,,ii #aah? ,,congress #a/ ,session ,s4 #aiga ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #ad1 #bjbc,mr4 ,cornyn 7= himself & ,mr4 ,cassidy7 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 to provide = loan repaym5t simplification & income-driv5 repaym5t re=m4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/reaml9+ ,acc\ntability & ,value 9 ,education = ,/ud5ts ,act4 #b4 ,loan repaym5t simplification & income-driv5 repaym5t re=m ,section #dee ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7 is am5d$-- 7#a7 9 subsection 7d7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,b71 by ins]t+ n lat] ?an ,june #cj1 #bjbd1 be=e a graduat$2 7ii7 9 subp>agraph 7,c71 by ins]t+ n lat] ?an ,june #cj1 #bjbd1 be=e an ext5d$2 7iii7 9 subp>agraph 7,d7-- 7,i7 by ins]t+ n lat] ?an ,june #cj1 #bjbd1 be=e an income cont+5t2 & 7,,ii7 by /rik+ & aft] ! semicolon2 7iv7 9 subp>agraph 7,e7-- 7,i7 by ins]t+ & n lat] ?an ,june #cj1 #bjbd1 aft] beg9n+ on ,july #a1 #bjji2 & 7,,ii7 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7v7 by add+ at ! end ! foll[+3 7,f7 beg9n+ on ,july #a1 #bjbd1 an income cont+5t repaym5t plan kn[n z ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan1 consi/5t ) subsection 7e77#i74 2 7,b7 9 p>agraph 7#b71 by /rik+ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( p>agraph 7#a7 & ins]t+ 9 subp>agraph 7,a7 or 7,f7 ( p>agraph 7#a72 & 7,c7 9 p>agraph 7#d71 by ins]t+ n lat] ?an ,june #cj1 #bjbd & aft] ,! ,secret>y may provide12 & 7#b7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#i7 ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan 7,a7 ,9 g5]al ,! ,secret>y %all c>ry out a ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan 9 accordance ) section #fhe4bji7;c7 ( title #cd1 ,code ( ,f$]al ,regulations1 z 9 effect on ,decemb] #ag1 #bjae1 except z o!rwise provid$ 9 ?is p>agraph z foll[s3 7i7 ,a borr[] may complete loan rehabilitation on a default$ loan ?r\gh mak+ eligible paym5ts 9 accordance ) ?is p>agraph = #i consecutive mon?s4 7ii7 ,a borr[] :o no long] wi%es to repay "u ! ,,repaye plan may *ange only to a /&>d repaym5t plan4 7iii7 ,9 addition to t provid$ "u p>agraph 7#e77;iv7 ( su* section #fhe4bji7;c71 a qualify+ mon?ly paym5t may also include a mon? = :i* ! borr[] receiv$-- 7,i7 def]m5t "u subsection 7f77#c7 due to receiv+ treatm5t = canc]2 7,,ii7 def]m5t "u subsection 7f77#b7 = rehabilitation tra9+2 7,,iii7 def]m5t "u subsection 7f77#b7 = unemploym5t2 7,,iv7 def]m5t "u subsection 7f77#b7 = economic h>d%ip1 includ+ any p]iod ( def]m5t = ,peace ,corps s]vice2 7,v7 def]m5t "u subsection 7f77#b7 = milit>y s]vice2 7,,vi7 def]m5t "u subsection 7f77#b7 = po/-active duty s]vice2 7,,vii7 =be>ance "u section #dbh7;c77#c77;,a77i77,,iii71 = national s]vice2 7,,viii7 =be>ance "u section #fhe4bje7;a77#g7 ( title #cd1 ,code ( ,f$]al ,regulations1 = ,national ,gu>d ,duty2 7,,ix7 =be>ance "u section #dbh7;c77#c77;,a77i77,,iv71 = s]vice = :i* ! borr[] w\ld qualify = a p>tial repaym5t ( 8 or h] loan "u ! ,/ud5t ,loan ,repaym5t ,programs adm9i/]$ by ! ,dep>tm5t ( ,def5se2 or 7,x7 adm9i/rative =be>ance "u p>agraph 7#h7 or 7#i7 ( section #fhe4bje7;b7 ( title #cd1 ,code ( ,f$]al ,regulations4 7iv7 ,a borr[] %all be automatically enroll$ 9 a ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan = a loan at #ge days del9qu5t on su* loan4 7v7 ,a borr[] :o miss$ qualify+ paym5ts dur+ a =be>ance or def]m5t p]iod n li/$ 9 clause 7iii71 %all h ! opportunity to provide a back paym5t = ! miss$ paym5ts 9 ord] h ^? paym5ts c\nt$ t[>d ! #bj-ye> or #be-ye> =giv5ess p]iod1 except !re %all be no opportunity to provide a back paym5t = p]iods ( 9-s*ool def]m5t4 7vi7 ,= a borr[] :o is solely an und]graduate borr[]-- 7,i7 :o has borr[$ #aj1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #abj paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,ii7 :o has borr[$ m ?an #aj1jjj b #aa1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #acb paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,iii7 :o has borr[$ m ?an #aa1jjj b #ab1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #add paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,iv7 :o has borr[$ m ?an #ab1jjj b #ac1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #aef paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,v7 :o has borr[$ m ?an #ac1jjj b #ad1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #afh paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,vi7 :o has borr[$ m ?an #ad1jjj b #ae1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #ahj paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,vii7 :o has borr[$ m ?an #ae1jjj b #af1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #aib paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,viii7 :o has borr[$ m ?an #af1jjj b #ag1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #bjd paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 7,,ix7 :o has borr[$ m ?an #ag1jjj b #ah1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #baf paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan2 & 7,x7 :o has borr[$ m ?an #ah1jjj b #ai1jjj or less 9 total 9 loans "u ?is "p1 n includ+ loan fees1 ! ,secret>y may det]m9e t ! borr[] has met ! loan =giv5ess requirem5ts aft] #bbh paym5ts "u ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan4 7,b7 ,transf] ( borr[]s 9 repaym5t ,not)/&+ any o!r provision ( ?is ,act1 on ,july #a1 #bjbd1 ! ,secret>y %all transf] ea* borr[] :o is 9 repaym5t on a loan made "u ?is "p "u an income cont+5t repaym5t plan pursuant to subsection 7d77#a77;,d7 to ! ,revis$ ,pay ,z ,y ,e>n ,repaym5t plan "u ?is p>agraph4 4 #c4 ,taxpay] & consum] protection on /ud5t loans ,section #dhg7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a77 is am5d$ by add+ at ! end ! foll[+3 7#cj7 7,a7 ,! in/itution c]tifies t no funds available "u ?is title may be us$ by an und]graduate /ud5t = enrollm5t 9 an educational program (f]$ by ! in/itution t is describ$ 9 subp>agraph 7,b74 7,b7 ,an educational program at an in/itution is describ$ 9 ?is subp>agraph if ! program is a program-- 7i7 9 ! case ( a program t aw>ds an associate's degree or a less] degree or cr$5tial1 9 :i* ! m$ian e>n+s ( /ud5ts #f ye>s aft] ! date ( entry into ! program :o are no long] enroll$ 9 ! program & are work+ is1 = n less ?an #b ( ! #c ye>s prec$+ ! date ( ! det]m9ation1 less ?an ! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a high s*ool diploma or its recogniz$ equival5t1 z det]m9$ "u subp>agraph 7,c7 & 9 accordance ) subp>agraph 7,d72 or 7ii7 9 ! case ( a program t aw>ds a ba*elor's degree1 9 :i* ! m$ian e>n+s ( /ud5ts #aj ye>s aft] ! date ( entry into ! program :o are no long] enroll$ 9 ! program & are work+ is1 = n less ?an #b ( ! #c ye>s prec$+ ! date ( ! det]m9ation1 less ?an ! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a high s*ool diploma or its recogniz$ equival5t1 z det]m9$ "u subp>agraph 7,c7 & 9 accordance ) subp>agraph 7,d74 7,c7 ,! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a high s*ool diploma or its recogniz$ equival5t %all be bas$ on data f ! ,c5sus ,bureau-- 7i7 = ! ,/ate 9 :i* ! in/itution is locat$2 or 7ii7 if few] ?an #ej p]c5t ( ! /ud5ts enroll$ 9 ! in/itution reside 9 ! ,/ate :]e ! in/itution is locat$1 = ! entire ,unit$ ,/ates4 7,d7 ,= any ye> = :i* ! programmatic cohort is few] ?an #cj individuals1 ! ,secret>y %all-- 7i7 fir/1 aggregate additional ye>s ( programmatic data 9 ord] to a*ieve a cohort ( at lea/ #cj individuals2 7ii7 second1 aggregate additional cohort ye>s ( programmatic data = degrees or c]tificates ( equival5t l5g? 9 ord] to a*ieve a cohort ( at lea/ #cj individuals2 & 7iii7 if su* data _c be aggregat$1 use an in/itution-bas$ und]graduate-level measure1 9 lieu ( a programmatic measure4 7,e7 ,an educational program %all n lose eligibility "u subp>agraph 7,a7 unless ! in/itution has _h ! opportunity to appeal ! programmatic m$ian e>n+s ( /ud5ts work+ & n enroll$ det]m9ation4 ,dur+ su* appeal1 ! ,secret>y may p]mit ! educational program to cont9ue to p>ticipate 9 a program "u ?is title4 ,if an educational program cont9ues to p>ticipate 9 a program "u title1 & ! in/itution's appeal ( ! loss ( eligibility is unsuccessful1 ! in/itution %all pay to ! ,secret>y an am\nt equal to ! am\nt ( int]e/1 & any relat$ paym5ts made by ! ,secret>y 7or :i* ! ,secret>y is obligat$ to make7 ) respect to loans made "u ?is title to /ud5ts att5d+1 or plann+ to att5d1 t educational program dur+ ! p5d5cy ( su* appeal4 7#ca7 7,a7 ,! in/itution c]tifies t no funds available "u ?is title may be us$ by a graduate /ud5t = enrollm5t 9 an educational program (f]$ by ! in/itution t is describ$ 9 subp>agraph 7,b74 7,b7 ,an educational program at an in/itution is describ$ 9 ?is subp>agraph if ! program is a program-- 7i7 9 ! case ( a program t aw>ds a ma/]'s degree or a less] degree or cr$5tial1 9 :i* ! m$ian e>n+s ( /ud5ts #f ye>s aft] ! date ( entry into ! program :o are no long] enroll$ 9 ! program & are work+ is1 = n less ?an #b ( ! #c ye>s prec$+ ! date ( ! det]m9ation1 less ?an ! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a ba*elor's degree1 z det]m9$ "u subp>agraph 7,c7 & 9 accordance ) subp>agraph 7,d72 or 7ii7 9 ! case ( program t aw>ds a pr(essional degree or doctoral degree1 9 :i* ! m$ian e>n+s ( /ud5ts #aj ye>s aft] ! date ( entry into ! program :o are no long] enroll$ 9 ! program & are work+ is1 = n less ?an #b ( ! #c ye>s prec$+ ! date ( ! det]m9ation1 less ?an ! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a ba*elor's degree1 z det]m9$ "u subp>agraph 7,c7 & 9 accordance ) subp>agraph 7,d74 7,c7 ,! m$ian e>n+s ( a work+ adult :o is ag$ #be to #cd ) only a ba*elor's degree %all be bas$ on data f ! ,c5sus ,bureau-- 7i7 = ! ,/ate 9 :i* ! in/itution is locat$2 or 7ii7 if few] ?an #ej p]c5t ( ! /ud5ts enroll$ 9 ! in/itution reside 9 ! ,/ate :]e ! in/itution is locat$1 = ! entire ,unit$ ,/ates4 7,d7 ,= any ye> = :i* ! programmatic cohort is few] ?an #cj individuals1 ! ,secret>y %all-- 7i7 fir/1 aggregate additional ye>s ( programmatic data 9 ord] to a*ieve a cohort ( at lea/ #cj individuals2 7ii7 second1 aggregate additional cohort ye>s ( programmatic data = degrees or c]tificates ( equival5t l5g? 9 ord] to a*ieve a cohort ( at lea/ #cj individuals2 & 7iii7 if su* data _c be aggregat$1 use an in/itution-bas$ graduate-level measure1 9 lieu ( a programmatic measure4 7,e7 ,an educational program %all n lose eligibility "u subp>agraph 7,a7 unless ! in/itution has _h ! opportunity to appeal ! programmatic m$ian e>n+s ( /ud5ts work+ & n enroll$ det]m9ation4 ,dur+ su* appeal1 ! ,secret>y may p]mit ! educational program to cont9ue to p>ticipate 9 a program "u ?is title4 ,if an educational program cont9ues to p>ticipate 9 a program "u title1 & ! in/itution's appeal ( ! loss ( eligibility is unsuccessful1 ! in/itution %all pay to ! ,secret>y an am\nt equal to ! am\nt ( int]e/1 & any relat$ paym5ts made by ! ,secret>y 7or :i* ! ,secret>y is obligat$ to make7 ) respect to loans made "u ?is title to /ud5ts att5d+1 or plann+ to att5d1 t educational program dur+ ! p5d5cy ( su* appeal4 4 #d4 ,phase out ( income-bas$ repaym5t ,section #dic;,c ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajih;e7 is am5d$-- 7#a7 9 subsection 7b77#a71 by ins]t+ :o ent]s repaym5t on su* loan be=e ,july #a1 #bjbd & aft] 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 loan72 & 7#b7 9 subsection 7e7-- 7,a7 9 ! subsection head+ by ins]t+ & be=e ,july #a1 #bjbd aft] ,july #a1 #bjad2 & 7,b7 by ins]t+ 1 & be=e ,july #a1 #bjbd aft] ,july #a1 #bjad4