,,ii #aag? ,,congress #b;d ,session ,s4 #ciec ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #cj1 #bjbb,mr4 ,m]kley 7= himself1 ,ms4 ,hassan1 ,ms4 ,cortez ,ma/o1 ,mr4 ,s*atz1 ,mr4 ,wyd51 ,mr4 ,van ,holl51 ,ms4 ,baldw91 ,mr4 ,blum5?al1 ,mr4 ,c>d91 & ,mr4 ,book]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife 9 ord] to increase usage ( ! ,f$]al /ud5t loan income-bas$ repaym5t plan & improve repaym5t options = borr[]s1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,loans = ,any ,/ud5t ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,ref]5ces 9 ,act4,,title ,i--,simplify+ repaym5t plans,sec4 #aja4 ,income-bas$ repaym5t plan4,sec4 #ajb4 ,fix$ repaym5t plan4,sec4 #ajc4 ,t]m9ation ( c]ta9 repaym5t plan options4,sec4 #ajd4 ,provid+ inc5tives to swit* into simplifi$ repaym5t plans4,sec4 #aje4 ,/udy & proc$ures on det]m9+ family size4,,title ,,ii--,end+ int]e/ capitalization & orig9ation fees,sec4 #bja4 ,end+ int]e/ capitalization = ,f$]al ,direct ,loans4,sec4 #bjb4 ,elim9ation ( orig9ation fees = ,f$]al ,direct ,loans4,,title ,,iii--,provid+ assi/ance 9 situations ( borr[] distress,sec4 #cja4 ,limits on seiz+ income = debt4,sec4 #cjb4 ,all[+ = multiple loan rehabilitations4,sec4 #cjc4 ,pause paym5t process4,sec4 #cjd4 ,automatic enrollm5t into income-bas$ repaym5t = borr[]s :o are del9qu5t on loans & = borr[]s :o rehabilitate default$ loans4,sec4 #cje4 ,sep>at+ jo9t consolidation loans4,sec4 #cjf4 ,remov+ ! collection co/ requirem5t4,,title ,,iv--,improv+ loan in=mation & counseling,sec4 #dja4 ,/ud5t loan contract2 simplify+ loan disclosures4,sec4 #djb4 ,pre-loan in=mation & c\nsel+ requirem5ts4,sec4 #djc4 ,exit c\nsel+4,sec4 #djd4 ,onl9e c\nsel+ tools4,sec4 #dje4 ,private education loan c]tification & in=mation4,,title ,v--,effective date2 transition2 implementation,sec4 #eja4 ,effective date2 rulemak+ reg>d+ t]m9ation ( c]ta9 repaym5t t]m9ation ( c]ta9 repaym5t plans2 implem5tation4 #b4 ,ref]5ces 9 ,act ,except z o!rwise expressly provid$ 9 ?is ,act1 :]ev] an am5dm5t or repeal is express$ 9 t]ms ( an am5dm5t to or repeal ( a section or o!r provision1 ! ref]5ce %all be consid]$ to be made to t section or o!r provision ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq474 ,i ,simplify+ repaym5t plans #aja4 ,income-bas$ repaym5t plan ,section #dic;,c 7#bj ,u4,s4,c4 #ajih;e7 is am5d$ to read z foll[s3 #dic;,c4 ,income-bas$ repaym5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,except$ plus loan ,! t]m except$ ,,plus loan means a loan "u section #dbh;,b1 or a ,f$]al ,direct ,,plus ,loan1 t is made1 insur$1 or gu>ante$ on behalf ( a dep5d5t /ud5t4 7#b7 ,except$ consolidation loan ,! t]m except$ consolidation loan means a consolidation loan "u section #dbh;,c1 or a ,f$]al ,direct ,consolidation ,loan1 if ! proce$s ( su* loan 7 us$ to ! dis*>ge ! liability on an except$ ,,plus loan4 7#c7 ,p>tial f9ancial h>d%ip ,! t]m p>tial f9ancial h>d%ip1 :5 us$ ) respect to a borr[]1 means t = su* borr[]-- 7,a7 ! annual am\nt due on ! total am\nt ( loans made1 insur$1 or gu>ante$ "u "p ,b or ,d 7o!r ?an an except$ ,,plus loan or except$ consolidation loan7 to a borr[] z calculat$ "u ! /&>d repaym5t plan "u section #dbh7;b77#i77;,a77i7 or #dee7;d77#a77;,a71 bas$ on a #aj-ye> repaym5t p]iod2 exce$s 7,b7 #ae p]c5t ( ! result obta9$ by calculat+1 on at lea/ an annual basis1 ! am\nt by :i*-- 7i7 ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income2 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 #iijb7b774 7b7 ,income-,bas$ repaym5t program = borr[]s :o ent] income-,bas$ repaym5t be=e ,july #a1 #bjbb ,not)/&+ any o!r provision ( ?is ,act1 ! ,secret>y %all c>ry out a program "u :i*-- 7#a7 a borr[] ( any loan made1 insur$1 or gu>ante$ "u "p ,b or ,d 7o!r ?an an except$ ,,plus loan or except$ consolidation loan7 :o has a p>tial f9ancial h>d%ip 7:e!r or n ! borr[]'s loan has be5 submitt$ to a gu>anty ag5cy = default av]sion or _h be5 9 default7 may elect1 dur+ any p]iod ! borr[] has ! p>tial f9ancial h>d%ip1 to h ! borr[]'s aggregate mon?ly paym5t = all su* loans n exce$ ! result describ$ 9 subsection 7a77#c77;,b7 divid$ by #ab2 7#b7 ! hold] ( su* a loan %all apply ! borr[]'s mon?ly paym5t "u ?is subsection fir/ t[>d int]e/ due on ! loan1 next t[>d any fees due on ! loan1 & !n t[>d ! pr9cipal ( ! loan2 7#c7 any int]e/ due & n paid "u p>agraph 7#b7-- 7,a7 %all1 on subsidiz$ loans1 be paid by ! ,secret>y = a p]iod ( n m ?an #c ye>s aft] ! date ( ! borr[]'s election "u p>agraph 7#a72 & 7,b7 beg9n+ on ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 = an eligible loan made1 insur$1 or gu>ante$ "u ?is title1 %all n be capitaliz$ & %all be add$ to ! balance ( int]e/ due = ! loan2 7#d7 any pr9cipal due & n paid "u p>agraph 7#b7 %all be def]r$2 7#e7 ! am\nt ( "t ! borr[] makes mon?ly paym5ts "u p>agraph 7#a7 may exce$ #aj ye>s2 7#f7 if ! borr[] no long] has a p>tial f9ancial h>d%ip or no long] wi%es to cont9ue ! election "u ?is subsection1 !n-- 7,a7 ! maximum mon?ly paym5t requir$ to be paid = all loans made to ! borr[] "u "p ,b or ,d 7o!r ?an an except$ ,,plus loan or except$ consolidation loan7 %all n exce$ ! mon?ly am\nt calculat$ "u section #dbh7;b77#i77;,a77i7 or #dee7;d77#a77;,a71 bas$ on a #aj-ye> repaym5t p]iod1 :5 ! borr[] fir/ made ! election describ$ 9 ?is subsection2 & 7,b7 ! am\nt ( "t ! borr[] is p]mitt$ to repay su* loans may exce$ #aj ye>s2 7#g7 ! ,secret>y %all repay or cancel any out/&+ balance ( pr9cipal & int]e/ due on all loans made "u "p ,b or ,d 7o!r ?an a loan "u section #dbh;,b or a ,f$]al ,direct ,,plus ,loan7 to a borr[] :o-- 7,a7 at any "t1 elect$ to p>ticipate 9 income-bas$ repaym5t "u p>agraph 7#a72 & 7,b7 = a p]iod ( "t prescrib$ by ! ,secret>y1 n to exce$ #be ye>s1 meets #a or m ( ! foll[+ requirem5ts-- 7i7 has made r$uc$ mon?ly paym5ts "u p>agraph 7#a7 or p>agraph 7#f72 7ii7 has made mon?ly paym5ts ( n less ?an ! mon?ly am\nt calculat$ "u section #dbh7;b77#i77;,a77i7 or #dee7;d77#a77;,a71 bas$ on a #aj-ye> repaym5t p]iod1 :5 ! borr[] fir/ made ! election describ$ 9 ?is subsection2 7iii7 has made paym5ts ( n less ?an ! paym5ts requir$ "u a /&>d repaym5t plan "u section #dbh7;b77#i77;,a77i7 or #dee7;d77#a77;,a7 ) a repaym5t p]iod ( #aj ye>s2 7iv7 has made paym5ts "u an income-cont+5t repaym5t plan "u section #dee7;d77#a77;,d72 or 7v7 has be5 9 def]m5t due to an economic h>d%ip describ$ 9 section #dce7o72 7#h7 a borr[] :o is repay+ a loan made "u "p ,b or ,d pursuant to income-bas$ repaym5t may elect1 at any "t1 to t]m9ate repaym5t pursuant to income-bas$ repaym5t & repay su* loan "u ! fix$ repaym5t plan "u section #dic;,e2 & 7#i7 ! special all[ance paym5t to a l5d] calculat$ "u section #dch7;b77#b77;,i71 :5 calculat$ = a loan 9 repaym5t "u ?is section1 %all be calculat$ on ! pr9cipal balance ( ! loan & on any accru$ int]e/ unpaid by ! borr[] 9 accordance ) ?is section4 7c7 ,income-,bas$ repaym5t program = borr[]s :o ent] income-,bas$ repaym5t on or aft] ,july #a1 #bjbb 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section1 ! provisions ( ?is subsection %all apply-- 7,a7 ) respect to any loan made1 insur$1 or gu>ante$ "u ?is title = :i* ! borr[] ent]s repaym5t on or aft] ,july #a1 #bjbb1 & = :i* ! borr[] elects ! income-bas$ repaym5t plan "u ?is section2 & 7,b7 ) respect to any loan made1 insur$1 or gu>ante$ "u ?is title = :i* ! borr[] enroll$ 9 an income-bas$ repaym5t plan be=e ,july #a1 #bjbb1 if su* borr[] elects to ent] ! income-bas$ repaym5t plan "u ?is subsection1 9 accordance ) p>agraph 7#c74 7#b7 ,special t]ms ,) respect to a loan describ$ 9 p>agraph 7#a71 ! foll[+ t]ms %all apply to ! income-bas$ repaym5t plan c>ri$ out "u ?is section3 7,a7 7i7 ,not)/&+ subsection 7a77#c77;,b71 7b71 or 7e7-- 7,i7 ! annual repaym5t am\nt "u ?is subsection-- 7aa7 ) respect to a borr[] ^: 7& ^: sp\se's1 if applicable7 adju/$ gross income equals or exce$s #a1cjj p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b77 %all be an am\nt equal to #aj p]c5t ( su* adju/$ gross income2 7bb7 ) respect to a borr[] ^: 7& ^: sp\se's1 if applicable7 adju/$ gross income equals or exce$s #hjj p]c5t ( ! pov]ty l9e b is less ?an #a1cjj p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b77 %all be equal to ! am\nt det]m9$ "u clause 7ii77,i72 7cc7 ) respect to a borr[] ^: 7& ^: sp\se's1 if applicable7 adju/$ gross income exce$s #bej p]c5t ( ! pov]ty l9e b is less ?an #hjj p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b77 %all be equal to ! am\nt det]m9$ "u clause 7ii77,,ii72 & 7dd7 ) respect to a borr[] ^: 7& ^: sp\se's1 if applicable7 adju/$ gross income equals or is less ?an #bej p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b77 %all be an am\nt equal to #j p]c5t ( su* adju/$ gross income2 & 7,,ii7 a borr[]'s mon?ly paym5t %all be det]m9$ 9 accordance ) subclause 7,i7 divid$ by #ab1 :i* am\nt may exce$ ! mon?ly repaym5t am\nt "u a /&>d #aj-ye> repaym5t plan or a fix$ repaym5t plan describ$ 9 section #dic;,e4 7ii7 7,i7 7aa7 ,= purposes ( clause 7i77,i77bb71 ! annual repaym5t am\nt = borr[]s describ$ 9 su* clause %all be an am\nt equal to #aj p]c5t ( ! result obta9$ by calculat+1 on at lea/ an annual basis1 ! am\nt by :i*-- 7,,aa7 ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income2 exce$s 7,,bb7 ! p]c5t det]m9$ "u item 7bb7 ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b774 7bb7 ,! p]c5t %all be det]m9$ "u ?is item z foll[s3 7,,aa7 ,if ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income equals #hjj p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b771 ! p]c5t %all be equal to #bej p]c5t4 7,,bb7 ,if ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income exce$s #hjj p]c5t ( ! pov]ty l9e b is less ?an #a1cjj p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b771 ! p]c5t %all be equal to #bej p]c5t r$uc$ by #j4e p]c5tage po9ts = e #a p]c5tage po9t increase 9 ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income t is m ?an #hjj p]c5t4 7,,ii7 ,= purposes ( clause 7i77,i77cc71 ! annual repaym5t am\nt = borr[]s describ$ 9 su* clause %all be an am\nt equal to #aj p]c5t ( ! result obta9$ by calculat+1 on at lea/ an annual basis1 ! am\nt by :i*-- 7aa7 ! borr[]'s1 & ! borr[]'s sp\se's 7if applicable71 adju/$ gross income2 exce$s 7bb7 #bej p]c5t ( ! pov]ty l9e t is applicable to ! borr[]'s family size z det]m9$ "u section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b774 7,b7 ,not)/&+ subsection 7e77#b71 subsection 7b77#g77;,b7 %all be appli$ by sub/itut+ #bj ye>s = #be ye>s4 7,c7 ,not)/&+ subp>agraph 7,a7 ( subsection 7b77#f71 a borr[] ( su* a loan %all n be requir$ to h a p>tial f9ancial h>d%ip & may elect1 & rema9 enroll$ 91 ! income-bas$ repaym5t plan "u ?is section reg>dless ( income level1 ) ! repaym5t am\nt calculat$ "u subp>agraph 7,a74 7,d7 ,not)/&+ subsection 7b71 a borr[] ( an except$ ,,plus loan or except$ consolidation loan may elect ! income-bas$ repaym5t plan "u ?is subsection = ! except$ ,,plus loan or except$ consolidation loan1 & ! ,secret>y %all treat su* loan1 only = ! purposes ( ! repaym5t t]ms1 z a ,f$]al ,direct ,,plus ,loan issu$ to a /ud5t borr[]4 ,! ,secret>y may issue rules & regulations1 z ! ,secret>y det]m9es necess>y1 reg>d+ ! treatm5t ( except$ ,,plus loans or except$ consolidation loans t are to be repaid "u an income-bas$ repaym5t plan "u ?is subsection4 7#c7 ,rule = borr[]s 9 income-bas$ repaym5t be=e ,july #a1 #bjbb ,a borr[] ( a loan made1 insur$1 or gu>ante$ "u ?is title :o enroll$ 9 an income-bas$ repaym5t plan be=e ,july #a1 #bjbb1 may *oose to reta9 su* repaym5t plan or elect to ent] an income-bas$ repaym5t plan "u ?is subsection or a fix$ repaym5t plan describ$ 9 section #dic;,e1 z provid$ 9 section #dbh7;b77#a77;,d77ii7 or section #dee7;d77#g7 7z applicable74 7#d7 ,int]e/ accrual ,not)/&+ any o!r provision ( ?is ,act1 if a borr[]'s mon?ly paym5t = a loan "u an income-bas$ repaym5t plan "u ?is subsection is insuffici5t to pay ! accru$ int]e/ on ! borr[]'s loan = su* mon?1 any int]e/ due & n paid on ! loan = t mon? %all be paid or =giv5 by ! ,secret>y4 7#e7 ,writt51 electronic1 or v]bal enrollm5t 9 income-bas$ repaym5t 7,a7 ,9 g5]al ,a borr[] ( a loan made "u ?is "p may elect to repay su* loan "u ! income-bas$ repaym5t plan "u ?is subsection by provid+ writt51 electronic1 or v]bal notice to ! ,secret>y ( ! borr[]'s desire to make su* election1 subject to subp>agraph 7,c74 7,b7 ,use ( in=mation 7i7 ,9 g5]al ,! e/imat$ mon?ly paym5t am\nt "u ?is section = a loan = a borr[] :o makes an election describ$ 9 subp>agraph 7,a7 %all be imm$iately calculat$ us+ ! income & family size in=mation provid$ ?r\gh ! borr[]'s writt51 electronic1 or v]bal /atem5t4 7ii7 ,v]ification ,! in=mation describ$ 9 clause 7i7 %all be v]ifi$ by ! ,secret>y n lat] ?an #ij days aft] ! date ! borr[] /ates su* income & family size in=mation4 ,if ! ,secret>y is unable to v]ify ! in=mation by ! end ( ! #ij-;day p]iod1 ! borr[]'s paym5t aft] su* #ij-;day p]iod w be ! am\nt applicable "u ! fix$ repaym5t plan "u section #dic;,e4 7iii7 ,adju/m5t if necess>y ,^u v]ification by ! ,secret>y "u clause 7ii71 ! ,secret>y %all adju/ ! e/imat$ mon?ly paym5t describ$ 9 clause 7i7 bas$ on ! v]ifi$ income & family size in=mation ( ! borr[]1 if necess>y4 ,any adju/$ mon?ly paym5t %all take effect beg9n+ ) ! paym5t due n less ?an #fj days aft] ! ,secret>y notifies ! borr[] ( ! adju/$ am\nt4 ,! ,secret>y %all consid] any paym5ts made prior to ! adju/$ mon?ly paym5t z hav+ satisfi$ ! am\nt due to qualify t[>d loan cancellation or =giv5ess options "u ?is title4 7,c7 ,limitation ,! ,secret>y %all p]mit a borr[] to make an election ( income-bas$ repaym5t 9 ! writt51 electronic1 or v]bal mann] describ$ 9 subp>agraph 7,a7 only 9 connection ) ! fir/ in/ance ( ea* ( ! foll[+3 7i7 ,! borr[]'s selection ( a repaym5t plan dur+ ! grace p]iod = su* loan4 7ii7 ,! borr[] *ang+ f ! fix$ repaym5t plan "u section #dic;,e to income-bas$ repaym5t4 7iii7 ,! borr[]'s failure to complete ! v]ification process describ$ 9 subp>agraph 7,b77ii74 7iv7 ,! borr[]'s failure to rec]tify enrollm5t 9 income-bas$ repaym5t "u ?is subsection4 7d7 ,calculation ( adju/$ gross income = m>ri$ borr[]s ,! ,secret>y %all calculate ! adju/$ gross income ( a m>ri$ borr[] "u ?is section-- 7#a7 9 ! case ( a m>ri$ borr[] & sp\se :o jo9tly file a ,f$]al income tax return1 bas$ on ! adju/$ gross income ( ! borr[] & sp\se z report$ on ! ,f$]al income tax return2 & 7#b7 9 ! case ( a m>ri$ borr[] :o files a ,f$]al income tax return sep>ately f ! borr[]'s sp\se1 bas$ on ! sum ( ! adju/$ gross income ( ! borr[] & ! sp\se1 z report$ on ! applicable ,f$]al income tax returns1 unless ! borr[] c]tifies1 on a =m approv$ by ! ,secret>y1 t ! borr[] is-- 7,a7 sep>at$ f ! borr[]'s sp\se2 or 7,b7 unable to reasonably access ! income in=mation ( ! borr[]'s sp\se4 7e7 ,special t]ms = new borr[]s on & aft] july #a1 #bjad ,) respect to any loan made to a new borr[] on or aft] ,july #a1 #bjad-- 7#a7 subsection 7a77#c77;,b7 %all be appli$ by sub/itut+ #aj p]c5t = #ae p]c5t2 & 7#b7 subsection 7b77#g77;,b7 %all be appli$ by sub/itut+ #bj ye>s = #be ye>s4 7f7 ,eligibility det]m9ations & automatic rec]tification 7#a7 ,9 g5]al ,beg9n+ z soon z ! ,secret>y det]m9es practicable aft] ! ,secret>y f9alizes ! proc$ures "u section #aje ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 ! ,secret>y %all e/abli% & implem5t1 ) respect to any borr[] describ$ 9 p>agraph 7#b71 proc$ures to-- 7,a7 obta9 7= ea* ye> ( repaym5t & )\t fur!r action by ! borr[]7 su* in=mation z is reasonably necess>y reg>d+ ! income ( su* borr[] 7& ! borr[]'s sp\se1 if applicable71 = ! purpose ( det]m9+ ! repaym5t obligation ( ! borr[] = su* ye>1 includ+ in=mation ) respect to ! borr[]'s family size 9 accordance ) ! proc$ures "u su* section #aje1 subject to subp>agraph 7,b72 7,b7 all[ ! borr[]1 at any "t1 to opt out ( subp>agraph 7,a7 & prev5t ! ,secret>y f obta9+ in=mation "u su* subp>agraph )\t fur!r action by ! borr[]2 7,c7 provide ! borr[] ) an opportunity to update ! in=mation obta9$ "u subp>agraph 7,a7 be=e ! det]m9ation ( ! annual repaym5t obligation ( ! borr[]2 & 7,d7 9 ! case ( a borr[] = :om adju/$ gross income c be obta9$ "u ?is subsection & meets ! qualifications ( a paym5t am\nt ( #j1 ensure t ! borr[] w n be requir$ to provide ! ,secret>y ) o!r docum5tation ( income & provide ! borr[] ) a calculat$ mon?ly paym5t ( #j4 7#b7 ,applicability 7,a7 ,9 g5]al ,p>agraph 7#a7 %all apply to ea* borr[] ( a loan made "u ?is "p :o1 on or aft] ! date on :i* ! ,secret>y e/abli%es proc$ures "u su* p>agraph-- 7i7 selects1 or = :om ! ,secret>y select$ "u subp>agraph 7,c7 or 7,d7 ( p>agraph 7#h71 or p>agraph 7#i71 ( subsection 7d71 or section #dbh7m77#a71 an income-bas$ repaym5t plan2 or 7ii7 rec]tifies income & family size "u su* plan4 7,b7 ,eligibility exception ,a borr[] = :om adju/$ gross income is unavailable because ! borr[] has be5 grant$ an ext5sion on fil+ ! borr[]'s income taxes or is und]go+ an audit or exam9ation by ! ,int]nal ,rev5ue ,s]vice %all n automatically be eligible = ! calculat$ mon?ly paym5t ( #j 9 accordance ) p>agraph 7#a77;,d7 dur+ su* p]iod4 ,:5 ! ext5sion1 audit1 or exam9ation is complet$1 ! ,secret>y %all resume consid]ation ( ! borr[] = automatic rec]tification "u ! proc$ures describ$ 9 p>agraph 7#a71 includ+ subp>agraph 7,d7 ( su* p>agraph 7if applicable74 7#c7 ,availability ( returns & return in=mation ,returns & return in=mation 7z def9$ 9 section #fajc ( ! ,int]nal ,rev5ue ,code ( #aihf7 may be obta9$ "u p>agraph 7#a77;,a7 only to ! ext5t au?oriz$ by section #fajc7l77#ac7 ( su* ,code4 4 #ajb4 ,fix$ repaym5t plan ,"p ,g ( title ,,iv 7#bj ,u4,s4,c4 #ajhh et seq47 is am5d$ by add+ at ! end ! foll[+3 #dic;,e4 ,fix$ repaym5t plan 7a7 ,9 g5]al ,a borr[] ( a loan made "u "p ,d on or aft] ,july #a1 #bjbb1 & a borr[] :o is 9 repaym5t on a loan made1 insur$1 or gu>ante$ "u "p ,b or ,d be=e ,july #a1 #bjbb1 may elect to repay su* loan "u ! fix$ repaym5t plan describ$ 9 ?is section4 7b7 ,fix$ repaym5t plan ,"u ! fix$ repaym5t plan1 a borr[] %all repay ea* loan describ$ 9 subsection 7a7 ) a fix$ mon?ly repaym5t am\nt paid ov] a p]iod ( #aj ye>s1 subject to subsection 7c74 7c7 ,special rules 7#a7 ,m9imum ,if a borr[]'s mon?ly paym5t "u ?is section 7except = ! f9al paym5t on ! loan7 is less ?an #be1 ! ,secret>y %all e/abli% ! borr[]'s mon?ly paym5t z #be4 7#b7 ,alt]native m9imum paym5ts ,not)/&+ p>agraph 7#a71 ! ,secret>y may accept an alt]native m9imum paym5t am\nt1 :i* may include an am\nt ( less ?an #be1 to acc\nt = a borr[]'s exceptional circum/ances4 4 #ajc4 ,t]m9ation ( c]ta9 repaym5t plan options 7a7 ,,ffel program repaym5t plan options ,section #dbh7;b7 7#bj ,u4,s4,c4 #ajgh7;b77 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 9 subp>agraph 7,d7-- 7i7 9 clause 7ii71 by /rik+ may annually *ange ! selection ( a repaym5t plan "u ?is "p1 & ins]t+ may at any "t on or aft] ,july #a1 #bjbb1 *ange ! selection ( a repaym5t plan "u ?is "p or "p ,g to "o ( ! #b repaym5t plans describ$ 9 p>agraph 7#i77;,c712 & 7ii7 9 clause 7iii71 by ins]t+ or1 9 ! case ( a default t occurs on or aft] ,july #a1 #bjbb1 be subject to income-bas$ repaym5t 9 accordance ) section #dic;,c7c7 be=e ! semicolon at ! end2 7,b7 9 subp>agraph 7,e77i71 by /rik+ ! option ( repay+ ! loan 9 accordance ) a /&>d1 graduat$1 income-s5sitive1 or ext5d$ repaym5t s*$ule 7z describ$ 9 p>agraph 7#i77 e/abli%$ by ! l5d] 9 accordance ) regulations ( ! ,secret>y2 & & ins]t+ ! option ( repay+ ! loan 9 accordance ) an applicable repaym5t plan describ$ 9 p>agraph 7#i77;,c72 & 7,c7 by /rik+ subp>agraph 7,l72 & 7#b7 9 p>agraph 7#i7-- 7,a7 9 subp>agraph 7,a7-- 7i7 9 ! subp>agraph head+1 by ins]t+ be=e ,july #a1 #bjbb aft] ,selection2 & 7ii7 9 ! matt] prec$+ clause 7i7-- 7,i7 by ins]t+ or subp>agraph 7,c71 z applicable1 aft] ?is subp>agraph2 & 7,,ii7 by /rik+ ,! borr[] & ins]t+ ,be=e ,july #a1 #bjbb1 ! borr[]2 7,b7 9 subp>agraph 7,b71 by ins]t+ be=e ! p]iod at ! end or1 = a borr[] ent]+ repaym5t on or aft] ,july #a1 #bjbb1 ! l5d] %all provide ! borr[] ) ! fix$ repaym5t plan describ$ 9 section #dic;,e2 & 7,c7 by add+ at ! end ! foll[+3 7,c7 ,selection ( repaym5t plans on & aft] ,july #a1 #bjbb ,not)/&+ any o!r provision ( law1 & 9 accordance ) regulations promulgat$1 beg9n+ on ,july #a1 #bjbb1 a l5d] %all (f] a borr[] ( a loan made1 insur$1 or gu>ante$ "u ?is "p ! opportunity to *ange repaym5t plans at any "t on or aft] ,july #a1 #bjbb1 & !n n m ?an once p] cal5d> ye> !reaft]4 ,! borr[] may *oose betwe5 ! foll[+ repaym5t plans3 7i7 ,a fix$ repaym5t plan describ$ 9 section #dic;,e4 7ii7 ,! income-bas$ repaym5t plan "u section #dic;,c7c74 4 7b7 ,f$]al direct loan program repaym5t plan options ,section #dee7;d7 7#bj ,u4,s4,c4 #ajhg;e7d77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#b7 ?r\gh 7#e7 z p>agraphs 7#c7 ?r\gh 7#f71 respectively2 7#b7 9 p>agraph 7#a7-- 7,a7 9 ! p>agraph head+1 by ins]t+ be=e ,july #a1 #bjbb aft] ,selection2 & 7,b7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ t ent]s repaym5t be=e ,july #a1 #bjbb1 be=e a v>iety2 7#c7 by ins]t+ aft] p>agraph 7#a7 ! foll[+3 7#b7 ,design & selection beg9n+ ,july #a1 #bjbb 7,a7 ,9 g5]al ,not)/&+ p>agraph 7#a71 = any borr[] ( a loan made "u ?is "p t ent]s repaym5t on or aft] ,july #a1 #bjbb1 & = any borr[] subject to p>agraph 7#g71 ! ,secret>y %all (f] ! borr[] a *oice betwe5 ! foll[+ #b plans = repaym5t ( su* loan1 includ+ pr9cipal & int]e/ on ! loan4 ,! borr[] may *oose-- 7i7 a fix$ repaym5t plan describ$ 9 section #dic;,e2 or 7ii7 an income-bas$ repaym5t plan "u section #dic;,c7c74 7,b7 ,accel]ation ,a borr[] 9 repaym5t %all be entitl$ to accel]ate1 )\t p5alty1 repaym5t on ! borr[]'s loans "u ?is "p4 7,c7 ,selection by ! secret>y ,if a borr[] ( a loan made "u ?is "p t ent]s repaym5t on or aft] ,july #a1 #bjbb1 does n select a repaym5t plan describ$ 9 subp>agraph 7,a7 be=e ! fir/ paym5t on su* loan is due1 ! ,secret>y %all provide ! borr[] ) a fix$ repaym5t plan describ$ 9 section #dic;,e4 7,d7 ,*anges 9 selections ,a borr[] ( a loan made "u ?is "p t ent]s repaym5t or on aft] ,july #a1 #bjbb1 may *ange ! borr[]'s selection ( a repaym5t plan 9 accordance ) subp>agraphs 7,b7 & 7,c7 ( p>agraph 7#g74 7,e7 ,borr[] 9 default ,beg9n+ on ,july #a1 #bjbb1 9 lieu ( ! requirem5ts ( p>agraph 7#f71 ! ,secret>y may require any borr[] :o has default$ on a loan made "u ?is "p on or aft] ,july #a1 #bjbb1 to repay ! loan pursuant to an income-bas$ repaym5t plan "u section #dic;,c7c74 2 & 7#d7 by add+ at ! end ! foll[+3 7#g7 ,borr[]s ( loans made be=e ,july #a1 #bjbb ,a borr[] :o is 9 repaym5t on a loan made "u ?is "p be=e ,july #a1 #bjbb-- 7,a7 may *oose to reta9 ! repaym5t plan t ! borr[] 0 enroll$ 9 on ! day be=e su* date2 7,b7 may elect to-- 7i7 ent] an income-bas$ repaym5t plan "u section #dic;,c7c72 7ii7 ent] a fix$ repaym5t plan describ$ 9 section #dic;,e2 or 7iii7 swit* betwe5 ! repaym5t plans describ$ 9 clauses 7i7 & 7ii72 7,c7 aft] swit*+ to a repaym5t plan describ$ 9 clause 7i7 or 7ii7 ( subp>agraph 7,b71 %all n be p]mitt$ to select a repaym5t plan n describ$ 9 subp>agraph 7,b7 = ! loan2 & 7,d7 %all reta91 = purposes ( repaym5t or cancellation ( any out/&+ balance ( pr9cipal & int]e/ due on a loan 7z describ$ 9 section #dic;,c7b77#g771 any paym5ts on su* loan "u ano!r income-bas$ or income cont+5t repaym5t plan "u ?is title t w\ld o!rwise be qualify+4 4 7c7 ,con=m+ am5dm5t ,section #dcc7;b77#g77;,b7 7#bj ,u4,s4,c4 #ajhc7;b77#g77;,b77 is am5d$ by /rik+ on a /&>d repaym5t plan & ins]t+ 1 9 ! case ( a borr[] :o has n select$ a repaym5t plan1 on ! repaym5t plan designat$ "u subp>agraph 7,b7 ( section #dbh7;b77#i74 #ajd4 ,provid+ inc5tives to swit* into simplifi$ repaym5t plans 7a7 ,enabl+ consolidation 9 ord] ,to simplify repaym5t ,section #dee7;g7 7#bj ,u4,s4,c4 #ajhg;e7g77 is am5d$-- 7#a7 by /rik+ ,a borr[] ( & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,a borr[] ( 2 7#b7 by /rik+ ! second s5t5ce2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 ,eligibility ,to be eligible = a ,f$]al ,direct ,consolidation ,loan "u ?is "p1 a borr[] %all meet ! eligibility crit]ia set =? 9 section #dbh;,c7a77#c71 except t1 not)/&+ section #dbh;,c7a77#c77;,b71 a borr[] may obta9 a ,f$]al ,direct ,consolidation ,loan if ! borr[]-- 7,a7 obta9s ! ,f$]al ,direct ,consolidation ,loan = ! purpose (-- 7i7 select+ ! income-bas$ repaym5t plan "u section #dic;,c7c7 or fix$- income repaym5t plan "u section #die;,e2 or 7ii7 p>ticipat+ 9 ! pause paym5t process "u section #dfj;,b2 & 7,b7 meets ! requirem5ts ( section #dbh;,c7a77#c77;,a74 4 7b7 ,inc5tives = simplifi$ repaym5t plans ,"p ,g ( title ,,iv 7#bj ,u4,s4,c4 #ajhh et seq471 z am5d$ by section #ajb1 is fur!r am5d$ by add+ at ! end ! foll[+3 #dic;,f4 ,inc5tives = simplifi$ repaym5t plans 7a7 ,9 g5]al ,to facilitate ! transition ( borr[]s to simplifi$ repaym5t plan options1 ! ,secret>y %all r$uce ! int]e/ rate applicable "u section #dee7;b7 or #dbg;,a to a loan "u "p ,b or ,d held by a borr[] z ( ,july #a1 #bjbb1 by #ajj basis po9ts 7or ! equival5t71 if ! borr[] ( ! loan1 aft] ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act-- 7#a7 *anges f a repaym5t plan describ$ 9 subp>agraphs 7,a7 ?r\gh 7,e7 ( section #dee7;d77#a7 = su* loan to an income-bas$ repaym5t plan "u section #dic;,c7c7 or a fix$ repaym5t plan "u section #dic;,e2 or 7#b7 consolidates #a or m loans "u ?is title1 or describ$ 9 section #dbh;,c7a77#d71 t 7 "u a repaym5t plan describ$ 9 subp>agraphs 7,a7 ?r\gh 7,e7 ( section #dee7;d77#a71 or clauses 7i7 ?r\gh 7v7 ( section #dbh7;b77#i71 into a ,f$]al ,direct ,consolidation ,loan & selects an income-bas$ repaym5t plan "u section #dic;,c7c7 or a fix$ repaym5t plan "u section #dic;,e = ! loan4 7b7 ,limitation ,! int]e/ rate = a loan eligible = ! inc5tive "u subsection 7a7 may be r$uc$ only once "u ?is section4 7c7 ,rules & waiv]s ,! ,secret>y %all promulgate rules c>ry+ out ! inc5tive program e/abli%$ "u ?is section4 ,9 promulgat+ su* rules1 ! ,secret>y may waive ! application (-- 7#a7 sub*apt] ,i ( *apt] #ce ( title #dd1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,pap]work ,r$uction ,act72 7#b7 ! ma/] cal5d> requirem5ts "u section #dhb2 7#c7 negotiat$ rulemak+ "u section #dib2 & 7#d7 ! requirem5t to publi% ! notices relat$ to ! sy/em ( records ( ! ag5cy be=e implem5tation requir$ "u p>agraphs 7#d7 & 7#aa7 ( section #eeb;a7e7 ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,privacy ,act ( #aigd71 except t ! notices %all be publi%$ n lat] ?an #ahj days aft] ! date ( implem5tation ( ?is ,act4 4 #aje4 ,/udy & proc$ures on det]m9+ family size 7a7 ,9 g5]al ,! ,secret>y ( ,education1 act+ jo9tly ) ! ,secret>y ( ! ,treasury1 %all-- 7#a7 n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 publi%1 9 ! ,f$]al ,regi/]1 notice ( ! ,secret>y's int5t to conduct a /udy on ! effect ( us+ data f ! ,int]nal ,rev5ue ,s]vice su* z p]sonal exemptions1 fil+ /atus1 or *ild tax cr$its1 z proxies = family size 9 an income-driv5 repaym5t plan1 & invite public comm5t reg>d+ ! /udy2 7#b7 aft] review+ any public comm5ts provid$ "u p>agraph 7#a71 conduct ! /udy & publi% ! results ( ! /udy 9 ! ,f$]al ,regi/]2 7#c7 use ! results ( ! /udy conduct$ "u p>agraph 7#a7 to develop proc$ures = det]m9+ family size = ! automatic rec]tification ( income = an income-driv5 repaym5t plan 9 a mann] t m9imizes burd5s & un9t5d$ h>m to borr[]s2 7#d7 publi% ! proc$ures develop$ "u p>agraph 7#c7 9 ! ,f$]al ,regi/]2 & 7#e7 aft] a notice & comm5t p]iod on su* proc$ures1 use su* comm5ts to f9alize ! proc$ures4 7b7 ,specifications ,! /udy conduct$ "u subsection 7a7 %all-- 7#a7 be complet$1 ) ! results publi%$ pursuant to subsection 7a77#b71 n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act2 7#b7 det]m9e h[ closely p]sonal exemptions1 fil+ /atus1 or *ild tax cr$its mat* ! family size t borr[]s report on _! income-driv5 repaym5t plan reque/ =m2 7#c7 comp>e ! borr[]'s actual mon?ly paym5t am\nt ) ! mon?ly paym5t am\nt borr[]s w\ld h us+ family size in=mation d]iv$ f tax returns2 7#d7 include data f tax ye> #bjah or lat] tax ye>s2 & 7#e7 use data f m ?an "o ye>1 :]e possible1 to analyze h[ mu* family size *anges ov] "t4 7c7 ,def9ition ,! t]m income-driv5 repaym5t plan means any ( ! foll[+ au?oriz$ "u ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq473 7#a7 ,! income-cont+5t repaym5t plan4 7#b7 ,! income-bas$ repaym5t plan4 7#c7 ,! ,,paye repaym5t plan4 7#d7 ,! ,,repaye repaym5t plan4 ,,ii ,end+ int]e/ capitalization & orig9ation fees #bja4 ,end+ int]e/ capitalization = ,f$]al ,direct ,loans ,section #dee 7#bj ,u4,s4,c4 #ajhg;e7 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 ! subsection head+1 by ins]t+ & ,practices aft] ,rate2 & 7,b7 by add+ at ! end ! foll[+3 7#aa7 ,int]e/ practices 7,a7 ,9 g5]al ,beg9n+ on ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 int]e/ on a loan made "u ?is "p %all accrue & only be add$ to ! balance ( int]e/ due on ! loan1 & %all n ev] be capitaliz$4 7,b7 ,no capitalization ( int]e/ dur+ 9-s*ool or grace p]iods 7i7 ,9 g5]al ,beg9n+ on ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 int]e/ on loans made "u ?is "p = :i* paym5ts ( pr9cipal are n requir$ dur+ ! 9-s*ool & grace p]iods or = :i* paym5ts are def]r$ 9 accordance ) sections #dbg7;a77#b77;,c7 & #dbh7;b77#a77,m7 %all accrue & be add$ to ! balance ( int]e/ due f ! borr[] :5 ! loan ent]s repaym5t1 b %all n ev] be capitaliz$4 7ii7 ,notice requirem5t ,! ,secret>y %all adju/ any =be>ance notice requir$ 9 accordance ) section #dbh7;a77#c77;,a77iii7 to reflect ! availability ( ! pause paym5t process pursuant to section #dfj;,b & ! treatm5t ( int]e/ "u su* section4 7,c7 ,limit$ retroactivity ,= a borr[] ( a loan made "u ?is "p on or be=e ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act t is 9 a /atus1 on ! day be=e su* effective date1 t involves int]e/ capitalization1 su* loan %all h capitalization pro-rat$ to ! effective date ( su* ,act1 b %all n be subject to fur!r capitalization aft] ! effective date ( su* ,act4 2 & 7#b7 9 subsection 7e77#e7-- 7,a7 by ins]t+ 87:i*1 beg9n+ aft] ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 %all n be capitaliz$70 aft] accru$ int]e/2 & 7,b7 by /rik+ ! second s5t5ce4 #bjb4 ,elim9ation ( orig9ation fees = ,f$]al ,direct ,loans 7a7 ,repeal ( orig9ation fees ,subsection 7c7 ( section #dee 7#bj ,u4,s4,c4 #ajhg;e7c77 is repeal$4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply ) respect to loans made "u "p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 = :i* ! fir/ disbursem5t ( pr9cipal is made on or aft] ,july #a1 #bjbb4 ,,iii ,provid+ assi/ance 9 situations ( borr[] di/ress #cja4 ,limits on seiz+ income = debt ,"p ,d ( title ,,iv 7#bj ,u4,s4,c4 #ajhg;a et seq47 is am5d$ by add+ at ! end ! foll[+3 #dfj;,a4 ,limits on seiz+ income = debt relat+ to ,f$]al /ud5t loans 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m adju/$ gross income has ! mean+ giv5 ! t]m 9 section #fb ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7#b7 ! t]m pov]ty l9e means ! pov]ty l9e 7z def9$ by ! ,(fice ( ,managem5t & ,budget & revis$ annually 9 accordance ) section #fgc7b7 ( ! ,community ,s]vices ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b777 applicable to a family ( ! size involv$4 7b7 ,limitation on collection 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 any entity engag$ 9 ! collection ( debts relat+ to loans made "u ?is title may n take any action to cause1 or seek to cause1 ! collection ( su* a debt t is tak5 f ! wages1 ,f$]al b5efits1 or o!r am\nts due to a borr[] ?r\gh g>ni%m5t1 d$uction1 (fset1 or seizure 9 an am\nt on a mon?ly basis t is m ?an ! am\nt describ$ 9 p>agraph 7#b74 7#b7 ,calculation ,! am\nt describ$ 9 ?is p>agraph is ! am\nt obta9$ by calculat+ :at ! mon?ly repaym5t am\nt w\ld be = loans made "u ?is title1 ) respect to ! borr[]1 "u ! income-bas$ repaym5t plan "u section #dic;,c7c74 7#c7 ,presumption ,= purposes ( ?is section1 if an entity describ$ 9 p>agraph 7#a7 is unable to det]m9e ! family size ( a borr[] aft] tak+ reasonable /eps to collect ! in=mation necess>y to d s1 t p]son %all presume t ! family size ( ! borr[] is #a individual4 7c7 ,communications ,any communication by an entity describ$ 9 subsection 7b77#a7 t is = ! purpose ( seiz+ income ( a consum] = debt t relates to a loan made "u ?is title %all-- 7#a7 be consid]$-- 7,a7 an attempt to collect a debt2 & 7,b7 conduct 9 connection ) ! collection ( a debt = ! purposes ( ?is title2 & 7#b7 conta9 a notice to ! borr[] t1 consi/5t ) ! proc$ures = rehabilitat+ a loan pursuant to section #dbh;,f7a7 or consolidat+ loans out ( default z describ$ 9 section #dbh;,c7a77#c77;,b77i77,v71 ! borr[] may exit default & re5t] curr5t repaym5t /atus 7z def9$ 9 section #dbh7l77#b77;,c77 ) a simil> mon?ly paym5t am\nt on an income-bas$ repaym5t plan "u section #dic;,c7c7 & !reby obta9 ! full flexibility & b5efits ( su* /atus1 includ+ ! ability to adju/ family size & make qualify+ paym5ts = purposes ( repaym5t or cancellation ( any out/&+ balance ( pr9cipal & int]e/ due on a loan 7z describ$ 9 section #dic;,c7b77#g774 7d7 ,rem$ies 7#a7 ,fir/ ti] ,! ,secret>y may impose a civil p5alty on an entity = a violation ( ?is section n to exce$ #e1jjj = ea* day dur+ :i* su* violation cont9ues4 7#b7 ,second ti] ,not)/&+ p>agraph 7#a71 ! ,secret>y may impose a civil p5alty on an entity t recklessly engages 9 a violation ( ?is section n to exce$ #be1jjj = ea* day dur+ :i* su* violation cont9ues4 7#c7 ,?ird ti] ,not)/&+ p>agraphs 7#a7 & 7#b71 ! ,secret>y may impose a civil p5alty on an entity t kn[+ly violates ?is section n to exce$ #a1jjj1jjj = ea* day dur+ :i* su* violation cont9ues4 7#d7 ,no exempl>y or punitive damages ,no?+ 9 ?is subsection %all be con/ru$ z au?oriz+ ! imposition ( exempl>y or punitive damages4 7#e7 ,entities subject to p5alty ,an entity subject to a p5alty "u ?is subsection may include a contractor or ag5t ( ! ,dep>tm5t4 4 #cjb4 ,all[+ = multiple loan rehabilitations 7a7 ,,ffel loans ,section #dbh;,f7a77#e7 7#bj ,u4,s4,c4 #ajgh-f7;a77#e77 is am5d$ by /rik+ "o "t p] loan & ins]t+ #b times p] loan4 7b7 ,direct loans ,section #dee7;d7 7#bj ,u4,s4,c4 #ajhg;e7d771 z am5d$ by section #ajc1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#h7 ,loan rehabilitation ,9 c>ry+ out ! process = loan rehabilitation describ$ 9 section #dbh;,f7a77#e7 ) respect to loans made "u ?is "p & 9 accordance ) subsection 7a71 ! ,secret>y %all all[ a borr[] to obta9 ! b5efits available "u su* section n m ?an #b times p] loan4 4 #cjc4 ,pause paym5t process 7a7 ,e/abli%m5t ( pause paym5t process ,"p ,d ( title ,,iv 7#bj ,u4,s4,c4 #ajhg;a et seq471 z am5d$ by section #cja1 is fur!r am5d$ by add+ at ! end ! foll[+3 #dfj;,b4 ,pause paym5t process 7a7 ,9 g5]al ,! ,secret>y %all e/abli% a s+le1 /reaml9$ pause paym5t process available 9 a s+le application ) respect to loans made "u ?is "p t replaces ! def]m5t & =be>ance options & _! respective applications t are available to borr[]s be=e ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act & provides tempor>y relief f repaym5t ( su* loans 9 accordance ) ?is section4 7b7 ,application = relief ,not)/&+ any o!r provision ( ?is ,act1 a borr[] ( a loan made "u ?is "p t desires to receive tempor>y relief f repaym5t ) respect to su* loan %all reque/ relief 9 accordance ) ! pause paym5t process e/abli%$ by ! ,secret>y "u subsection 7a71 :i* %all include ! options to select a tempor>y cessation ( paym5ts & to make small] paym5ts ?an ! mon?ly paym5ts requir$ "u ! borr[]'s repaym5t plan4 7c7 ,pause paym5t 7#a7 ,9 g5]al ,a borr[] ( a loan made "u ?is "p :o meets ! requirem5ts describ$ 9 p>agraph 7#b7 %all be eligible = a pause paym5t1 dur+ :i* p]iodic in/allm5ts ( pr9cipal ne$ n be paid1 & int]e/-- 7,a7 %all n accrue1 9 ! case ( a-- 7i7 ,f$]al ,direct ,/af=d ,loan2 or 7ii7 a ,f$]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 7,b7 %all accrue & be add$ to ! balance ( int]e/ due b n be capitaliz$1 or be paid by ! borr[]1 9 ! case ( a ,f$]al ,direct ,,plus ,loan1 a ,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al ,direct ,consolidation ,loan n describ$ 9 subp>agraph 7,a77ii74 7#b7 ,eligibility ,a borr[] ( a loan made "u ?is "p %all be eligible = a pause paym5t dur+ any p]iod-- 7,a7 dur+ :i*-- 7i7 ! borr[] 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 7z su* t]m is def9$ 9 section #dce7;a77 ! /ud5t is att5d+2 or 7ii7 9 ! case ( a p>5t borr[]1 ! borr[] or ! /ud5t on ^: behalf ! loan 0 borr[$ is c>ry+ at lea/ "o-half ! normal full-"t "w load1 9 accordance ) clause 7i72 7,b7 dur+ :i* ! borr[] is pursu+ a c\rse ( /udy pursuant to a graduate fell[%ip program approv$ by ! ,secret>y2 7,c7 dur+ :i* ! borr[] is s]v+ 9 a m$ical or d5tal int]n%ip or resid5cy program2 7,d7 dur+ :i* ! borr[] is 9 a rehabilitation tra9+ program = individuals ) disabilities approv$ by ! ,secret>y2 7,e7 dur+ :i* ! borr[]-- 7i7 is s]v+ on active duty dur+ a w> or o!r milit>y op]ation or national em]g5cy & = ! #ahj-;day p]iod foll[+ ! demobilization date = ! s]vice2 or 7ii7 qualifies = p>tial repaym5t ( ! borr[]'s loans "u a provision ( *apt] #aji or #afji ( title #aj1 ,unit$ ,/ates ,code2 7,f7 dur+ :i* ! borr[] is p]=m+ qualify+ ,national ,gu>d duty dur+ a w> or o!r milit>y op]ation or national em]g5cy & = ! #ahj-;day p]iod foll[+ ! demobilization date = ! s]vice2 7,g7 dur+ :i* ! borr[] is s]v+ 9-- 7i7 an approv$ national s]vice position 7z def9$ 9 section #aja ( ! ,national & ,community ,s]vice ,act ( #aiij 7#db ,u4,s4,c4 #abeaa77 9 an ,am]icorps program 7def9$ = purposes ( ?is subp>agraph z a program c>ri$ out "u subtitle ,c or ,e ( title ,i ( ! ,national & ,community ,s]vice ,act ( #aiij 7#db ,u4,s4,c4 #abega et seq41 #abfaa et seq47 or title ,i ( ! ,dome/ic ,volunte] ,s]vice ,act ( #aigc 7#db ,u4,s4,c4 #diea et seq4772 7ii7 9 ! ,peace ,corps2 or 7iii7 9 a tea*+ position t w\ld qualify = tea*] loan =giv5ess "u section #dbh;,j or #dfj2 7,h7 n 9 excess ( a total p]iod ( #c ye>s ( repaym5t ( a loan dur+ :i* ! ,secret>y det]m9es1 9 accordance ) regulations prescrib$ "u section #dce7o71 t ! borr[] has exp]i5c$ or w exp]i5ce an economic h>d%ip1 su* z exp]i5c+ f9ancial difficulties1 hav+ unexpect$ or significant m$ical exp5ses1 or be+ unable to f9d full-"t employm5t2 7,i7 dur+ :i* a borr[]'s ability to make paym5ts1 z det]m9$ by ! ,secret>y1 has be5 adv]sely affect$ by-- 7i7 any major disa/] or em]g5cy decl>$ by ! ,presid5t "u section #dja or #eja1 respectively1 ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy #cd ,assi/ance ,act 7#db ,u4,s4,c4 #eagj1 #eaia72 7ii7 a local em]g5cy1 z decl>$ by ! appropriate gov]nm5t ag5cy2 or 7iii7 a milit>y mobilization2 7,j7 dur+ :i* ! borr[] is await+ a det]m9ation by ! ,secret>y ( ! borr[]'s reque/ = a pause paym5t1 *ange 9 repaym5t plan1 loan =giv5ess or cancellation1 or consolidation loan2 or 7,k7 dur+ :i* ! borr[] is exp]i5c+ o!r exceptional circum/ances = :i* pause paym5t "u ?is section is 9 ! be/ int]e/ ( ! borr[]1 z det]m9$ by ! ,secret>y ?r\gh regulation4 4 7b7 ,con=m+ am5dm5ts ,section #dee 7#bj ,u4,s4,c4 #ajhg;e7 is am5d$-- 7#a7 9 subsection 7e77#g77;,b77i71 by /rik+ is 9 def]m5t & ins]t+ is "u pause paym5t pursuant to section #dfj;,b2 7#b7 by /rik+ subsection 7f7 & ins]t+ ! foll[+3 7f7 res]v$ 2 & 7#c7 9 subsection 7l7-- 7,a7 by /rik+ ,program4-- & all t foll[s ?r\gh ,us+ funds & ins]t+ ! foll[+3 ,program4--,us+ funds2 & 7,b7 by /rik+ p>agraph 7#b74 #cjd4 ,automatic enrollm5t into income-bas$ repaym5t = borr[]s :o are del9qu5t on loans & = borr[]s :o rehabilitate default$ loans 7a7 ,notification & automatic enrollm5t proc$ures ,section #dee7;d7 7#bj ,u4,s4,c4 #ajhg;e7d771 z am5d$ by sections #ajc & #cjb1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#i7 ,notification & automatic enrollm5t proc$ures = borr[]s :o are del9qu5t on loans 7,a7 ,au?ority to obta9 income in=mation 7i7 ,9 g5]al ,9 ! case ( any borr[] :o is at lea/ #fj days del9qu5t on a loan made "u ?is "p1 ! ,secret>y may obta9 su* in=mation z is reasonably necess>y reg>d+ ! income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable74 7ii7 ,availability ( returns & return in=mation ,returns & return in=mation 7z def9$ 9 section #fajc ( ! ,int]nal ,rev5ue ,code ( may be obta9$ "u ?is subp>agraph only to ! ext5t au?oriz$ by section #fajc7l77#ac7 ( su* ,code74 7,b7 ,borr[] notification ,) respect to ea* borr[] ( a loan made "u ?is "p :o is at lea/ #fj days del9qu5t on su* loan & :o has n be5 subject to ! proc$ures "u ?is p>agraph = su* loan 9 ! prec$+ #abj days1 ! ,secret>y %all1 z soon z practicable aft] su* #fj-;day del9qu5cy1 provide to ! borr[] ! foll[+3 7i7 ,notification t ! borr[] is at lea/ #fj days del9qu5t on at lea/ #a loan "u ?is "p1 & a description ( all del9qu5t loans "u ?is "p1 & nondel9qu5t loans "u ?is "p1 ( ! borr[]4 7ii7 ,a brief description ( ! repaym5t plans = :i* ! borr[] is eligible & ! borr[]'s loans made "u ?is "p1 & loans made1 insur$1 or gu>ante$ "u "p ,b or ,e1 t may be eligible = su* plans1 bas$ on in=mation available to ! ,secret>y4 7iii7 ,cle> & simple in/ructions on h[ to select ! repaym5t plans4 7iv7 ,! am\nt ( mon?ly paym5ts = ! loans made "u ?is "p1 & any loans made1 insur$1 or gu>ante$ "u "p ,b or ,e1 "u ! repaym5t plans = :i* ! borr[] is eligible1 bas$ on in=mation available to ! ,secret>y1 includ+1 if ! income in=mation ( ! borr[] is available to ! ,secret>y "u subp>agraph 7,a7-- 7,i7 ! am\nt ( ! mon?ly paym5t "u ! income-bas$ repaym5t plan "u section #dic;,c7c7 = :i* ! borr[] is eligible = ! borr[]'s loans made "u ?is "p1 bas$ on su* income in=mation2 & 7,,ii7 ! income1 family size1 tax fil+ /atus1 & tax ye> in=mation on :i* ea* ! mon?ly paym5t is bas$4 7v7 ,an explanation t ! ,secret>y %all take ! actions "u subp>agraph 7,c7 ) respect to su* borr[]1 if-- 7,i7 ! borr[] is #abj days del9qu5t on "o or m loans "u ?is "p & has n select$ a new repaym5t plan = ! borr[]'s loans "u ?is "p2 & 7,,ii7 9 ! case ( su* a borr[] ^: repaym5t plan = any loans made "u ?is "p is n an income-bas$ repaym5t plan "u section #dic;,c7c71 ! mon?ly paym5ts "u su* repaym5t plan are high] ?an su* mon?ly paym5ts w\ld be "u an income-bas$ repaym5t plan = su* loans4 7vi7 ,in/ructions on updat+ ! in=mation ( ! borr[] obta9$ "u subp>agraph 7,a74 7,c7 ,secret>y's initial selection ( plan ,) respect to ea* borr[] describ$ 9 subp>agraph 7,b7 :o has a repaym5t plan = loans made "u ?is "p t meets ! requirem5ts ( clause 7v77,,ii7 ( subp>agraph 7,b71 :o has n select$ a new repaym5t plan = su* loans 9 accordance ) ! notice receiv$ "u su* subp>agraph1 & :o is at lea/ #abj days del9qu5t on su* a loan1 ! ,secret>y %all1 z soon z practicable-- 7i7 9 a case 9 :i* any ( ! borr[]'s loans made "u "p ,b or ,e are eligible = an income-bas$ repaym5t plan "u section #dic;,c7c71 provide ! borr[] ) ! income-bas$ repaym5t plan2 & 7ii7 9 a case 9 :i* none ( ! borr[]'s loans made "u "p ,b or ,e are eligible = an income-bas$ repaym5t plan "u section #dic;,c7c71 notify ! borr[] ( ! actions1 if any1 ! borr[] may take = su* loans to become eligible = su* a plan4 7,d7 ,secret>y's additional selection ( plan 7i7 ,9 g5]al ,) respect to ea* borr[] ( a loan made "u ?is "p :o selects a new repaym5t plan 9 accordance ) ! notice receiv$ "u subp>agraph 7,b7 & :o cont9ues to be del9qu5t on su* loan = a p]iod describ$ 9 clause 7ii71 ! ,secret>y %all1 z soon z practicable aft] su* p]iod1 c>ry out ! proc$ures describ$ 9 subp>agraph 7,c7 = ! borr[]'s loans made "u ?is "p1 if su* proc$ures w\ld result 9 l[] mon?ly repaym5t am\nts on su* loan4 7ii7 ,description ( p]iod ,! duration ( ! p]iod describ$ 9 clause %all be ! am\nt ( "t t ! ,secret>y det]m9es is suffici5t to indicate t ! borr[] may b5efit f repay+ su* loan "u a new repaym5t plan1 b 9 no case %all su* p]iod be less ?an #fj days4 7,e7 ,opt-out ,a borr[] ( a loan made "u ?is "p %all h ! "r to opt out ( ! proc$ures "u ?is p>agraph4 7,f7 ,proc$ures ,! ,secret>y %all e/abli% proc$ures z are necess>y to effectively implem5t ?is p>agraph4 7#aj7 ,notification & automatic enrollm5t proc$ures = borr[]s :o are rehabilitat+ default$ loans 7,a7 ,au?ority to obta9 income in=mation 7i7 ,9 g5]al ,9 ! case ( any borr[] :o is rehabilitat+ a loan made "u ?is "p pursuant to section #dbh;,f7a71 ! ,secret>y may obta9 su* in=mation z is reasonably necess>y reg>d+ ! income & family size ( ! borr[] 7& ! borr[]'s sp\se1 if applicable74 7ii7 ,availability ( returns & return in=mation ,returns & return in=mation 7z def9$ 9 section #fajc ( ! ,int]nal ,rev5ue ,code ( may be obta9$ "u ?is subp>agraph only to ! ext5t au?oriz$ by section #fajc7l77#ac7 ( su* ,code74 7,b7 ,borr[] notification ,n lat] ?an #cj days aft] a borr[] makes ! #f? paym5t requir$ = ! 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 automatic enrollm5t ,) respect to ea* borr[] :o has made ! #i? paym5t requir$ = ! loan rehabilitation describ$ 9 subp>agraph 7,a7 & is eligible = ! income-bas$ repaym5t plan "u section #dic;,c7c71 ! ,secret>y %all1 z soon z practicable aft] su* paym5t1 provide ! borr[] ) ! income-bas$ repaym5t plan4 7,d7 ,opt-out ,a borr[] ( a loan made "u ?is "p %all h ! "r to opt out ( ! proc$ures = enrollm5t 9 an income-bas$ repaym5t plan "u ?is p>agraph4 7,e7 ,proc$ures ,! ,secret>y %all e/abli% proc$ures z are necess>y to effectively implem5t ?is p>agraph4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all-- 7#a7 take effect z soon z ! ,secret>y ( ,education det]m9es practicable aft] ! ,secret>y f9alizes ! proc$ures "u section #aje2 & 7#b7 apply to all borr[]s ( loans made "u "p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq474 #cje4 ,sep>at+ jo9t consolidation loans 7a7 ,9 g5]al ,section #dee7;g7 7#bj ,u4,s4,c4 #ajhg;e7g771 z am5d$ by section #ajd1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#c7 ,sep>at+ jo9t consolidation loans 7,a7 ,9 g5]al ,a m>ri$ c\ple1 or #b individuals :o 7 previ\sly a m>ri$ c\ple1 & :o receiv$ a jo9t consolidation loan z su* m>ri$ c\ple "u subp>agraph 7,c7 ( section #dbh;,c7a77#c7 7z su* subp>agraph 0 9 effect on or be=e ,june #cj1 #bjjf71 may apply to ! ,secret>y = ea* individual borr[] 9 ! m>ri$ c\ple 7or previ\sly m>ri$ c\ple7 to receive a sep>ate ,f$]al ,direct ,consolidation ,loan "u ?is "p-- 7i7 t %all-- 7,i7 unless ! ,secret>y receives notice ( an agreem5t describ$ 9 subclause 7,,ii77aa71 be equal to ! sum (-- 7aa7 ! unpaid pr9cipal & accru$ unpaid int]e/ ( ! p]c5tage ( ! jo9t consolidation loan t1 z ( ! day be=e su* jo9t consolidation loan 0 made1 0 attributable to ! loans ( ! individual borr[] = :om su* sep>ate consolidation loan is be+ made2 & 7bb7 any o!r loans describ$ 9 section #dbh;,c7a77#d7 t su* individual borr[] selects = consolidation "u ?is "p2 or 7,,ii7 be equal to ! sum (-- 7aa7 ! unpaid pr9cipal & accru$ unpaid int]e/ ( ! p]c5tage ( ! jo9t consolidation loan t1 z ( ! date ( application "u ?is p>agraph1 ! m>ri$ c\ple 7or previ\sly m>ri$ c\ple7 agrees %all be consid]$ attributable to ! loans ( ! individual borr[] = :om su* sep>ate consolidation loan is be+ made2 & 7bb7 any o!r loans describ$ 9 section #dbh;,c7a77#d7 t su* individual borr[] selects = consolidation "u ?is "p2 7ii7 ! proce$s ( :i* %all be paid by ! ,secret>y to ! hold] or hold]s-- 7,i7 ( ! jo9t consolidation loan = ! purpose ( dis*>g+ ! liability on ! p]c5tage ( su* jo9t consolidation loan describ$ 9 subclause 7,i77aa7 or 7,,ii77aa7 ( clause 7i72 & 7,,ii7 ( ! loans select$ = consolidation "u subclause 7,i77bb7 or ( clause 7i7 = ! purpose ( dis*>g+ ! liability on su* loans2 7iii7 except z o!rwise provid$ 9 ?is p>agraph1 t has ! same t]ms & conditions1 & rate ( int]e/ z ! jo9t consolidation loan1 except if o!r loans are includ$ 9 su* ,f$]al ,direct ,consolidation ,loan aft] ! date ! ,f$]al ,direct ,consolidation ,loan is fir/ made "u ?is p>agraph2 7iv7 = :i* any paym5t made "u subsection 7m77#a77;,a7 on ! jo9t consolidation loan dur+ a p]iod 9 :i* ! individual borr[] = :om su* sep>ate consolidation loan is be+ made 0 employ$ 9 a public s]vice job describ$ 9 subsection 7m77#a77;,b7 %all be treat$ z if su* paym5t 7 made on su* sep>ate consolidation loan2 & 7v7 = :i* any paym5t made "u an income cont+5t repaym5t plan "u subsection 7d77#a77;,d71 or an income-bas$ repaym5t plan "u p>agraph 7#a77;,e7 or 7#b77;,a77ii7 ( subsection 7d71 on ! jo9t consolidation loan %all be treat$ z if su* paym5t 7 made on su* sep>ate consolidation loan4 7,b7 ,application = sep>ate direct consolidation loans 7i7 ,jo9t application ,except z provid$ 9 clause 7ii71 to receive sep>ate consolidation loans "u subp>agraph 7,a71 bo? individual borr[]s 9 a m>ri$ c\ple 7or previ\sly m>ri$ c\ple7 %all jo9tly apply "u su* subp>agraph4 7ii7 ,sep>ate application ,an individual borr[] 9 a m>ri$ c\ple 7or previ\sly m>ri$ c\ple7 may apply = a sep>ate consolidation loan "u subp>agraph 7,a7 sep>ately & )\t reg>d to :e!r or :5 ! o!r individual borr[] 9 ! m>ri$ c\ple 7or previ\sly m>ri$ c\ple7 applies "u su* subp>agraph1 & %all be reliev$ ( any rema9+ liability = ! jo9t consolidation loan1 9 a case 9 :i*-- 7,i7 ! individual borr[] has exp]i5c$ f ! o!r individual borr[]-- 7aa7 dome/ic viol5ce 7z def9$ 9 section #djjjb7;a7 ( ! ,viol5ce ,aga9/ ,wom5 ,act ( #aiid 7#cd ,u4,s4,c4 #abbia7;a7772 7bb7 economic abuse 7includ+ behaviors t control su* borr[]'s ability to acquire1 use1 & ma9ta9 access to money1 cr$it1 or ! jo9t f9ancial obligations ( bo? borr[]s72 or 7cc7 o!r exceptional circum/ances1 z det]m9$ by ! ,secret>y2 & 7,,ii7 ! ,secret>y det]m9es t au?oriz+ ea* individual borr[] to apply sep>ately "u subp>agraph 7,a7 w\ld be 9 ! be/ fiscal int]e/s ( ! ,f$]al ,gov]nm5t1 includ+ by r$uc+ ! risk ( del9qu5cy or default4 7,c7 ,borr[] eligibility ,not)/&+ section #dbh;,c7a77#c77;,a71 ! ,secret>y %all provide a consolidation loan "u ?is "p to ea* borr[] :o-- 7i7 applies = su* loan "u subp>agraph 7,a72 & 7ii7 meets ! requirem5ts ( subp>agraphs 7,a7 & 7,b74 4 7b7 ,con=m+ am5dm5t ,section #dbh;,c7a77#c77;,b77i77,v7 7#bj ,u4,s4,c4 #ajgh-c7c77;,b77i77,v77 is am5d$-- 7#a7 by /rik+ or at ! end ( item 7bb72 7#b7 by /rik+ ! p]iod at ! end ( item 7cc7 & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7dd7 = ! purpose ( sep>at+ a jo9t consolidation loan into #b sep>ate ,f$]al ,direct ,consolidation ,loans "u section #dee7;g77#c74 4 #cjf4 ,remov+ ! collection co/ requirem5t 7a7 ,removal ( requirem5t ,section #dhd;,a7b77#a7 7#bj ,u4,s4,c4 #ajia;a7b77#a77 is am5d$ by /rik+ %all be requir$ to pay1 9 addition to o!r *>ges specifi$ 9 ?is title1 reasonable collection co/s & ins]t+ %all n be requir$ to pay collection co/s4 7b7 ,repaym5t aft] default ,section #dee7;d77#f7 7#bj ,u4,s4,c4 #ajhg;e7d77#f771 z r$esignat$ "u section #ajc7;b71 is am5d$ by /rik+ to-- & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ to repay ! loan pursuant to an income-bas$ repaym5t plan "u section #dic;,c7c744 ,,iv ,improv+ loan in=mation & c\nsel+ #dja4 ,/ud5t loan contract2 simplify+ loan disclosures 7a7 ,/ud5t loan contract ,section #dee 7#bj ,u4,s4,c4 #ajhg;e71 z am5d$ by section #bjb1 is fur!r am5d$ by ins]t+ aft] subsection 7b7 ! foll[+3 7c7 ,/ud5t loan contract2 simplify+ loan disclosures 7#a7 ,/ud5t loan contract 7,a7 ,9 g5]al ,any ma/] promissory note =m describ$ 9 section #dcb7m77#a77;,d7 t is develop$ or us$ = cov]$ loans %all be ref]r$ to z a /ud5t loan contract4 7,b7 ,cl>ification on use ,not)/&+ section #dcb7m77#a77;,d77i71 ea* /ud5t loan contract = a cov]$ loan %all-- 7i7 n be ent]$ into by a /ud5t unless ! /ud5t has complet$ all requir$ c\nsel+ relat$ to su* loan1 includ+ c\nsel+ requir$ "u section #dhe7l72 7ii7 be sign$ by ! /ud5t ent]+ su* /ud5t loan contract aft] completion ( su* c\nsel+2 7iii7 be sign$ by ! /ud5t dur+ ! fir/ aw>d ye> ( su* /ud5t's enrollm5t at an in/itution2 7iv7 be valid = ea* aw>d ye> aft] ! aw>d ye> describ$ 9 clause 7iii7 9 :i* ! /ud5t rema9s enroll$ at ! same in/itution2 & 7v7 include options = ! /ud5t to ent] bo? ! /ud5t's curr5t contact in=mation & p]man5t contact in=mation t is likely to rema9 valid ^u ! /ud5t's exit f ! in/itution4 7,c7 ,cov]$ loan 7i7 ,9 g5]al ,9 ?is subsection1 ! t]m cov]$ loan means a loan made "u ?is "p on or aft] ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 except ) respect to a borr[] describ$ 9 clause 7ii74 7ii7 ,exception ,a borr[] is describ$ 9 ?is clause if ! loan made "u ?is "p on or aft] ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act ) respect to su* borr[] is = ! aw>d ye> dur+ :i* ! ,af=dable ,loans = ,any ,/ud5t ,act is enact$ & ! borr[] has already tak5 out a loan "u ?is "p 7o!r ?an a ,f$]al ,direct ,consolidation ,loan7 = su* aw>d ye> 7includ+ any su* loan = att5dance at ano!r in/itution f :i* ! /ud5t transf]r$ or 9 :i* ! /ud5t _h previ\sly enroll$74 7#b7 ,loan disclosures ,= loans made "u ?is "p = p]iods ( enrollm5t beg9n+ on or aft] ! effective date ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 ! ,secret>y %all take su* /eps z are necess>y to /reaml9e ! /ud5t loan disclosure requirem5ts "u ?is ,act4 ,! ,secret>y %all ensure t in=mation requir$ to be disclos$ to a /ud5t :o is apply+ =1 receiv+1 or prep>+ to repay a loan "u ?is "p %all be consum]-te/$ & deliv]$ 9 a mann] t-- 7,a7 r$uces & simplifies ! pap]work /ud5ts are requir$ to complete2 7,b7 limits ! numb] ( times a /ud5t is pres5t$ ) disclosures by incorporat+ ! /reaml9$ disclosures into requir$ /ud5t loan c\nsel+ "u section #dhe7l71 ! /ud5t loan contract "u ?is subsection1 or bo?2 & 7,c7 is effective 9 help+ ! /ud5t und]/& ! /ud5t's rights & obligations z a ,f$]al /ud5t loan borr[]4 7#c7 ,loan acceptance ,prior to mak+ ! fir/ disbursem5t ( a cov]$ loan 7o!r ?an a ,f$]al ,direct ,consolidation ,loan7 to a borr[]1 ! eligible in/itution %all ensure t ! borr[]-- 7,a7 has complet$ ! applicable c\nsel+ "u p>agraph 7#b7 or 7#c7 ( section #dhe7l72 & 7,b7 aft] complet+ su* c\nsel+1 accepts ! loan by-- 7i7 sign+ & return+ to ! in/itution ! /ud5t loan contract describ$ 9 section #dee7;c77#a7 t affirmatively /ates t ! borr[] accepts ! loan2 or 7ii7 electronically sign+ an electronic v]sion ( su* /ud5t loan contract1 :i* may be done ?r\gh ! onl9e c\nsel+ tool 9 accordance ) section #dhe7n77#a77;,b74 4 7b7 ,con=m+ am5dm5t ,section #dhg7;a77#g7 7#bj ,u4,s4,c4 #ajid7;a77#g77 is am5d$ by /rik+ section #dhe & ins]t+ sections #dee7;c77#c7 & #dhe4 #djb4 ,pre-loan in=mation & c\nsel+ requirem5ts ,section #dhe7l7 7#bj ,u4,s4,c4 #ajib7l77 is am5d$ to read z foll[s3 7l7 ,/ud5t loan entrance c\nsel+ 7#a7 ,/ud5t loan entrance c\nsel+ requirem5t = in/itutions 7,a7 ,9 g5]al ,ea* eligible in/itution %all ensure t1 prior to ! date ( ! disbursem5t ( a loan = a p]iod ( enrollm5t at su* in/itution1 ea* individual = :om ! in/itution has k t ! individual has accept$1 or w accept1 #a or m /ud5t loans "u "p ,d 7includ+ any su* loans = att5dance at ano!r in/itution f :i* ! /ud5t transf]r$ or 9 :i* ! /ud5t _h previ\sly enroll$1 o!r ?an a ,f$]al ,direct ,consolidation ,loan7 = su* p]iod ( enrollm5t1 receives compreh5sive in=mation on ! t]ms & conditions ( su* loans & ! responsibilities ! individual has ) respect to su* loans4 ,su* in=mation %all be provid$ 9 a simple1 und]/&able1 & consum]-fri5dly mann] dur+ a c\nsel+ session conduct$-- 7i7 9 p]son2 7ii7 onl9e1 ) ! individual ackn[l$g+ receipt ( ! in=mation2 or 7iii7 ?r\gh ! use ( ! onl9e c\nsel+ tool describ$ 9 subsection 7n77#a77;,b74 7,b7 ,use ( int]active programs ,9 ! case ( in/itutions n us+ ! onl9e c\nsel+ tool describ$ 9 subsection 7n77#a77;,b71 ! ,secret>y %all require su* in/itutions to c>ry out ! requirem5ts ( subp>agraph 7,a7 ?r\gh ! use ( int]active programs1 dur+ a c\nsel+ session t is 9-p]son or onl9e1 t te/ ! individual's und]/&+ ( ! t]ms & conditions ( ! loan aw>d$ to ! individual1 us+ simple & und]/&able language & cle> =matt+4 7#b7 ,loan c\nsel+ = borr[]s receiv+ loans made "u "p d 7o!r ?an p>5t plus loans7 ,! in=mation to be provid$ "u p>agraph 7#a77;,a7 to a borr[] ( a loan made "u "p ,d 7o!r ?an a ,f$]al ,direct ,,plus ,loan made on behalf ( a dep5d5t /ud5t7 %all include ! foll[+3 7,a7 ,a notification t "s /ud5ts may qualify = o!r f9ancial aid t does n ne$ to be repaid1 & an explanation t ! borr[] %\ld consid] accept+ any su* grant1 s*ol>%ip1 milit>y tuition assi/ance1 vet]ans b5efits1 ,f$]al or ,/ate "w-/udy1 or o!r programs = :i* ! borr[] is eligible1 prior to accept+ /ud5t loans4 7,b7 ,an explanation ( ! use ( ! /ud5t loan contract ref]r$ to 9 section #dee7;c74 7,c7 ,a recomm5dation to ! borr[] to exhau/ ! borr[]'s ,f$]al /ud5t loan options prior to tak+ out private education loans1 an explanation t ,f$]al /ud5t loans typically (f] bett] t]ms & conditions ?an private education loans1 an explanation t ,f$]al /ud5t loans (f] consum] protections typically n available 9 ! private education loan m>ket1 an explanation ( treatm5t ( loans made "u "p ,d & private education loans 9 bankruptcy1 & an explanation t if a borr[] decides to take out a private education loan-- 7i7 ! borr[] has ! ability to select a private educational l5d] ( ! borr[]'s *oice2 7ii7 ! propos$ private education loan may impact ! borr[]'s pot5tial eligibility = o!r f9ancial assi/ance1 includ+ ,f$]al f9ancial assi/ance "u ?is title2 & 7iii7 ! borr[] has a "r-- 7,i7 to accept ! t]ms ( ! private education loan )9 #cj cal5d> days foll[+ ! date on :i* ! application = su* loan is approv$ & ! borr[] receives ! requir$ disclosure docum5ts1 pursuant to section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e772 & 7,,ii7 to cancel su* loan )9 #c bus9ess days ( ! date on :i* ! loan is consummat$1 pursuant to section #abh7;e77#g7 ( su* ,act 7#ae ,u4,s4,c4 #afch7;e77#g774 7,d7 ,an explanation ( ! importance ( contact+ ! appropriate (fices at ! in/itution ( high] education if ! /ud5t )draws prior to complet+ a program ( /udy s t ! in/itution c provide exit c\nsel+1 includ+ in=mation reg>d+ ! borr[]'s repaym5t options & loan consolidation4 7,e7 ,a g5]al description ( ! t]ms & conditions "u :i* ! /ud5t may obta9 =giv5ess or cancellation ( any pr9cipal & int]e/ ( a loan issu$ "u ?is title4 7,f7 ,in=mation z to h[ ! borr[] c access _! loan records & ! contact in=mation = inquiries reg>d+ repay+ ! loan4 7,g7 ,! contact in=mation = ! f9ancial aid (fice1 or o!r appropriate (fice1 at ! in/itution t ! borr[] may contact if ! borr[] has any que/ions ab\t ! borr[]'s rights & responsibilities or ! t]ms & conditions ( ! loan4 7,h7 ,an explanation t ! borr[] has ! "r to annually reque/ a copy ( ! cr$it report ( ! borr[] f a consum] report+ ag5cy pursuant to section #fab7;a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;j7a774 7,i7 ,an explanation t-- 7i7 ! borr[] may be contact$ dur+ ! repaym5t p]iod by a ?ird-p>ty /ud5t debt relief company2 7ii7 ! borr[] %\ld use caution :5 deal+ ) su* a company2 & 7iii7 ! s]vices t su* a company typically provides are (f]$ to borr[]s free ( *>ge ?r\gh ! ,dep>tm5t or ! borr[]'s s]vic]4 7#c7 ,borr[]s receiv+ p>5t plus loans = dep5d5t /ud5ts ,! in=mation to be provid$ "u p>agraph 7#a77;,a7 to a borr[] ( a ,f$]al ,direct ,,plus ,loan made on behalf ( a dep5d5t /ud5t %all include ! foll[+3 7,a7 ,a notification t "s /ud5ts may qualify = o!r f9ancial aid & an explanation t ! /ud5t = :om ! borr[] is tak+ out ! loan %\ld consid] accept+ any su* grant1 s*ol>%ip1 milit>y tuition assi/ance1 vet]ans b5efits1 ,f$]al or ,/ate "w-/udy jobs1 or o!r programs = :i* ! /ud5t = :om ! borr[] is tak+ out ! loan is eligible1 prior to borr[+ any ,f$]al ,direct ,,plus ,loan on behalf ( a dep5d5t /ud5t4 7,b7 ,! in=mation describ$ 9 subp>agraphs 7,b7 ?r\gh 7,i7 ( p>agraph 7#b71 z applicable4 7,c7 ,! circum/ances "u :i* a borr[] ( a ,f$]al ,direct ,,plus ,loan made on behalf ( a dep5d5t /ud5t may transf] su* loan to ! /ud5t = :om ! loan 0 tak5 out4 4 #djc4 ,exit c\nsel+ ,section #dhe7;b7 7#bj ,u4,s4,c4 #ajib7;b77 is am5d$ to read z foll[s3 7b7 ,/ud5t loan exit c\nsel+ 7#a7 ,9 g5]al 7,a7 ,c\nsel+ includ$ ,ea* eligible in/itution %all provide c\nsel+ to borr[]s ( loans made "u "p ,d 7includ+ any su* loans = att5dance at ano!r in/itution f :i* ! /ud5t transf]r$ or 9 :i* ! /ud5t _h previ\sly enroll$1 o!r ?an a ,f$]al ,direct ,consolidation ,loan7 prior to ! completion ( ! c\rse ( /udy = :i* ! borr[] enroll$ at ! in/itution or at ! "t ( dep>ture f su* in/itution4 ,! c\nsel+ requir$ by ?is subsection %all be provid$ ?r\gh ! use ( an int]active program1 dur+ an exit c\nsel+ session t is 9-p]son or onl9e1 or ?r\gh ! use ( ! onl9e c\nsel+ tool describ$ 9 subsection 7n77#a77;,a71 & %all include-- 7i7 an explanation ( ! grace p]iod prec$+ repaym5t & ! expect$ date t ! borr[] w ent] repaym5t2 7ii7 an explanation t ! borr[] has ! option to pay any int]e/ t has accru$ :ile ! borr[] 0 9 s*ool or t may accrue dur+ ! grace p]iod prec$+ repaym5t or dur+ an au?oriz$ p]iod ( pause paym5t2 7iii7 ! out/&+ balance ( pr9cipal & int]e/ ow$ by ! borr[] at ! "t ( su* c\nsel+ on loans made1 insur$1 or gu>ante$ to ! borr[] "u ?is title2 7iv7 in=mation on ! repaym5t plans available1 includ+ a description ( ! diff]5t features ( ea* plan & sample in=mation %[+ ! av]age anticipat$ mon?ly paym5ts1 & ! diff]5ce 9 int]e/ paid & total paym5ts1 "u ea* plan2 7v7 a description ( ! borr[]'s options = pause paym5t "u section #dfj;,b2 7vi7 a description ( ! ,f$]al tax b5efits t may be available = repay+ loans made "u ?is title2 7vii7 a description ( ! t]ms & conditions "u :i* ! /ud5t may obta9 =giv5ess or cancellation ( any pr9cipal & int]e/ ( a loan made "u ?is title2 7viii7 an explanation t ! borr[] has ! option to prepay ea* loan1 pay ea* loan on a %ort] s*$ule1 & *ange repaym5t plans2 7ix7 ! implications (1 & options to get out (1 default on a loan2 7x7 in=mation z to h[ ! /ud5t borr[] c access _! loan records2 7xi7 an explanation t-- 7,i7 ! borr[] may be contact$ dur+ ! repaym5t p]iod by a ?ird-p>ty /ud5t debt relief company2 7,,ii7 ! borr[] %\ld use caution :5 deal+ ) su* a company2 & 7,,iii7 ! s]vices t su* a company typically provides are (f]$ to borr[]s free ( *>ge ?r\gh ! ,dep>tm5t or ! borr[]'s s]vic]2 & 7xii7 an explanation t ! borr[] has ! "r to annually reque/ a copy ( ! cr$it report ( ! borr[] f a consum] report+ ag5cy pursuant to section #fab7;a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;j7a774 7,b7 ,/ud5ts leav+ )\t prior notice to ! in/itution ,9 ! case ( borr[] :o leaves an in/itution )\t ! prior k ( ! in/itution1 ! in/itution %all attempt to provide ! in=mation describ$ 9 subp>agraph 7,a7 to ! borr[] 9 onl9e or 9 writ+1 except t 9 ! case ( an in/itution us+ ! onl9e c\nsel+ tool describ$ 9 subsection 7n77#a77;,a71 ! ,secret>y %all attempt to provide su* in=mation to ! borr[] 9 ! mann] describ$ 9 subsection 7n77#c77;,c74 7#b7 ,in=mation to be submitt$ by borr[] 7,a7 ,9 g5]al ,ea* eligible in/itution %all require t ! borr[] ( a loan made "u "p ,d submit to ! in/itution1 dur+ ! exit c\nsel+ requir$ by ?is subsection-- 7i7 ! borr[]'s expect$ p]man5t address aft] leav+ ! in/itution2 7ii7 ! borr[]'s mo/ rec5t contact in=mation2 & 7iii7 any corrections 9 ! in/itution's records relat+ ! borr[]'s "n1 social security numb]1 & driv]'s lic5se numb]1 z applicable4 7,b7 ,in=mation to be provid$ to ! secret>y ,ea* eligible in/itution %all1 n lat] ?an #fj days aft] ! date ( collection ( ! in=mation describ$ 9 subp>agraph 7,a71 =w>d ! in=mation receiv$ f ! borr[] to ! ,secret>y4 7,c7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all be con/ru$ to prohibit an in/itution ( high] education f utiliz+ electronic means to provide p]sonaliz$ exit c\nsel+4 4 #djd4 ,onl9e c\nsel+ tools ,section #dhe 7#bj ,u4,s4,c4 #ajib71 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7n7 ,onl9e c\nsel+ tools 7#a7 ,9 g5]al ,beg9n+ n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 ! ,secret>y %all ma9ta9-- 7,a7 an onl9e c\nsel+ tool t provides ! exit c\nsel+ requir$ "u subsection 7b7 & meets ! applicable requirem5ts ( ?is subsection2 & 7,b7 an onl9e c\nsel+ tool t provides ! c\nsel+ requir$ "u subsection 7l71 enables a borr[] to electronically sign & accept ! borr[]'s /ud5t loan contract1 & meets ! applicable requirem5ts ( ?is subsection4 7#b7 ,requirem5ts ( tools ,9 ma9ta9+ ! onl9e c\nsel+ tools describ$ 9 p>agraph 7#a71 ! ,secret>y %all ensure t ea* su* tool1 & its und]ly+ cont5t-- 7,a7 are consum] te/$1 9 consultation ) o!r relevant ,f$]al ag5cies1 /ud5ts1 borr[]s1 in/itutions ( high] education1 second>y s*ool & po/second>y c\nselors1 & consum] advocacy organizations1 to ensure t ! tool is effective 9 help+ individuals und]/& _! rights & obligations ) respect to borr[+ a loan made "u "p ,d2 7,b7 are und]/&able to borr[]s ( loans made "u "p ,d2 7,c7 are freely available to all eligible in/itutions2 & 7,d7 integrate applicable loan data f ! ,national ,/ud5t ,loan ,data ,sy/em or a successor sy/em1 includ+ data reg>d+ loans made1 insur$1 or gu>ante$ "u ?is title & data reg>d+ private education loans1 pursuant to section #dhe;,b7i74 7#c7 ,record ( c\nsel+ completion ,! ,secret>y %all-- 7,a7 use ea* onl9e c\nsel+ tool describ$ 9 p>agraph 7#a7 to-- 7i7 keep a record ( :i* individuals h receiv$ c\nsel+ us+ ! tool2 & 7ii7 notify ! applicable in/itutions ( ! individual's completion ( su* c\nsel+2 7,b7 9 ! case ( a borr[] :o receives c\nsel+ = a loan made "u "p ,d us+ ! tool describ$ 9 p>agraph 7#a77;,b7-- 7i7 enable ! borr[] to accept & electronically sign ! /ud5t loan contract z requir$ "u section #dee7;c77#c77;,b77ii71 & notify ! applicable in/itutions t ! individual complet$ ! c\nsel+ & electronically sign$ ! contract2 & 7ii7 if ! borr[] *ooses n to sign ! /ud5t loan contract ?r\gh ! onl9e c\nsel+ tool-- 7,i7 in=m ! borr[]1 ?r\gh ! onl9e c\nsel+ tool1 ( ! date by :5 ! borr[] %\ld accept & sign ! /ud5t loan contract = :i* ! borr[] has receiv$ su* c\nsel+2 & 7,,ii7 notify ! applicable in/itution t ! borr[] complet$ ! c\nsel+ b did n sign ! /ud5t loan contract2 & 7,c7 9 ! case ( a borr[] describ$ 9 subsection 7b77#a77;,b7 at an in/itution t uses ! onl9e c\nsel+ tool describ$ 9 p>agraph 7#a77;,a7 ( ?is subsection1 attempt to provide ! in=mation describ$ 9 subsection 7b77#a77;,a7 to ! borr[] ?r\gh su* tool4 4 #dje4 ,private education loan c]tification & in=mation 7a7 ,am5dm5ts to ! high] education act ( #aife 7#a7 ,9 g5]al ,section #dhg7;a7 7#bj ,u4,s4,c4 #ajid7;a77 is am5d$ by /rik+ p>agraph 7#bh7 & ins]t+ ! foll[+3 7#bh7 7,a7 ,! in/itution %all-- 7i7 ^u ! reque/ ( a private educational l5d]1 act+ 9 connection ) an application initiat$ by a borr[] = a private education loan 9 accordance ) section #abh7;e77#c7 ( ! ,tru? 9 ,l5d+ ,act1 provide c]tification to su* private educational l5d]-- 7,i7 t ! /ud5t :o initiat$ ! application = ! private education loan1 or on ^: behalf ! application 0 initiat$1 is enroll$ or is s*$ul$ to enroll at ! in/itution2 7,,ii7 ( su* /ud5t's co/ ( att5dance at ! in/itution z det]m9$ "u "p ,f2 & 7,,iii7 ( ! diff]5ce betwe5-- 7aa7 ! co/ ( att5dance at ! in/itution2 & 7bb7 ! /ud5t's e/imat$ f9ancial assi/ance receiv$ "u ?is title & o!r assi/ance kn[n to ! in/itution1 z applicable2 & 7ii7 provide ! c]tification describ$ 9 clause 7i71 or notify ! private educational l5d] t ! in/itution has receiv$ ! reque/ = c]tification & w ne$ additional "t to comply ) ! c]tification reque/-- 7,i7 )9 #ae bus9ess days ( receipt ( su* c]tification reque/2 & 7,,ii7 only aft] ! in/itution has complet$ ! activities describ$ 9 subp>agraph 7,b74 7,b7 ,! in/itution %all1 ^u receipt ( a c]tification reque/ describ$ 9 subp>agraph 7,a77i71 & prior to provid+ su* c]tification-- 7i7 det]m9e :e!r ! /ud5t :o initiat$ ! application = ! private education loan1 or on ^: behalf ! application 0 initiat$1 has appli$ = & exhau/$ ! ,f$]al f9ancial assi/ance available to su* /ud5t "u ?is title & in=m ! /ud5t accord+ly2 & 7ii7 provide ! borr[] ^: loan application has prompt$ ! c]tification reque/ by a private education l5d]1 z describ$ 9 subp>agraph 7,a77i71 ) ! foll[+ in=mation & disclosures3 7,i7 ,if ! borr[] has n yet exhau/$ ! f9ancial assi/ance available to ! borr[] "u ?is title1 ! am\nt ( additional ,f$]al /ud5t assi/ance = :i* ! borr[] is eligible & ! pot5tial advantages ( ,f$]al loans "u ?is title1 includ+ disclosure (-- 7aa7 ! fix$ int]e/ rates & pause paym5t processes2 7bb7 ! option = & t]ms ( income-bas$ repaym5t1 loan =giv5ess programs1 & additional protections2 & 7cc7 ! high] /ud5t loan limits = dep5d5t /ud5ts ^: p>5ts are n eligible = a ,f$]al ,direct ,,plus ,loan4 7,,ii7 ,! borr[]'s ability to select a private educational l5d] ( ! borr[]'s *oice4 7,,iii7 ,! impact ( a propos$ private education loan on ! borr[]'s pot5tial eligibility = o!r f9ancial assi/ance1 includ+ ,f$]al f9ancial assi/ance "u ?is title4 7,,iv7 ,! borr[]'s "r to accept or reject a private education loan )9 ! #cj-;day p]iod foll[+ a private educational l5d]'s approval ( a borr[]'s application1 & a borr[]'s #c-;day "r to cancel p]iod "u section #abh7;e77#g7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;e77#g774 7,c7 ,= purposes ( ?is p>agraph1 ! t]ms private educational l5d] & private education loan h ! mean+s giv5 su* t]ms 9 section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej74 4 7#b7 ,national /ud5t loan data sy/em ,section #dhe;,b 7#bj ,u4,s4,c4 #ajib;b7 is am5d$-- 7,a7 9 subsection 7a71 by /rik+ & loans made "u p>ts ,d & ,e & ins]t+ 1 loans made "u p>ts ,d & ,e1 & private education loans 79 accordance ) subsection 7i772 7,b7 9 subsection 7g71 9 ! subsection head+1 by ins]t+ = ,f$]al ,loans aft] ,data ,report+2 & 7,c7 by add+ at ! end ! foll[+3 7j7 ,private education loan report+ ,! ,secret>y %all include 9 ! ,national ,/ud5t ,loan ,data ,sy/em ! in=mation reg>d+ private education loans t ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 coord9ation ) ! ,secret>y1 det]m9es necess>y to be includ$ pursuant to section #abh7;e77#i77;,b77ii7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e77#i77;,b77ii774 4 7#c7 ,effective date ,! am5dm5ts made by p>agraphs 7#a7 & 7#b7 %all take effect on ! effective date ( ! regulations describ$ 9 subsection 7b77#c74 7b7 ,am5dm5ts to ! tru? 9 l5d+ act 7#a7 ,9 g5]al ,section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e77 is am5d$-- 7,a7 by /rik+ p>agraph 7#c7 & ins]t+ ! foll[+3 7#c7 ,in/itutional c]tification requir$ 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 be=e a private educational l5d] may issue any funds ) respect to a private education loan1 ! private educational l5d] %all obta91 f ! relevant in/itution ( high] education :]e su* loan is to be us$ = a /ud5t1 a c]tification 9 accordance ) section #dhe7;a77#bh77;,a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a77#bh77;,a77-- 7i7 confirm+ t ! /ud5t is enroll$ or is s*$ul$ to be enroll$ at ! in/itution2 & 7ii7 /at+-- 7,i7 ! /ud5t's co/ ( att5dance at ! in/itution1 z det]m9$ by ! in/itution "u "p ,f ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhgkk et seq472 & 7,,ii7 ! diff]5ce betwe5-- 7aa7 su* co/ ( att5dance2 & 7bb7 ! /ud5t's e/imat$ f9ancial assi/ance1 includ+ su* assi/ance receiv$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq47 & o!r f9ancial assi/ance kn[n to ! in/itution1 z applicable4 7,b7 ,tim+ ,pursuant to section #dhe7;a77#bh77;,a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a77#bh77;,a771 a private education l5d] %all receive ! c]tification describ$ 9 subp>agraph 7,a7 )9 #ae days ( a reque/ by ! private education l5d]1 unless ! in/itution ( high] education notifies ! private educational l5d] pursuant to section #dhe7;a77#bh77;,a77ii7 ( su* ,act t additional "t is ne$$4 7,c7 ,additional requirem5ts ,^u receiv+ ! c]tification describ$ 9 subp>agraph 7,a7 = a private education loan1 ! private educational l5d]-- 7i7 may proce$ to issue funds ) respect to ! private education loan2 & 7ii7 aft] issu+ ! private education loan1 %all-- 7,i7 notify ! in/itution ( high] education involv$ t ! private education loan has be5 issu$ to ! borr[]1 & ! am\nt ( su* loan2 & 7,,ii7 provide ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau & ! ,secret>y ( ,education ) ! in=mation describ$ 9 p>agraph 7#i77;,b74 2 7,b7 by r$esignat+ p>agraphs 7#i71 7#aj71 & 7#aa71 z p>agraphs 7#aj71 7#aa71 & 7#ab71 respectively2 & 7,c7 by ins]t+ aft] p>agraph 7#h7 ! foll[+3 7#i7 ,provision ( in=mation 7,a7 ,provision ( in=mation to borr[]s 7i7 ,loan /atem5ts ,a private educational l5d] t issues any funds ) respect to a private education loan %all-- 7,i7 s5d loan /atem5ts1 if ! loan is to be us$ = a /ud5t1 to borr[]s ( ! funds n less ?an once e #c mon?s dur+ ! "t t ! /ud5t is enroll$ at an in/itution ( high] education2 & 7,,ii7 9 ! case ( a private education loan t includes a cosign]1 annually s5d a loan /atem5t to ! borr[]'s cosign]1 notify+ ! cosign] ( ! t]ms1 conditions1 & /atus ( su* private education loan4 7ii7 ,cont5ts ( loan /atem5t ,ea* /atem5t describ$ 9 clause 7i7 %all-- 7,i7 report ! borr[]'s total rema9+ debt to ! private educational l5d]1 includ+ accru$ b unpaid int]e/ & capitaliz$ int]e/2 7,,ii7 report any debt increases s9ce ! la/ /atem5t2 & 7,,iii7 li/ ! curr5t int]e/ rate = ea* loan4 7,b7 ,provision ( in=mation to f$]al ag5cies 7i7 ,in=mation f l5d] ,ea* private educational l5d] %all-- 7,i7 submit to ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau & ! ,secret>y ( ,education su* in=mation reg>d+ a private education loan z may be det]m9$ necess>y by ! ,director & ! ,secret>y "u clause 7ii7 = inclusion 9 ! ,national ,/ud5t ,loan ,data ,sy/em "u section #dhe;,b7i7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajib;b7i772 & 7,,ii7 prep>e & submit an annual report to ! ,consum] ,f9ancial ,protection ,bureau reg>d+ ! private education loans issu$ by ! private educational l5d]4 7ii7 ,promulgation ( regulations ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,af=dable ,loans = ,any ,/ud5t ,act1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 coord9ation ) ! ,secret>y ( ,education1 %all promulgate regulations reg>d+ ! private education loan in=mation requir$ to be submitt$ "u clause 7i71 includ+ ! cont5t1 me?od1 & =mat = submission4 ,! in=mation requir$ = inclusion 9 ! ,national ,/ud5t ,loan ,data ,sy/em %all include-- 7,i7 in=mation id5tify+ ! borr[]1 includ+ ! borr[]'s "n & social security numb]2 7,,ii7 ! "n ( ! in/itution ( high] education t has c]tifi$ ! private education loan2 7,,iii7 ! "n ( ! l5d]2 7,,iv7 ! am\nt ( ! private education loan2 7,v7 ! t]m1 or o!r enrollm5t p]iod1 = :i* ! private education loan is issu$2 & 7,,vi7 :e!r a cosign] 0 requir$ z a condition ( ! private education loan4 4 7#b7 ,def9ition ( private education loan ,section #adj7;a77#h77;,a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a77#h77;,a77 is am5d$-- 7,a7 by r$esignat+ clause 7ii7 z clause 7iii72 7,b7 9 clause 7i71 by /rik+ & aft] ! semicolon2 & 7,c7 by add+ aft] clause 7i7 ! foll[+3 7ii7 is n made1 insur$1 or gu>ante$ "u title ,,vii or title ,,viii ( ! ,public ,heal? ,s]vice ,act 7#db ,u4,s4,c4 #bib et seq4 & #bif et seq472 & 4 7#c7 ,regulations 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 9 coord9ation ) ! ,secret>y ( ,education1 %all promulgate regulations to implem5t p>agraphs 7#c7 & 7#i7 ( section #abh7;e7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afch7;e771 z am5d$ by p>agraph 7#a7 ( ?is subsection4 7,b7 ,effective date ,! regulations promulgat$ "u subp>agraph 7,a7 %all take effect on ! date t is #ahj days aft] ! date on :i* ! regulations are promulgat$4 ,v ,effective date2 transition2 implem5tation #eja4 ,effective date2 rulemak+ reg>d+ t]m9ation ( c]ta9 repaym5t plans2 implem5tation 7a7 ,effective date ,except z o!rwise specifically provid$1 ?is ,act1 & ! am5dm5ts made by ?is ,act1 %all take effect on ,july #a1 #bjbb4 7b7 ,applicability ) respect to =be>ance & def]m5t = direct loan borr[]s ,) respect to any borr[] ( a loan "u "p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 t is1 or has be51 9 =be>ance or def]m5t z ( ! day be=e ! effective date describ$ 9 subsection 7a71 ! ,secret>y %all take su* /eps z are necess>y-- 7#a7 to transf] a borr[] ) a loan 9 =be>ance or def]m5t z ( su* day automatically into relief provid$ "u ! pause paym5t process e/abli%$ "u section #dfj;,b ( su* ,act 7z am5d$ by ?is ,act72 & 7#b7 to ensure t ! p]iod ( "t = :i* a borr[] is eligible = pause paym5t "u su* section #dfj;,b = a loan is appropriately r$uc$ to acc\nt = any "t ! loan 0 previ\sly 9 =be>ance or def]m5t4 7c7 ,regulations ,be=e ! effective date describ$ 9 subsection 7a71 ! ,secret>y ( ,education %all c>ry out a plan to end all eligibility = repaym5t plans o!r ?an a fix$ repaym5t plan describ$ 9 section #dic;,e ( ! ,high] ,education ,act ( #aife1 z add$ by ?is ,act1 & an income-bas$ repaym5t plan "u section #dic;,c7c7 ( su* ,act 7#bj ,u4,s4,c4 #ajih;e7f77 = loans made "u "p ,b or ,d ( title ,,iv ( su* ,act1 unless ! borr[] is enroll$ 9 ano!r repaym5t plan be=e su* effective date1 9 accordance ) ! am5dm5ts made by ?is ,act4 7d7 ,implem5tation ,9 c>ry+ out ! am5dm5ts made by ?is ,act1 or any regulations promulgat$ "u ?is ,act1 ! ,secret>y ( ,education may waive ! application (-- 7#a7 sub*apt] ,i ( *apt] #ce ( title #dd1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,pap]work ,r$uction ,act72 7#b7 ! ma/] cal5d> requirem5ts "u section #dhb ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhi72 7#c7 negotiat$ rulemak+ "u section #dib ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;a72 & 7#d7 ! requirem5t to publi% ! notices relat$ to ! sy/em ( records ( ! ag5cy be=e implem5tation requir$ "u p>agraphs 7#d7 & 7#aa7 ( section #eeb;a7e7 ( title #e1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,privacy ,act ( #aigd74