o paym5t p]iod & ! in/itution may require ! /ud5t to fulfill specific t]ms & conditions1 su* z tak+ a r$uc$ c\rse load or enroll+ 9 specific c\rses2 & 7,,ii7 at ! end ( su* "o paym5t p]iod1 ! /ud5t is requir$ to meet ! in/itution's satisfactory academic progress /&>ds1 or meet ! requirem5ts ( ! academic plan develop$ by ! in/itution & ! /ud5t1 9 ord] to qualify = cont9u$ assi/ance "u ?is title2 7,h7 if ! in/itution p]mits a /ud5t to appeal a det]m9ation by ! in/itution t ! /ud5t is n mak+ satisfactory academic progress1 ! policy describes-- 7i7 h[ ! /ud5t may ree/abli% ! /ud5t's eligibility to receive assi/ance "u ?is title2 7ii7 ! basis on :i* ! /ud5t may file an appeal1 includ+ because ( ! dea? ( a relative1 an injury or illness ( ! /ud5t1 or ano!r special circum/ance2 & 7iii7 in=mation ! /ud5t is requir$ to submit reg>d+ :y ! /ud5t fail$ to make satisfactory academic progress1 & :at has *ang$ 9 ! /ud5t's situation t w all[ ! /ud5t to demon/rate satisfactory academic progress at ! next evaluation2 7,i7 if ! in/itution does n p]mit a /ud5t to appeal a det]m9ation by ! in/itution t ! /ud5t is n mak+ satisfactory academic progress1 ! policy describes h[ ! /ud5t may ree/abli% ! /ud5t's eligibility to receive assi/ance "u ?is title2 7,j7 ! policy provides = notification to /ud5ts ( ! results ( an evaluation t impacts ! /ud5t's eligibility = assi/ance "u ?is title2 & 7,k7 ! policy does n impose satisfactory progress limitations on ne$-bas$ in/itutional aid t are m /r+5t ?an ! /&>d appli$ "u ?is subsection )\t demon/rat+ to ! ,secret>y ! effectiv5ess ( su* limitations on improv+ /ud5t p]si/5ce 91 & completion (1 po/second>y /udy4 7#c7 ,rega9+ eligibility 7,a7 ,/ud5ts :o rema9 9 s*ool ,:5ev] a /ud5t fails to meet ! eligibility requirem5ts ( subsection 7a77#b7 z a result ( ! application ( ?is subsection &1 subsequ5t to t failure1 ! /ud5t has academic /&+ = any grad+ p]iod consi/5t ) ! requirem5ts = /ay+ on track to graduate )9 #aej p]c5t ( ! publi%$ l5g? ( ! educational program1 z det]m9$ by ! in/itution1 ! /ud5t %all aga9 be eligible "u subsection 7a77#b7 = a grant1 loan1 or "w assi/ance "u ?is title1 z long z ! /ud5t ma9ta9s satisfactory academic progress "u p>agraph 7#b7 beg9n+ on & aft] ! date t ! /ud5t rega9s eligibility4 7,b7 ,/ud5ts :o leave s*ool 7i7 ,9 g5]al ,if a /ud5t has n be5 enroll$ 9 any in/itution ( high] education = ! imm$iately prec$+ #b ye>s1 any previ\s failure to meet ! eligibility requirem5ts ( subsection 7a77#b7 %all n be us$ 9 any det]m9ation ( eligibility ( su* /ud5t "u su* subsection4 ,su* /ud5t %all1 on ! date ( enrollm5t subsequ5t to su* #b-ye> p]iod1 h ! /ud5t's eligibility = a grant1 loan1 or "w assi/ance "u ?is title reset & be deem$ z meet+ ! requirem5ts describ$ 9 p>agraph 7#b74 ,beg9n+ on & aft] su* date1 ! /ud5t's satisfactory academic progress %all be det]m9$ 9 accordance ) p>agraph 7#b77;,e77ii74 7ii7 ,maximum numb] ( resets ,a /ud5t %all be eligible = a reset ( eligibility pursuant to ?is subp>agraph n m ?an #b times4 7,c7 ,duties ( ! ,secret>y ,! ,secret>y %all-- 7i7 s5d1 to ea* /ud5t :o fail$ to meet ! eligibility requirem5ts ( subsection 7a77#b7 & :o has n rega9$ eligibility = a grant1 loan1 or "w assi/ance "u subp>agraph 7,a71 a notice1 two ye>s aft] su* failure1 t includes-- 7,i7 a notification t1 if ! /ud5t has n be5 enroll$ 9 any in/itution ( high] education = ! prec$+ two ye>s & has n receiv$ two resets ( eligibility "u subp>agraph 7,b71 ! /ud5t may use grant1 loan1 or "w assi/ance "u ?is title = enrollm5t at any eligible in/itution1 includ+ an in/itution o!r ?an ! in/itution 9 :i* ! /ud5t 0 previ\sly enroll$2 7,,ii7 a notification t1 if ! /ud5t has rema9$ enroll$1 or resum$ enrollm5t1 at an in/itution ( high] education1 ! /ud5t may be eligible = a grant1 loan1 or "w assi/ance "u ?is title subject to ! requirem5ts ( subp>agraph 7,a72 7,,iii7 in=mation on h[ _m seme/]s ( eligibility = a grant1 loan1 or "w assi/ance "u ?is title to :i* ! /ud5t /ill has access2 & 7,,iv7 a notification t ! /ud5t %\ld ask any prospective eligible in/itution h[ _m ( ! /ud5t's previ\sly complet$ cr$its ! /ud5t w\ld be able to transf]2 & 7ii7 submit an annual report to ,congress on ! outcomes ( /ud5ts :o h receiv$ a reset ( eligibility pursuant to ?is p>agraph1 includ+-- 7,i7 ! numb] ( /ud5ts :o re5roll 9 an eligible in/itution aft] su* reset1 disaggregat$ by race or e?nicity1 sex1 age1 socioeconomic /atus1 & disability /atus2 7,,ii7 ! #bej eligible in/itutions ) ! highe/ numb]s ( enroll$ /ud5ts receiv+ grant1 loan1 or "w assi/ance "u ?is title aft] su* a reset2 7,,iii7 ! #bej eligible in/itutions ) ! highe/ %>e ( enroll$ /ud5ts receiv+ grant1 loan1 or "w assi/ance "u ?is title aft] su* a reset2 & 7,,iv7 ! av]age completion rate & "t to completion = /ud5ts :o re5roll 9 an eligible in/itution aft] su* reset1 disaggregat$ by in/itution4 7#d7 ,evaluation ( academic progress 7,a7 ,9 g5]al ,an in/itution t det]m9es t a /ud5t is n mak+ satisfactory academic progress "u its policy may disburse funds provid$ ?r\gh /ud5t f9ancial assi/ance programs "u ?is title 7includ+ "w-/udy programs "u subtitle ,c7 to ! /ud5t 9 accordance ) subp>agraphs 7,b71 7,c71 & 7,d74 7,b7 ,paym5t p]iod foll[+ n mak+ satisfactory academic progress ,= ! paym5t p]iod foll[+ ! paym5t p]iod 9 :i* a /ud5t did n make satisfactory academic progress1 ! in/itution %all place ! /ud5t on f9ancial aid w>n+ & disburse funds "u ?is title to ! /ud5t4 7,c7 ,paym5t p]iod foll[+ f9ancial aid w>n+ ,= ! paym5t p]iod foll[+ a paym5t p]iod dur+ :i* a /ud5t 0 on f9ancial aid w>n+1 ! in/itution may place ! /ud5t on f9ancial aid probation1 & disburse funds "u ?is title to ! /ud5t if-- 7i7 ! in/itution evaluates ! /ud5t's progress & det]m9es t /ud5t did n make satisfactory academic progress dur+ ! paym5t p]iod ! /ud5t 0 on f9ancial aid w>n+2 7ii7 ! /ud5t appeals ! det]m9ation2 & 7iii7 7,i7 ! in/itution det]m9es t ! /ud5t %\ld be able to meet ! in/itution's satisfactory academic progress /&>ds by ! end ( ! subsequ5t paym5t p]iod2 or 7,,ii7 ! in/itution develops an academic plan = ! /ud5t t1 if foll[$1 w ensure t ! /ud5t is able to meet ! in/itution's satisfactory academic progress /&>ds by a specific po9t 9 "t4 7,d7 ,paym5t p]iod foll[+ f9ancial aid probation ,a /ud5t on f9ancial aid probation = a paym5t p]iod may n receive funds "u ?is title = ! subsequ5t paym5t p]iod unless ! /ud5t makes satisfactory academic progress or ! in/itution det]m9es t ! /ud5t met ! requirem5ts specifi$ by ! in/itution 9 ! academic plan = ! /ud5t develop$ "u subp>agraph 7,c77iii77,,ii74 7,e7 ,frequ5cy ( academic progress evaluation & communication 7i7 ,9 g5]al ,subject to clause 7ii71 = ! purpose ( det]m9+ :e!r pres5tly enroll$ /ud5ts are ma9ta9+ satisfactory progress1 ea* in/itution ( high] education t enrolls /ud5ts :o receive any grant1 loan1 or "w assi/ance "u ?is title %all review ! progress ( su* /ud5ts at ! end ( ea* paym5t p]iod4 7ii7 ,%ort] paym5t p]iods ,= ea* in/itution describ$ 9 clause 7i7 t has paym5t p]iods t are %ort] ?an on ! seme/] sy/em basis 7su* z on a qu>t]ly or trime/] sy/em basis or by clock h\r program or non-t]m program71 su* in/itution %all review ! progress ( pres5tly enroll$ /ud5ts at ! end ( ea* seme/] or equival5t p]iod ( #ab to #ah weeks4 7iii7 ,f9ancial aid w>n+ ,at ! end ( ea* paym5t p]iod 7or1 9 ! case ( an in/itution describ$ 9 clause 7ii71 at ! end ( ea* seme/] or equival5t p]iod71 ea* in/itution %all s5d a f9ancial aid w>n+ to pres5tly enroll$ /ud5ts t d n meet ! grade po9t av]age requirem5t describ$ 9 p>agraph 7#b71 or its equival5t or academic /&+ consi/5t ) ! requirem5ts = graduation1 z det]m9$ by ! in/itution1 t in=ms ! /ud5ts ( _! risk ( be+ det]m9$ to n be ma9ta9+ satisfactory progress & !re=e los+ eligibility = grant1 loan1 or "w assi/ance "u ?is title & provides in=mation on-- 7,i7 ! specific crit]ia ( ! in/itution's academic requirem5ts t ! /ud5t is n meet+ & ! specific improvem5ts ne$$ to meet ! requirem5ts2 & 7,,ii7 h[ to meet ) ! /ud5t's academic advisor to get ! academic support ! /ud5t ne$s4 7#e7 ,detail+ requirem5ts to /ud5ts ,ea* in/itution ( high] education t enrolls /ud5ts :o receive any grant1 loan1 or "w assi/ance "u ?is title %all detail ! in/itution's requirem5ts reg>d+ /ud5ts ma9ta9+ satisfactory academic progress-- 7,a7 to su* /ud5ts be=e ! /ud5ts beg9 classes at ! in/itution ?r\gh a detail$ communication t may be sep>ate f a f9ancial aid (f]2 & 7,b7 on ! f9ancial aid webpage ( ! website ( ! in/itution4 7#f7 ,consum] te/+ ,! ,secret>y-- 7,a7 %all conduct consum] te/+ to develop exempl>y practices & templates-- 7i7 to support in/itutions ( high] education 9 c>ry+ out p>agraph 7#e72 & 7ii7 :i* %all be available z res\rces = in/itutions ( high] education2 & 7,b7 %all n require ! use ( su* practices & templates by in/itutions ( high] education4 4 #ajf4 ,f$]al ,pell ,grants = graduate /ud5ts ,section #dja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a71 z am5d$ by title ,,vii ( division ,,ff ( ! ,,fafsa ,simplification ,act 7,public ,law #aaf-bfj71 is am5d$-- 7#a7 9 subsection 7b77#h77;,a71 by ins]t+ or z a po/baccalaureate /ud5t 9 accordance ) subsection 7d77#a7 aft] z an und]graduate2 & 7#b7 9 subsection 7d7-- 7,a7 by am5d+ p>agraph 7#a7 to read z foll[s3 7#a7 ,9 g5]al ,! p]iod dur+ :i* a /ud5t may receive ,f$]al ,pell ,grants %all be ! p]iod requir$ = ! completion ( ! fir/ und]graduate baccalaureate c\rse ( /udy be+ pursu$ by t /ud5t at ! in/itution at :i* ! /ud5t is 9 att5dance except t-- 7,a7 any #a-ye> p]iod dur+ :i* ! /ud5t is enroll$ 9 a noncr$it or rem$ial c\rse ( /udy z def9$ 9 p>agraph 7#b7 %all n be c\nt$ = ! purpose ( ?is p>agraph2 & 7,b7 ! p]iod dur+ :i* a /ud5t may receive ,f$]al ,pell ,grants %all also include ! p]iod requir$ = ! completion ( ! fir/ po/baccalaureate c\rse ( /udy 9 a case 9 :i*-- 7i7 ! /ud5t receiv$ a ,f$]al ,pell ,grant dur+ ! p]iod requir$ = ! completion ( ! /ud5t's fir/ und]graduate baccalaureate c\rse ( /udy = at lea/ #a b few] ?an #ah seme/]s1 or ! equival5t ( at lea/ #a b few] ?an #ah seme/]s1 z det]m9$ "u p>agraph 7#e72 7ii7 ! /ud5t w\ld o!rwise be eligible = a ,f$]al ,pell ,grant1 b = ! completion ( su* baccalaureate c\rse ( /udy2 & 7iii7 ! p]iod dur+ :i* ! /ud5t receives ,f$]al ,pell ,grants does n exce$ ! /ud5t's duration limits "u p>agraph 7#e74 2 & 7,b7 9 p>agraph 7#b71 by /rik+ or c]tificate & ins]t+ 1 c]tificate1 or fir/ po/baccalaureate degree4 ,,ii ,am5dm5ts to t]ms & conditions ( loans & repaym5t plans ,a ,direct loans #bja4 ,subsidiz$ loans = graduate & pr(essional /ud5ts ,section #dee7;a77#c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7a77#c77 is am5d$-- 7#a7 9 subp>agraph 7,a71 9 ! matt] prec$+ clause 7i71 by /rik+ 8subp>agraph 7,b70 & ins]t+ 8subp>agraphs 7,b7 & 7,c702 & 7#b7 by add+ at ! end ! foll[+3 7,c7 ,au?ority to make int]e/ subsidiz$ loans to graduate & pr(essional /ud5ts ,= any p]iod ( in/ruction at an in/itution ( high] education 7z def9$ 9 section #aja or section #ajb7;a77#a77;,c71 except t a graduate m$ical s*ool1 nurs+ s*ool1 or a vet]9>y s*ool1 locat$ outside ! ,unit$ ,/ates t does n meet ! requirem5ts ( section #aja7;a77#d7 %all be exclud$7 beg9n+ on or aft] ,july #a1 #bjbc1 a graduate or pr(essional /ud5t %all be eligible to receive a ,f$]al ,direct ,/af=d loan "u ?is "p4 4 #bjb4 ,int]e/ rate on subsidiz$ loans = graduate & pr(essional /ud5ts ,section #dee7;b77#h77;,b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7b77#h77;,b77 is am5d$-- 7#a7 9 ! head+ = subp>agraph 7,b71 by /rik+ fdusl & ins]t+ fdsl & fdusl2 & 7#b7 by ins]t+ & ,f$]al ,direct ,/af=d ,loans aft] ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loans4 #bjc4 ,repeal ( orig9ation fees ,section #dee7;c77#b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7c77#b77 is am5d$-- 7#a7 by /rik+ & at ! end ( subp>agraph 7,d72 & 7#b7 by add+ at ! end ! foll[+3 7,e7 by sub/itut+ #j4j p]c5t = #d4j p]c5t ) respect to loans = :i* ! fir/ disbursem5t ( pr9cipal is made on or aft] ,july #a1 #bjbc4 4 #bjd4 ,prepaym5t am\nts ,section #dee7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7d77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,application ( prepaym5t am\nts 7,a7 ,requirem5t = eligible borr[]s 7i7 ,9 g5]al ,not)/&+ any o!r provision ( ?is subsection or any o!r provision ( law-- 7,i7 ) respect to loans made to an eligible borr[] "u ?is "p or "p ,b1 :i* are held by ! same hold] & :i* h diff]5t applicable rates ( int]e/1 ! hold] ( su* loans %all1 unless o!rwise reque/$ by ! borr[] 9 writ+1 apply ! borr[]'s prepaym5t am\nt 7)9 ! mean+ ( section #fhb4bji7;b7 ( title #cd1 ,code ( ,f$]al ,regulations1 or a successor regulation7 = "o or m ( su* loans1 fir/ t[>d ! out/&+ balance ( pr9cipal due on ! loan ) ! highe/ applicable rate ( int]e/ among su* loans2 & 7,,ii7 except z provid$ 9 subclause 7,i71 ) respect to loans made to an eligible borr[] "u ?is "p or "p ,b1 :i* are held by ! same hold] & :i* h ! same applicable rates ( int]e/1 ! hold] ( su* loans %all1 unless o!rwise reque/$ by ! borr[] 9 writ+1 apply ! borr[]'s prepaym5t am\nt 7)9 ! mean+ ( section #fhb4bji7;b7 ( title #cd1 ,code ( ,f$]al ,regulations1 or a successor regulation7 = "o or m ( su* loans1 fir/ t[>d ! out/&+ balance ( pr9cipal due on ! loan ) ! highe/ pr9cipal balance among su* loans4 7ii7 ,eligible borr[] def9$ ,= purposes ( ?is p>agraph1 ! t]m eligible borr[] means a borr[] ) no out/&+ balance ( fees1 includ+ collection co/s & au?oriz$ late *>ges1 due on any loan made "u ?is "p or "p ,b4 7,b7 ,requirem5t = o!r borr[]s ,a prepaym5t am\nt 7z describ$ 9 subp>agraph 7,a77i77 made by a borr[] :o is n an eligible borr[] to a hold] %all be appli$ fir/ t[>d ! borr[]'s out/&+ balance ( fees1 includ+ collection co/s & au?oriz$ late *>ges1 due on any loan made "u ?is "p or "p ,b held by su* hold]4 4 ,b ,automatic enrollm5t 9 income-driv5 repaym5t = c]ta9 borr[]s #baa4 ,notification & automatic enrollm5t proc$ures = borr[]s :o are del9qu5t on loans ,section #dee7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7d771 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#i7 ,notification & automatic enrollm5t proc$ures = borr[]s :o are del9qu5t on loans 7,a7 ,au?ority to obta9 income in=mation ,! ,secret>y %all e/abli% & implem5t1 ) respect to any borr[] describ$ 9 subp>agraph 7,b71 proc$ures to-- 7i7 use return in=mation ( ! borr[] 7& ! borr[]'s sp\se1 if applicable7 disclos$ "u section #fajc7l77#ac7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 pursuant to approval provid$ "u section #did1 to det]m9e ! income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable7 )\t fur!r action by ! borr[]2 7ii7 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 ! income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable72 & 7iii7 provide ! borr[] ) an opportunity to update ! return in=mation s disclos$ be=e ! det]m9ation ( ! income & family size ( ! borr[] = purposes ( ?is p>agraph4 7,b7 ,borr[] notification ,) respect to ea* borr[] ( a cov]$ loan :o is at lea/ #ca days del9qu5t on su* loan & :o has n be5 subject to ! proc$ures "u ?is p>agraph = su* loan 9 ! prec$+ #fb days1 ! ,secret>y %all1 z soon z practicable aft] su* #ca-;day del9qu5cy1 provide to ! borr[] ! foll[+3 7i7 ,notification t ! borr[] is at lea/ #ca days del9qu5t on at lea/ #a cov]$ loan1 & a description ( all del9qu5t cov]$ loans1 nondel9qu5t cov]$ loans1 & noncov]$ loans ( ! borr[]4 7ii7 ,a brief description ( ! repaym5t plans = :i* ! borr[] is eligible & ! cov]$ loans & noncov]$ loans ( ! borr[] t may be eligible = su* plans1 bas$ on in=mation available to ! ,secret>y4 7iii7 ,! am\nt ( mon?ly paym5ts = ! cov]$ & noncov]$ loans "u ea* repaym5t plan id5tifi$ "u clause 7ii71 bas$ on in=mation available to ! ,secret>y1 includ+1 if ! income in=mation ( ! borr[] is available to ! ,secret>y "u subp>agraph 7,a71 ! income1 family size1 tax fil+ /atus1 & tax ye> in=mation on :i* ea* su* mon?ly paym5t is bas$4 7iv7 ,cle> & simple in/ructions on h[ to select ! repaym5t plans4 7v7 ,an explanation t1 9 ! case ( a borr[] = :om adju/$ gross income is unavailable-- 7,i7 if ! borr[] selects to repay ! cov]$ loans ( su* borr[] pursuant to an income-driv5 repaym5t plan t def9es discretion>y income 9 su* a mann] t an individual n requir$ "u section #fjab7;a77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf to file a return ) respect to income taxes impos$ by subtitle ,a ( su* ,code may h a calculat$ mon?ly paym5t great] ?an #j1 ! borr[] w be requir$ to provide ! ,secret>y ) o!r docum5tation ( income satisfactory to ! ,secret>y1 :i* docum5tation ! ,secret>y may use to det]m9e an appropriate repaym5t s*$ule2 & 7,,ii7 if ! borr[] selects to repay su* loans pursuant to an income-driv5 repaym5t plan t is n describ$ 9 subclause 7,i71 ! borr[] w n be requir$ to provide ! ,secret>y ) su* o!r docum5tation ( income1 & ! borr[] w h a calculat$ mon?ly paym5t ( #j4 7vi7 ,an explanation t ! ,secret>y %all take ! actions "u subp>agraph 7,c7 ) respect to su* borr[]1 if-- 7,i7 ! borr[] is #hj days del9qu5t on #a or m cov]$ loans & has n select$ a new repaym5t plan = ! cov]$ loans ( ! borr[]2 & 7,,ii7 9 ! case ( su* a borr[] ^: exi/+ repaym5t plan = ! cov]$ loans ( ! borr[] is n an income-driv5 repaym5t plan1 ! mon?ly paym5ts "u su* exi/+ repaym5t plan are high] ?an su* mon?ly paym5ts w\ld be "u an income-driv5 repaym5t plan4 7vii7 ,in/ructions on updat+ ! in=mation ( ! borr[] obta9$ "u subp>agraph 7,a74 7,c7 ,secret>y's selection ( a plan ,) respect to ea* borr[] describ$ 9 subp>agraph 7,b7 ^: exi/+ repaym5t plan = ! cov]$ loans ( ! borr[] is describ$ 9 clause 7vi77,,ii7 ( subp>agraph 7,b71 & :o has n select$ a new repaym5t plan = su* loans 9 accordance ) ! notice receiv$ "u su* subp>agraph & :o is at lea/ #hj days del9qu5t on su* a loan1 ! ,secret>y %all1 z soon z practicable-- 7i7 9 a case 9 :i* any ( ! borr[]'s cov]$ loans are eligible = an income-driv5 repaym5t plan-- 7,i7 7aa7 provide ! borr[] ) ! income-driv5 repaym5t plan t requires ! l[e/ mon?ly paym5t am\nt = ea* cov]$ loan ( ! borr[]1 comp>$ to any o!r su* plan = :i* ! borr[] is eligible2 or 7bb7 if m ?an "o income-driv5 repaym5t plan w\ld (f] ! borr[] ! same l[e/ mon?ly paym5t am\nt1 provide ! borr[] ) ! income-driv5 repaym5t plan t has ! mo/ favorable t]ms = ! borr[]2 7,,ii7 if ! plan select$ "u subclause 7,i7 is n ! income-driv5 repaym5t plan t w\ld h ! l[e/ mon?ly paym5t am\nt if ! borr[] 7 eligible = su* plan = ! borr[]'s cov]$ loans & noncov]$ loans1 notify ! borr[] ( ! actions1 if any1 ! borr[] may take to become eligible = su* income-driv5 repaym5t plan2 & 7,,iii7 au?orize ! borr[] to *ange ! ,secret>y's selection ( a plan "u ?is clause to any plan describ$ 9 p>agraph 7#a7 = :i* ! borr[] is eligible2 & 7ii7 9 a case 9 :i* none ( ! borr[]'s cov]$ loans are eligible = an income-driv5 repaym5t plan1 notify ! borr[] ( ! actions1 if any1 ! borr[] may take = su* loans to become eligible = su* a plan4 4 #bab4 ,notification & automatic enrollm5t proc$ures = borr[]s :o are rehabilitat+ default$ loans ,section #dee7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7d771 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#aj7 ,notification & automatic enrollm5t proc$ures = borr[]s :o are rehabilitat+ default$ loans 7,a7 ,au?ority to obta9 income in=mation ,! ,secret>y %all e/abli% & implem5t1 ) respect to any borr[] :o is rehabilitat+ a cov]$ loan pursuant to section #dbh;,f7a71 proc$ures to-- 7i7 use return in=mation ( ! borr[] 7& ! borr[]'s sp\se1 if applicable7 disclos$ section #fajc7l77#ac7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 pursuant to approval provid$ "u section #did1 to obta9 su* in=mation z is reasonably necess>y reg>d+ ! income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable72 7ii7 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 obta9 su* in=mation2 & 7iii7 provide ! borr[] ) an opportunity to update ! return in=mation s disclos$ be=e ! det]m9ation ( income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable7 = purposes ( ?is p>agraph4 7,b7 ,borr[] notification ,n lat] ?an #cj days aft] a borr[] makes ! #f? paym5t requir$ on su* cov]$ loan = ! loan rehabilitation describ$ 9 subp>agraph 7,a71 ! ,secret>y %all notify ! borr[] ( ! process "u subp>agraph 7,c7 ) respect to su* loan4 7,c7 ,secret>y's selection ( plan ,) respect to ea* borr[] :o has made ! #i? paym5t requir$ on su* cov]$ loan = ! loan rehabilitation describ$ 9 subp>agraph 7,a71 ! ,secret>y %all1 z soon z practicable aft] su* paym5t1 c>ry out ! proc$ures describ$ 9 clauses 7i7 & 7ii7 ( p>agraph 7#i77;,c7 ) respect to su* loan4 4 #bac4 ,cov]$ loan1 income-driv5 repaym5t plan1 & non-cov]$ loan def9$ ,section #dee7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7d771 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#aa7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ loan ,! t]m cov]$ loan means-- 7i7 a loan made "u ?is "p2 7ii7 a loan pur*as$ "u section #dei;,a2 or 7iii7 a loan t has be5 assign$ to ! ,secret>y "u subsection 7c77#h7 or 7j77#c77;,b7 ( section #dbh1 or subsection 7a77#a77;,a77ii7 or 7a77#a77;,g7 ( section #dbh;,f4 7,b7 ,income-driv5 repaym5t plan ,! t]m income-driv5 repaym5t plan means a repaym5t plan describ$ 9 subp>agraph 7,d7 or 7,e7 ( p>agraph 7#a74 7,c7 ,noncov]$ loan ,! t]m noncov]$ loan means a loan made1 insur$1 or gu>ante$ "u ?is title t is n a cov]$ loan4 4 #bad4 ,automatic rec]tification ( income = income-driv5 repaym5t plans 7a7 ,income-,cont+5t repaym5t plans ,section #dee7;e77#h77;,a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7e77#h77;,a77 is am5d$-- 7#a7 by /rik+ & at ! end ( clause 7ii72 7#b7 by r$esignat+ clause 7iii7 z clause 7iv72 7#c7 9 clause 7iv7 7z s r$esignat$71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#d7 by ins]t+ aft] clause 7ii71 ! foll[+3 7iii7 9 ! case ( a borr[] :o has select$ to repay a loan made "u ?is "p pursuant to an income cont+5t repaym5t plan t def9es discretion>y income 9 su* a mann] t ! borr[] w\ld h a calculat$ mon?ly paym5t equal to #j1 n require ! borr[] to provide ! ,secret>y ! in=mation describ$ 9 clause 7i7 or 7ii71 & ensure t ! borr[] w h a calculat$ mon?ly paym5t ( #j2 & 4 7b7 ,income-,bas$ repaym5t plans ,section #dic;,c7c77#b77;,b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;e7c77#b77;,b77 is am5d$ by /rik+ any loan made "u "p ,d 7o!r ?an an except$ ,,plus loan or except$ consolidation loan7 & ins]t+ any cov]$ loan 7z def9$ 9 section #dee7;d77#aa774 #bae4 ,proc$ure & requirem5t = reque/+ tax return in=mation f ! ,,irs ,section #did7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;h7a77 is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 9 subp>agraph 7,a71 9 ! matt] prec$+ clause 7i71 by /rik+ a loan "u "p ,d & ins]t+ a cov]$ loan 7z def9$ 9 section #dee7;d77#aa772 & 7,b7 9 subp>agraph 7,b71 by /rik+ a loan "u "p ,d & ins]t+ a cov]$ loan 7z def9$ 9 section #dee7;d77#aa772 & 7#b7 by add+ at ! end ! foll[+3 7#d7 ,loan del9qu5cy & rehabilitation 7,a7 ,borr[]s del9qu5t on loans ,9 ! case ( an individual :o is a borr[] ( a cov]$ loan & :o is at lea/ #ca days del9qu5t on su* loan1 ! ,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 = ! notification & automatic enrollm5t proc$ures "u section #dee7;d77#i71 t su* individuals-- 7,i7 affirmatively approve ! disclosure describ$ 9 p>agraph 7#a77;,a77i7 & agree t su* approval %all s]ve z an ongo+ approval ( su* disclosure until ! date on :i* ! individual elects to opt out ( su* disclosure "u section #dee7;d77#i77;,a77ii72 or 7,,ii7 provide su* in=mation z ! ,secret>y may require to c>ry out ! proc$ures "u section #dee7;d77#i7 ) respect to su* individual4 7,b7 ,loan rehabilitation ,9 ! case ( any writt5 or electronic application by an individual = ! rehabilitation ( a cov]$ loan pursuant to section #dbh;,f7a71 ! ,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 = loan rehabilitation pursuant to section #dbh;,f7a71 t su* individuals-- 7,i7 affirmatively approve ! disclosure describ$ 9 p>agraph 7#a77;,a77i7 & agree t su* approval %all s]ve z an ongo+ approval ( su* disclosure until ! date on :i* ! individual elects to opt out ( su* disclosure "u section #dee7;d77#aj77;,a77ii72 or 7,,ii7 provide su* in=mation z ! ,secret>y may require to c>ry out ! proc$ures "u section #dee7;d77#aj7 ) respect to su* individual4 7,c7 ,cov]$ loan def9$ ,9 ?is p>agraph1 ! t]m cov]$ loan has ! mean+ giv5 ! t]m 9 section #dee7;d77#aa74 4 ,c ,am5dm5ts to c]ta9 loan =giv5ess programs #bba4 ,am5dm5ts to t]ms & conditions ( ,public ,s]vice ,loan ,=giv5ess 7a7 ,numb] ( mon?ly paym5ts2 repaym5t plans ,p>agraph 7#a7 ( section #dee7m7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7m77 is am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ #abj & ins]t+ #if2 7,b7 by /rik+ or at ! end ( clause 7iii72 7,c7 9 clause 7iv71 by /rik+ & & ins]t+ or2 & 7,d7 by add+ at ! end ! foll[+3 7v7 9 lieu ( su* a paym5t1 has be5 9-- 7,i7 canc] treatm5t def]m5t "u section #dbg7;a77#b77;,c77iv71 #dbh7;b77#a77,m77v71 or #dee7;f77#c72 7,,ii7 rehabilitation tra9+ program def]m5t "u section #dbg7;a77#b77;,c77i77,,ii71 #dbh7;b77#a77,m77i77,,ii71 or #dee7;f77#b77;,a77ii72 7,,iii7 milit>y s]vice def]m5t "u section #dbh7;b77#a77,m77iii7 or #dee7;f77#b77;,c72 7,,iv7 unemploym5t def]m5t "u section #dbg7;a77#b77;,c77ii71 #dbh7;b77#a77,m77ii71 #dbh;,b7d77#a77;,a77i71 or #dee7;f77#b77;,b72 7,v7 def]m5t due to an economic h>d%ip describ$ 9 section #dbg7;a77#b77;,c77iii71 section #dbh7;b77#a77,m77iv71 section #dbh;,b7d77#a77;,a77i71 section #dce7o71 or section #dee7;f77#b77;,d72 7,,vi7 ,peace ,corps s]vice def]m5t "u section #fhb4baj7;b77#b77;ii7 or #fhb4baj7k7 ( title #cd1 ,code ( ,f$]al ,regulations 7or successor regulations71 z made applicable to ,direct ,loan borr[]s "u section #fhe4bjd7;j7 ( su* title #cd2 7,,vii7 has be5 9 po/-active-duty /ud5t def]m5t "u section #dic;,d2 7,,viii7 ,ameri,corps =be>ance "u section #dbh7;c77#c77;,a77i77,,iii72 7,,ix7 ,national ,gu>d ,duty =be>ance "u section #fhb4baa7;h77#b77;iii7 or #fhe4bje7;a77#g7 ( title #cd1 ,code ( ,f$]al ,regulations 7or successor regulations72 7,x7 ,dep>tm5t ( ,def5se /ud5t loan repaym5t program =be>ance "u section #dbh7;c77#c77;,a77i77,,iv72 7,,xi7 ,adm9i/rative =be>ance or m&atory adm9i/rative =be>ance "u section #dbh7;c77#c77;,d7 or #dbh;,h7e77#g72 or 7,,xii7 ,/ud5t loan debt burd5 =be>ance "u section #dbh7;c77#c77;,a77i77,,ii72 & 2 & 7#b7 9 subp>agraph 7,b71 by /rik+ 7i7 is employ$ & all t foll[s ?r\gh has be5 & ins]t+ has be54 7b7 ,automatic cancellation ,p>agraph 7#b7 ( section #dee7m7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7m77#b77 is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( a borr[] :o meets ! requirem5ts "u p>agraph 7#a7 = su* cancellation1 su* cancellation %all occur )\t fur!r action by ! borr[]44 7c7 ,treatm5t ( ref9anc$ loans2 on-,l9e portal2 database ( public s]vice jobs ,section #dee7m7 ( su* ,act 7#bj ,u4,s4,c4 #ajhg;e7m77 is fur!r am5d$-- 7#a7 by r$esignat+ p>agraphs 7#c7 & 7#d7 z p>agraphs 7#f7 & 7#g71 respectively2 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,treatm5t ( loans ref9anc$ "u sections #dfj;,a ,9 ! case ( an eligible ref9anc$ ,f$]al ,direct ,loan "u section #dfj;,a1 any mon?ly paym5t pursuant to any repaym5t plan li/$ 9 p>agraph 7#a77;,a7 7includ+ a p]iod ( def]m5t or =be>ance describ$ 9 p>agraph 7#a77;,a77v77 made on a loan1 = :i* ! liability has be5 dis*>g$ by su* ref9anc$ loan & )\t reg>d to :e!r su* loan is an eligible ,f$]al ,direct ,loan1 %all be treat$ z a mon?ly paym5t "u p>agraph 7#a77;,a7 on ! portion ( su* ref9anc$ loan t is attributable to su* dis*>g$ loan4 7#d7 ,on-l9e portal 7,a7 ,borr[]s ,! ,secret>y %all ensure t borr[]s h access to an on-l9e portal t provides ea* borr[] :o signs on to su* portal ) ! foll[+3 7i7 ,in/ructions on h[ to access ! database "u p>agraph 7#e7 s t ! borr[] c det]m9e :e!r ! borr[] is employ$ 9 a public s]vice job4 7ii7 ,an id5tification ( ! loans ( ! borr[] t are eligible ,f$]al ,direct ,loans4 7iii7 ,) respect to ea* su* eligible ,f$]al ,direct ,loan1 ! numb] ( mon?ly paym5ts on su* loan t qualify z a mon?ly paym5t "u p>agraph 7#a77;,a71 & ! e/imat$ numb] ( mon?ly paym5ts "u p>agraph 7#a77;,a7 rema9+ on su* loan be=e ! borr[] may be eligible = loan cancellation "u ?is subsection4 7iv7 ,) respect to ea* loan ( ! borr[] t is n eligible = loan cancellation "u ?is subsection1 an explanation ( :y ! loan is n s eligible & in/ructions on h[ :at1 if any?+1 ! borr[] may d to make ! loan s eligible4 7v7 ,in/ructions = ! submission ( any =ms associat$ ) su* loan cancellation1 & an ability = ! borr[] to use ! portal to electronically sign & submit su* =ms4 7vi7 ,9 ! case ( a borr[] :o disputes a det]m9ation ( ! ,secret>y relat+ to ! entitlem5t ( ! borr[] to loan cancellation "u p>agraph 7#b7-- 7,i7 an ability = ! borr[] to file a claim ) ! ,secret>y to dispute su* det]m9ation ?r\gh ! portal2 & 7,,ii7 9 ! case ( su* a claim t has be5 fil$1 ! /atus ( su* claim1 = :i* updates %all be provid$ n few] ?an once e #ij days4 7,b7 ,employ]s ,! ,secret>y %all ensure t an employ] ( a borr[] has ! option to electronically sign & submit any =ms associat$ ) loan cancellation "u ?is subsection4 7,c7 ,in=mation ,! ,secret>y %all ensure t any in=mation provid$ ?r\gh ! on-l9e portal describ$ 9 ?is p>agraph is up-to-date in=mation4 7#e7 ,database ( public s]vice jobs 7,a7 ,9 g5]al ,! ,secret>y1 9 consultation ) ! ,secret>y ( ,labor1 %all e/abli% & regul>ly update a database t li/s public s]vice jobs4 7,b7 ,public availability ,! database e/abli%$ "u subp>agraph 7,a7 %all be made available on a publicly accessible website ( ! ,dep>tm5t 9 an easily se>*able =mat4 4 7d7 ,def9itions ,section #dee7m7 ( su* ,act is fur!r am5d$ 9 p>agraph 7#f77;,a7 7z s r$esignat$ by subsection 7c77-- 7#a7 by ins]t+ be=e ! p]iod at ! end ! foll[+3 7includ+ any ,f$]al ,direct ,/af=d ,loan1 ,f$]al ,direct ,,plus ,loan1 ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 or ,f$]al ,direct ,consolidation ,loan ref9anc$ "u section #dfj;,a72 7#b7 by /rik+ ,! t]m & ins]t+ ! foll[+3 7i7 ,9 g5]al ,! t]m 2 & 7#c7 by add+ at ! end ! foll[+3 7ii7 ,treatm5t ( c]ta9 consolidation loan paym5ts ,9 ! case ( an eligible ,f$]al ,direct ,loan t is a ,f$]al ,direct ,consolidation ,loan made on or aft] ! date ( enactm5t ( ! ,,loan ,act1 any mon?ly paym5t pursuant to any repaym5t plan li/$ 9 p>agraph 7#a77;,a7 7includ+ a p]iod ( def]m5t or =be>ance describ$ 9 p>agraph 7#a77;,a77v77 made on a loan1 = :i* ! liability has be5 dis*>g$ by ! proce$s ( su* ,f$]al ,direct ,consolidation ,loan & )\t reg>d to :e!r ! loan is an eligible ,f$]al ,direct ,loan1 %all be treat$ z a mon?ly paym5t "u p>agraph 7#a77;,a7 on ! portion ( su* ,f$]al ,direct ,consolidation ,loan t is attributable to su* dis*>g$ loan1 except t 9 a case ( a borr[] :o previ\sly receiv$ a ,f$]al ,direct ,consolidation ,loan1 any mon?ly paym5t made on a loan = :i* ! liability has be5 dis*>g$ by su* previ\s consolidation loan %all n be treat$ z a mon?ly paym5t on a portion ( ! subsequ5t ,f$]al ,direct ,consolidation ,loan made on or aft] su* date ( enactm5t4 4 7e7 ,treatm5t ( d\ble b5efits ,section #dee7m7 ( su* ,act is fur!r am5d$ 9 p>agraph 7#g7 7z s r$esignat$ by subsection 7c77 by /rik+ bo? ?is subsection & section #dbh;,j1 #dbh,k1 #dbh,l1 or #dfj & ins]t+ bo? ?is subsection & section #dbh,k or #dbh,l4 #bbb4 ,loan =giv5ess = tea*]s ,! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq47 is fur!r am5d$-- 7#a7 9 section #dbh;,j7g77#b7 7#bj ,u4,s4,c4 #ajgh-aj7;g77#b77-- 7,a7 9 subp>agraph 7,a71 by ins]t+ or aft] ! semicolon at ! end2 7,b7 by /rik+ subp>agraph 7,b72 & 7,c7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b72 & 7#b7 9 section #dfj7;g77#b7 7#bj ,u4,s4,c4 #ajhg;j7g77#b77-- 7,a7 9 subp>agraph 7,a71 by ins]t+ or aft] ! semicolon at ! end2 7,b7 by /rik+ subp>agraph 7,b72 & 7,c7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 ,,iii ,int]e/ ,capitalization #cja4 ,elim9ation ( int]e/ capitalization 7a7 ,f$]al ,,plus loans ,section #dbh;,b7d77#b7 ( ! ,high] ,education ,act ( #aife 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 by ! borr[] & %all n be capitaliz$4 4 7b7 ,f$]al consolidation loans def]rals ,section #dbh;,c7b77#d77;,c77ii77,,iii7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgh-c7;b77#d77;,c77,,iii77 is am5d$ by /rik+ or capitaliz$14 7c7 ,default r$uction program ,section #dbh;,f7a77#a77;,e7 ( su* ,act ( #aife 7#bj ,u4,s4,c4 #ajgh-f7;a77#a77;,e77 is am5d$ to read z foll[s3 7,e7 ,duties ^u assignm5t ,) respect to a loan assign$ "u subp>agraph 7,a77ii7-- 7i7 ! gu>anty ag5cy %all add to ! pr9cipal & int]e/ out/&+ at ! "t ( ! assignm5t ( su* loan an am\nt equal to ! am\nt describ$ 9 subp>agraph 7,d77i77,,ii77aa72 7ii7 ! ,secret>y %all pay ! gu>anty ag5cy1 = deposit 9 ! ag5cy's ,op]at+ ,fund e/abli%$ pursuant to section #dbb;,b1 an am\nt equal to ! am\nt add$ to ! pr9cipal & int]e/ out/&+ at ! "t ( ! assignm5t 9 accordance ) clause 7i72 7iii7 = a loan assign$ on or aft] ! date ( enactm5t ( ! ,,loan ,act1 ! int]e/ out/&+ at ! "t ( ! assignm5t ( su* loan1 & any int]e/ accru+ aft] su* "t1 %all n be capitaliz$2 & 7iv7 beg9n+ on ! date ( enactm5t ( ,,loan ,act1 int]e/ %all only accrue on ! p]c5tage ( su* a loan t is equal to-- 7,i7 ! am\nt ( ! out/&+ pr9cipal on ! orig9al loan on ! date x 0 assign$2 divid$ by 7,,ii7 ! total am\nt ( su* assign$ loan1 includ+ int]e/ out/&+ at ! "t ( ! assignm5t ( su* loan & ! am\nt add$ by ! gu>anty ag5cy 9 accordance ) clause 7i71 on ! date su* loan 0 assign$4 4 7d7 ,loan limits = ,unsubsidiz$ ,/af=d ,loans ,section #dbh;,h7d77#e7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgh-h7;d77#e77 is am5d$ by ins]t+ be=e ! date ( enactm5t ( ! ,,loan ,act aft] ,int]e/ capitaliz$4 7e7 ,unsubsidiz$ ,/af=d loans = middle income borr[]s ,section #dbh;,h7e77#b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgh-h7;e77#b77 is am5d$-- 7#a7 9 ! head]1 by /rik+ ,capitalization & ins]t+ ,no capitalization2 7#b7 9 subp>agraph 7,a71 9 ! matt] be=e clause 7i71 by /rik+ 1 if agre$ ^u by ! borr[] & ! l5d] & all t foll[s ?r\gh clause 7ii77,,iv7 & ins]t+ be paid by ! borr[] & %all n be capitaliz$42 7#c7 by /rik+ subp>agraph 7,b72 & 7#d7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 7f7 ,income cont+5t repaym5t ,section #dee7;e77#e7 ( ! ,high] ,education ,act ( #aife 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 ( ! ,,loan ,act1 & ! ,secret>y %all promulgate regulations ) respect to ! treatm5t ( accru$ int]e/ t is n capitaliz$4 7g7 ,def]m5t & =be>ance 7#a7 ,9 g5]al ,section #dee7;f7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7f77 is am5d$-- 7,a7 9 ! subsection head+1 by ins]t+ at ! end ! foll[+3 & =be>ance2 7,b7 9 subp>agraph 7,b71 by /rik+ capitaliz$ or2 & 7,c7 by add+ at ! end ! foll[+3 7#f7 ,=be>ance ,at ! expiration ( a p]iod ( =be>ance1 int]e/ %all n be capitaliz$ on any loans made "u ?is "p4 4 7#b7 ,application ( am5dm5t ,! am5dm5ts made by p>agraph 7#a7 %all apply to any def]m5t or =be>ance p]iod 9 effect on ! date ( enactm5t ( ?is ,act1 or any def]m5t or =be>ance p]iod beg9n+ on or aft] su* date ( enactm5t4 7h7 ,income-,bas$ ,repaym5t program ,section #dic;,c7b77#c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;e7b77#c77 is am5d$ to read z foll[s3 7#c7 on subsidiz$ loans1 any int]e/ due & n paid "u p>agraph 7#b7 %all be paid by ! ,secret>y = a p]iod ( n m ?an #c ye>s aft] ! date ( ! borr[]'s election "u p>agraph 7#a71 except t su* p]iod %all n include any p]iod dur+ :i* ! borr[] is 9 def]m5t due to an economic h>d%ip describ$ 9 section #dce7o72 4 7i7 ,notes & insurance c]tificates 9 ,comb9$ ,paym5t plans ,section #dhe;,a7f7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajib;a7f77 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,treatm5t ( int]e/ ,n )/&+ p>agraphs 7#a7 & 7#b71 beg9n+ on ! date ( enactm5t ( ! ,,loan ,act1 int]e/ on a loan reissu$ "u subsection 7e7 %all n be capitaliz$1 & int]e/ %all only accrue on ! p]c5tage ( su* reissu$ loan t is equal to-- 7,a7 ! am\nt ( ! out/&+ pr9cipal on ! orig9al loan on ! date x 0 reissu$2 divid$ by 7,b7 ! total am\nt ( su* reissu$ loan on ! date su* loan 0 reissu$4 4 #cjb4 ,elim9ation ( disclosure requirem5ts relat+ to capitalization 7a7 ,insurance ,program ,agreem5ts ,to ,qualify ,loans = ,int]e/ ,subsidies ,section #dbh7;b77#a77,y7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgh7;b77#a77,y77 is am5d$-- 7#a7 9 clause 7i77,,iv71 by ins]t+ & aft] ! semicolon2 7#b7 9 clause 7ii71 by /rik+ 2 & & ins]t+ a p]iod2 & 7#c7 by /rik+ clause 7iii74 7b7 ,=be>ance ,section #dbh7;c77#c77;,c7 ( su* ,act ( #aife 7#bj ,u4,s4,c4 #ajgh7;c77#c77;,c77 is am5d$-- 7#a7 9 clause 7ii71 by ins]t+ & aft] ! semicolon2 & 7#b7 by /rik+ clauses 7iii7 & 7iv7 & ins]t+ ! foll[+3 7iii7 ! l5d] %all contact ! borr[] n less (t5 ?an once e #ahj days dur+ ! p]iod ( =be>ance to in=m ! borr[] (-- 7,i7 ! am\nt ( unpaid pr9cipal & ! am\nt ( int]e/ t has accru$ s9ce ! la/ /atem5t ( su* am\nts provid$ to ! borr[] by ! l5d]2 7,,ii7 ! fact t int]e/ w accrue on ! loan = ! p]iod ( =be>ance2 7,,iii7 ! responsibility ( ! borr[] to pay ! int]e/ t has accru$2 & 7,,iv7 ! borr[]'s option to discont9ue ! =be>ance at any "t2 & 4 7c7 ,requir$ ,disclosure ,be=e ,disbursem5t ,section #dcc7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7;a77 is am5d$-- 7#a7 by am5d+ p>agraph 7#f7 to read z foll[s3 7#f7 = loans made "u section #dbh;,h or to a /ud5t borr[] "u section #dbh;,b1 an explanation t ! borr[] has ! option to pay ! int]e/ t accrues on ! loan :ile ! borr[] is a /ud5t at an in/itution ( high] education2 2 & 7#b7 9 p>agraph 7#g7-- 7,a7 9 subp>agraph 7,a71 by ins]t+ & aft] ! semicolon2 7,b7 by /rik+ subp>agraph 7,b72 & 7,c7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 7d7 ,requir$ disclosure be=e repaym5t ,section #dcc7;b77#c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7;b77#c77 is am5d$ by /rik+ 7includ+1 if applicable1 ! e/imat$ am\nt ( int]e/ to be capitaliz$74 7e7 ,special ,disclosure ,rules on ,,plus ,loans & ,unsubsidiz$ ,loans ,section #dcc7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7;d77 is am5d$-- 7#a7 9 ! matt] prec$+ p>agraph 7#a7-- 7,a7 by /rik+ result+ f capitalization ( int]e/2 & 7,b7 by /rik+ borr[] (-- & ins]t+ borr[] ( pay+ ! int]e/ z ! int]e/ accrues42 & 7#b7 by /rik+ p>agraphs 7#a7 & 7#b74 7f7 ,disclosure ,requir$ prior to ,p]k9s repaym5t ,section #dfc;,a7b77#c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;cc-#a7;b77#c77 is am5d$ by /rik+ 7includ+1 if applicable1 ! e/imat$ am\nt ( int]e/ to be capitaliz$74 7g7 ,dep>tm5tal ,publication ( ,descriptions ( ,assi/ance ,programs ,section #dhe7;d77#a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajib7;d77#a77 is am5d$ by /rik+ 1 includ+ ! increase 9 debt t results f capitalization ( int]e/4 7h7 ,in=mation ,to be provid$ dur+ ,entrance ,c\nsel+ = ,borr[]s ,section #dhe7l77#b77;,c7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajib7l77#b77 is am5d$ by /rik+ & is capitaliz$4 ,,iv ,int]e/ ,rates #dja4 ,int]e/ rate provisions = new ,f$]al /ud5t loans on or aft] ,july #a1 #bjbc ,section #dee7;b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7b77 is am5d$-- 7#a7 9 p>agraph 7#h7-- 7,a7 9 ! p>agraph head+1 by ins]t+ & be=e ,july #a1 #bjbc2 & 7,b7 by ins]t+ & be=e ,july #a1 #bjbc1 aft] ,july #a1 #bjac1 ea* place x appe>s2 7#b7 by r$esignat+ p>agraphs 7#i7 & 7#aj7 z p>agraphs 7#aj7 & 7#aa71 respectively2 & 7#c7 by ins]t+ aft] p>agraph 7#h7 ! foll[+ new p>agraph3 7#i7 ,int]e/ rate provisions = new loans on or aft] ,july #a1 #bjbc 7,a7 ,rate = ,,fdsl1 ,,fdusl1 & ,,plus loans ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 = ,f$]al ,direct ,/af=d ,loans1 ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loans1 & ,f$]al ,direct ,,plus ,loans1 = :i* ! fir/ disbursem5t is made on or aft] ,july #a1 #bjbc1 ! applicable rate ( int]e/ %all1 = loans disburs$ dur+ any #ab-mon? p]iod beg9n+ on ,july #a & end+ on ,june #cj1 be det]m9$ on ! prec$+ ,june #a & be equal to ! less] (-- 7i7 a rate equal to ! high yield ( ! #aj-ye> ,treasury note auction$ at ! f9al auction held prior to su* ,june #a2 or 7ii7 #e4j p]c5t4 7,b7 ,consolidation loans ,not)/&+ ! prec$+ p>agraphs ( ?is subsection1 any ,f$]al ,direct ,consolidation ,loan = :i* ! application is receiv$ on or aft] ,july #a1 #bjbc1 %all-- 7i7 be> int]e/ at an annual rate on ! unpaid pr9cipal balance ( ! loan t is equal to ! less] (-- 7,i7 ! weight$ av]age ( ! int]e/ rates on ! loans consolidat$1 r\nd$ to ! ne>e/ high] "o-eigh? ( "o p]c5t2 or 7,,ii7 #e4j p]c5t2 & 7ii7 only accrue int]e/ on ! p]c5tage ( su* ,f$]al ,direct ,consolidation ,loan t is equal to-- 7,i7 ! am\nt ( ! sum ( ! unpaid pr9cipal on ! loans consolidat$2 divid$ by 7,,ii7 ! total am\nt ( su* ,f$]al ,direct ,consolidation ,loan4 7,c7 ,consultation ,! ,secret>y %all det]m9e ! applicable rate ( int]e/ "u ?is p>agraph aft] consultation ) ! ,secret>y ( ! ,treasury & %all publi% su* rate 9 ! ,f$]al ,regi/] z soon z practicable aft] ! date ( det]m9ation4 7,d7 ,fix$ rate ,! applicable rate ( int]e/ det]m9$ "u ?is p>agraph = 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 %all be fix$ = ! p]iod ( ! loan4 4 #djb4 ,ref9anc+ ,,ffel & ,f$]al ,direct ,loans ,"p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 is am5d$ by add+ at ! end ! foll[+3 #dfj;,a4 ,ref9anc+ ,,ffel & ,f$]al ,direct ,loans 7a7 ,9 g5]al ,! ,secret>y %all e/abli% a program "u :i* ! ,secret>y1 ^u ! receipt ( an application f a qualifi$ borr[]1 makes a loan "u ?is "p1 9 accordance ) ! provisions ( ?is section1 9 ord] to p]mit ! borr[] to obta9 ! int]e/ rate provid$ "u subsection 7c74 7b7 ,ref9anc+ ,direct loans 7#a7 ,f$]al direct loans ,^u application ( a qualifi$ borr[]1 ! ,secret>y %all repay a ,f$]al ,direct ,/af=d ,loan1 a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 a ,f$]al ,direct ,,plus ,loan1 or a ,f$]al ,direct ,consolidation ,loan ( ! qualifi$ borr[]1 = :i* ! fir/ disbursem5t 0 made1 or ! application = ! consolidation loan 0 receiv$1 be=e ,july #a1 #bjbc1 ) ! proce$s ( a ref9anc$ ,f$]al ,direct ,/af=d ,loan1 a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 a ,f$]al ,direct ,,plus ,loan1 or a ,f$]al ,direct ,consolidation ,loan1 respectively1 issu$ to ! borr[] 9 an am\nt equal to ! sum ( ! unpaid pr9cipal1 accru$ unpaid int]e/1 & late *>ges ( ! orig9al loan4 7#b7 ,ref9anc+ ,,ffel program loans z ref9anc$ ,f$]al ,direct ,loans ,^u application ( a qualifi$ borr[] = any loan t 0 made1 insur$1 or gu>ante$ "u "p ,b & = :i* ! fir/ disbursem5t 0 made1 or ! application = ! consolidation loan 0 receiv$1 be=e ,july #a1 #bjaj1 ! ,secret>y %all make a loan "u ?is "p1 9 an am\nt equal to ! sum ( ! unpaid pr9cipal1 accru$ unpaid int]e/1 & late *>ges ( ! orig9al loan to ! borr[] 9 accordance ) ! foll[+3 7,a7 ,! ,secret>y %all pay ! proce$s ( su* loan to ! eligible l5d] ( ! loan made1 insur$1 or gu>ante$ "u "p ,b1 9 ord] to dis*>ge ! borr[] f any rema9+ obligation to ! l5d] ) respect to ! orig9al loan4 7,b7 ,a loan made "u ?is section t 0 orig9ally-- 7i7 a loan orig9ally made1 insur$1 or gu>ante$ "u section #dbh %all be a ,f$]al ,direct ,/af=d ,loan2 7ii7 a loan orig9ally made1 insur$1 or gu>ante$ "u section #dbh;,b %all be a ,f$]al ,direct ,,plus ,loan2 7iii7 a loan orig9ally made1 insur$1 or gu>ante$ "u section #dbh;,h %all be a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan2 & 7iv7 a loan orig9ally made1 insur$1 or gu>ante$ "u section #dbh;,c %all be a ,f$]al ,direct ,consolidation ,loan4 7,c7 ,! int]e/ rate = ea* loan made by ! ,secret>y "u ?is p>agraph %all be ! rate provid$ "u subsection 7c74 7c7 ,int]e/ rates 7#a7 ,9 g5]al ,! int]e/ rate = ! ref9anc$ ,f$]al ,direct ,/af=d ,loans1 ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loans1 ,f$]al ,direct ,,plus ,loans1 & ,f$]al ,direct ,consolidation ,loans1 %all be a rate equal to-- 7,a7 9 any case :]e ! orig9al loan 0 a loan "u section #dbh1 #dbh;,b1 #dbh;,h1 a ,f$]al ,direct ,/af=d loan1 a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al ,direct ,,plus ,loan1 a rate equal to ! int]e/ rate det]m9$ "u section #dee7;b77#i77;,a7 = ! date on :i* ! ref9anc$ loan is made2 & 7,b7 9 any case :]e ! orig9al loan 0 a loan "u section #dbh;,c or a ,f$]al ,direct ,consolidation ,loan1 a rate calculat$ 9 accordance ) p>agraph 7#b74 7#b7 ,int]e/ rates = consolidation loans 7,a7 ,me?od ( calculation ,9 ord] to det]m9e ! int]e/ rate = any ref9anc$ ,f$]al ,direct ,consolidation ,loan "u p>agraph 7#a77;,b71 ! ,secret>y %all-- 7i7 det]m9e ea* ( ! compon5t loans t 7 orig9ally consolidat$ 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$]al ,direct ,consolidation ,loan2 & 7iii7 make ! applicable int]e/ rate = ! ref9anc$ ,f$]al ,direct ,consolidation ,loan ! less] (-- 7,i7 ! weight$ av]age calculat$ "u clause 7ii72 or 7,,ii7 #e4j p]c5t4 7,b7 ,int]e/ rates = compon5t loans ,! int]e/ rates = ! compon5t loans ( a loan made "u section #dbh;,c or a ,f$]al ,direct ,consolidation ,loan %all be ! foll[+3 7i7 ,! int]e/ rate = any loan "u section #dbh1 #dbh;,b1 #dbh;,h1 ,f$]al ,direct ,/af=d ,loan1 ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 or ,f$]al ,direct ,,plus ,loan %all be a rate equal to ! less] (-- 7,i7 ! int]e/ rate det]m9$ "u section #dee7;b77#i77;,a7 = ! date on :i* ! compon5t loan is made2 or 7,,ii7 ! orig9al int]e/ rate ( ! compon5t loan4 7ii7 ,! int]e/ rate = any compon5t loan t is a loan "u section #dbh;,c or a ,f$]al ,direct ,consolidation ,loan %all be ! less] (-- 7,i7 ! weight$ av]age ( ! int]e/ rates t w\ld apply "u ?is subp>agraph = ea* loan compris+ ! compon5t consolidation loan2 or 7,,ii7 #e p]c5t4 7iii7 ,! int]e/ rate = any eligible loan t is a compon5t ( a loan made "u section #dbh;,c or a ,f$]al ,direct ,consolidation ,loan & is n describ$ 9 clauses 7i7 or 7ii7 %all be ! less] (-- 7,i7 ! int]e/ rate on ! orig9al compon5t loan2 or 7,,ii7 #e p]c5t4 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 ,capitaliz$ int]e/ & fees exclud$ ,) respect to a ref9anc$ loan "u ?is section1 int]e/ %all only accrue on ! p]c5tage ( su* ref9anc$ loan t is equal to-- 7,a7 ! am\nt ( ! unpaid pr9cipal ( ! orig9al loan1 or 9 ! case ( a ref9anc$ ,f$]al ,direct ,consolidation ,loan1 ! sum ( ! unpaid pr9cipal ( all ! compon5t loans1 compris+ ! ref9anc$ loan2 divid$ by 7,b7 ! total am\nt ( su* ref9anc$ loan4 7d7 ,t]ms & conditions ( loans 7#a7 ,9 g5]al ,a loan t is ref9anc$ "u ?is section %all h ! same t]ms & conditions z ! orig9al loan1 except z o!rwise provid$ 9 ?is section4 7#b7 ,no automatic ext5sion ( repaym5t p]iod ,ref9anc+ a loan "u ?is section %all n result 9 ! ext5sion ( ! duration ( ! repaym5t p]iod ( ! loan1 & ! borr[] %all reta9 ! same repaym5t t]m t 0 9 effect on ! orig9al loan4 ,no?+ 9 ?is p>agraph %all be con/ru$ to prev5t a borr[] f elect+ a diff]5t repaym5t plan at any "t 9 accordance ) section #dee7;d77#d74 7e7 ,def9ition ( qualifi$ borr[] ,= purposes ( ?is section1 ! t]m qualifi$ borr[] means a borr[]-- 7#a7 ( a loan "u ?is "p or "p ,b = :i* ! fir/ disbursem5t 0 made1 or ! application = a consolidation loan 0 receiv$1 be=e ,july #a1 #bjbc2 & 7#b7 :o has "o or m loans describ$ 9 p>agraph 7#a7 or 7#b7 ( subsection 7b7 ) an int]e/ rate t exce$s #e p]c5t4 7f7 ,notification to borr[]s ,! ,secret>y1 9 coord9ation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 %all und]take a campaign to al]t borr[]s ( loans t are eligible = ref9anc+ "u ?is section t ! borr[]s are eligible to apply = su* ref9anc+4 ,! campaign %all include ! foll[+ activities3 7#a7 ,develop+ consum] in=mation mat]ials ab\t ! availability ( ,f$]al /ud5t loan ref9anc+4 7#b7 ,requir+ s]vic]s ( loans "u ?is "p or "p ,b to provide su* consum] in=mation to borr[]s 9 a mann] det]m9$ appropriate by ! ,secret>y1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection4 4 #djc4 ,ref9anc+ private /ud5t loans ,"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;,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 #bjbc2 & 7,b7 0 = ! borr[]'s own po/second>y educational exp5ses = an eligible program at an in/itution ( high] education p>ticipat+ 9 ! loan program "u ?is "p1 z ( ! date t ! loan 0 disburs$4 7#b7 ,f$]al direct ref9anc$ private loan ,! t]m ,f$]al ,direct ,ref9anc$ ,private ,loan means a loan issu$ "u subsection 7b77#a74 7#c7 ,private educational l5d] ,! t]m private educational l5d] has ! mean+ giv5 ! t]m 9 section #adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a774 7#d7 ,qualifi$ borr[] ,! t]m qualifi$ borr[] means an individual :o-- 7,a7 has an eligible private education loan2 7,b7 has be5 curr5t on paym5ts on ! eligible private education loan = ! #f mon?s prior to ! date ( ! qualifi$ borr[]'s application = ref9anc+ "u ?is section1 & is 9 good /&+ on ! loan at ! "t ( su* application2 7,c7 is n 9 default on ! eligible private education loan or on any loan made1 insur$1 or gu>ante$ "u ?is "p or "p ,b or ,e2 & 7,d7 meets ! eligibility requirem5ts describ$ 9 subsection 7b77#b74 7b7 ,program au?oriz$ 7#a7 ,9 g5]al ,! ,secret>y1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all c>ry out a program "u :i* ! ,secret>y1 ^u application by a qualifi$ borr[] :o has an eligible private education loan1 %all issue su* borr[] a loan "u ?is "p 9 accordance ) ! foll[+3 7,a7 ,! loan issu$ "u ?is program %all be 9 an am\nt equal to ! sum ( ! unpaid pr9cipal1 accru$ unpaid int]e/1 & late *>ges ( ! private education loan4 7,b7 ,! ,secret>y %all pay ! proce$s ( ! loan issu$ "u ?is program to ! private educational l5d] ( ! private education loan1 9 ord] to dis*>ge ! qualifi$ borr[] f any rema9+ obligation to ! l5d] ) respect to ! orig9al loan4 7,c7 ,! ,secret>y %all require t ! qualifi$ borr[] und]go loan c\nsel+ t provides all ( ! relevant in=mation & c\nsel+ requir$ "u section #dhe7l77#b7 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,e7 ,! int]e/ rate = ea* loan made by ! ,secret>y "u ?is section %all be ! rate provid$ "u subsection 7c74 7#b7 ,borr[] eligibility ,! ,secret>y1 9 consultation ) ! ,secret>y ( ! ,treasury & ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 %all e/abli% eligibility requirem5ts-- 7,a7 to ensure eligibility only = borr[]s 9 good /&+2 7,b7 to m9imize inequities betwe5 ,f$]al ,direct ,ref9anc$ ,private ,loans & o!r ,f$]al /ud5t loans2 7,c7 to preclude w9dfall pr(its = private educational l5d]s2 & 7,d7 to ensure full access to ! program au?oriz$ 9 ?is subsection = borr[]s ) private loans :o o!rwise meet ! crit]ia e/abli%$ 9 accordance ) subp>agraph 7,a74 7c7 ,int]e/ rate 7#a7 ,9 g5]al ,! int]e/ rate = a ,f$]al ,direct ,ref9anc$ ,private ,loan is a rate equal to ! int]e/ rate det]m9$ "u section #dee7;b77#i77;,a7 = ! date on :i* ! ref9anc$ private loan is made4 7#b7 ,fix$ rate ,! int]e/ rate det]m9$ "u ?is subsection = a ,f$]al ,direct ,ref9anc$ ,private ,loan %all be fix$ = ! p]iod ( ! loan4 7#c7 ,capitaliz$ int]e/ & fees exclud$ ,) respect to a ,f$]al ,direct ,ref9anc$ ,private ,loan "u ?is section1 int]e/ %all only accrue on ! p]c5tage ( su* ,ref9anc$ ,private ,loan t is equal to-- 7,a7 ! am\nt ( ! unpaid pr9cipal ( ! orig9al loan compris+ ! ,ref9anc$ ,private ,loan on ! date su* orig9al loan 0 ref9anc$2 divid$ by 7,b7 ! total am\nt ( su* ,ref9anc$ ,private ,loan4 7d7 ,no inclusion 9 aggregate limits ,! am\nt ( a ,f$]al ,direct ,ref9anc$ ,private ,loan1 or a ,f$]al ,direct ,consolidat$ ,loan to ! ext5t su* loan 0 us$ to repay a ,f$]al ,direct ,ref9anc$ ,private ,loan1 %all n be includ$ 9 calculat+ a borr[]'s annual or aggregate loan limits "u section #dbh or #dbh;,h4 7e7 ,no eligibility = s]vice-,relat$ repaym5t ,a ,f$]al ,direct ,ref9anc$ ,private ,loan1 or any ,f$]al ,direct ,consolidation ,loan to ! ext5t su* loan 0 us$ to repay a ,f$]al ,direct ,ref9anc$ ,private ,loan1 %all n be eligible = any loan repaym5t or loan =giv5ess program "u section #dbh,k1 #dbh,l1 or #dfj or = ! loan cancellation repaym5t plan = public s]vice employees "u section #dee7m74 7f7 ,private educational l5d] report+ requirem5t 7#a7 ,report+ requir$ ,! ,secret>y1 9 consultation ) ! ,secret>y ( ! ,treasury & ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 %all e/abli% a requirem5t t1 9 ord] to all[ = an assessm5t ( ! private education loan m>ket1 private educational l5d]s report ! data describ$ 9 p>agraph 7#b7 to-- 7,a7 ! ,secret>y2 7,b7 ! ,secret>y ( ! ,treasury2 7,c7 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau2 7,d7 ! ,committee on ,education & ,labor ( ! ,h\se ( ,repres5tatives2 7,e7 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives2 7,f7 ! ,s5ate ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions2 & 7,g7 ! ,s5ate ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs4 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 ( ! ,consum] ,f9ancial ,protection ,bureau1 %all und]take a campaign to al]t borr[]s ab\t ! availability ( private /ud5t loan ref9anc+ "u ?is section4 4