,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iaff  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #d1 #bjbf,mr4   
,turn] ( ,ohio 7= himself1 ,mr4         
,norcross1 ,mr4 ,fitzpatrick1 & ,mr4    
,doggett7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,education & 
,work=ce  ,a ,,bill  ,to am5d ! ,high]  
,education ,act ( #aife to provide = !  
ref9anc+ ( c]ta9 ,f$]al /ud5t loans1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,/ud5t ,loan       
,ref9anc+ ,act ( #bjbf4  #b4 ,ref9anc+  
programs  7a7 ,program au?ority ,section
 #dea7;a7 ( ! ,high] ,education ,act (  
#aife 7#bj ,u4,s4,c4 #ajhg;a7a77 is     
am5d$-- 7#a7 by /rik+ & 7#b7 & ins]t+   
7#b72  7#b7 by ins]t+ 2 & 7#c7 to make  
ref9anc$ loans "u section #dfj;,a aft]  
section #dei;,a2 &  7#c7 by ins]t+ 1    
except = ref9anc$ loans made "u section 
#dfj;,a1 aft] ,loans made "u ?is "p4    
7b7 ,ref9anc+ ,program ,"p ,d ( title   
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 is am5d$

 by add+ at ! end ! foll[+3  #dfj;,a4   
,ref9anc+ ,,ffel & ,f$]al ,direct ,loans
  7a7 ,9 g5]al ,beg9n+ n lat] ?an #cj   
days aft] ! date ( enactm5t ( ! ,/ud5t  
,loan ,ref9anc+ ,act ( #bjbf1 !         
,secret>y %all e/abli% a program "u :i* 
! ,secret>y1 ^u ! receipt ( an          
application f a borr[]1 makes a ref9anc$
 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+  7#a7 ,f$]al ,direct ,loans   
,^u application ( a borr[]1 ! ,secret>y 
%all repay a ,f$]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 ( ! borr[]1 ) !    
proce$s ( a ref9anc$ ,f$]al ,direct     
,/af=d ,loan1 a ref9anc$ ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loan1 a ref9anc$   
,f$]al ,direct ,,plus ,loan1 or a       
ref9anc$ ,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      
borr[] ) respect to a loan ) an out/&+  
balance t 0 made1 insur$1 or gu>ante$ "u
 "p ,b1 ! ,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 a loan made1 insur$1 or       
gu>ante$-- 7i7 "u section #dbh %all be a
 ref9anc$ ,f$]al ,direct ,/af=d ,loan2  
7ii7 "u section #dbh;,b %all be a       
ref9anc$ ,f$]al ,direct ,,plus ,loan2   
7iii7 "u section #dbh;,h %all be a      
ref9anc$ ,f$]al ,direct ,unsubsidiz$    

,/af=d ,loan2 &  7iv7 "u section #dbh;,c
 %all be a ref9anc$ ,f$]al ,direct      
,consolidation ,loan4  7c7 ,int]e/ rates
  7#a7 ,9 g5]al ,! int]e/ rate =        
ref9anc$ ,f$]al ,direct ,/af=d ,loans1  
ref9anc$ ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loans1 ref9anc$ ,f$]al ,direct  
,,plus ,loans1 & ref9anc$ ,f$]al ,direct
 ,consolidation ,loans1 %all be a rate  
equal to ! foll[+3  7,a7  ,f$]al ,direct
 ,/af=d loans  7i7  ,rates =            
und]graduate ,,fdsl  ,9 ! case ( a      
ref9anc$ ,f$]al ,direct ,/af=d ,loan =  
:i* ! orig9al loan 0 a loan made "u     
section #dbh or a ,f$]al ,direct ,/af=d 
,loan made "u ?is "p to an und]graduate 
/ud5t1 ! rate ( int]e/ on su* ref9anc$  
,f$]al ,direct ,/af=d ,loan %all be     
equal to ! rate ( int]e/ = a ,f$]al     
,direct ,/af=d ,loan made to an         
und]graduate /ud5t = :i* ! fir/         
disbursem5t is made on ! date on :i* !  
ref9anc$ ,f$]al ,direct ,/af=d ,loan is 
made "u ?is section4  7ii7  ,rates =    
graduate & pr(essional ,,fdsl  ,9 ! case

 ( a ref9anc$ ,f$]al ,direct ,/af=d     
,loan = :i* ! orig9al loan 0 a loan made
 "u section #dbh or a ,f$]al ,direct    
,/af=d ,loan made "u ?is "p to a        
graduate or pr(essional /ud5t1 ! rate ( 
int]e/ on su* ref9anc$ ,f$]al ,direct   
,/af=d ,loan %all be equal to ! rate (  
int]e/ = a ,f$]al ,direct ,/af=d ,loan  
made to a graduate or pr(essional /ud5t1
 z applicable1 = :i* ! fir/ disbursem5t 
is made on ! date on :i* ! ref9anc$     
,f$]al ,direct ,/af=d ,loan is made "u  
?is section4  7,b7  ,f$]al ,direct      
,unsubsidiz$ ,/af=d loans  7i7  ,rates =
 und]graduate ,,fdusl  ,9 ! case ( a    
ref9anc$ ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loan = :i* ! orig9al loan 0 a   
loan made "u section #dbh;,h or a ,f$]al
 ,direct ,unsubsidiz$ ,/af=d ,loan made 
"u ?is "p an und]graduate /ud5t1 ! rate 
( int]e/ on su* ref9anc$ ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loan %all be equal 
to ! rate ( int]e/ = a ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan made to an    
und]graduate /ud5t = :i* ! fir/         

disbursem5t is made on ! date on :i* !  
ref9anc$ ,f$]al ,direct ,unsubsidiz$    
,/af=d ,loan is made "u ?is section4    
7ii7  ,rates = graduate & pr(essional   
,,fdusl  ,9 ! case ( a ref9anc$ ,f$]al  
,direct ,unsubsidiz$ ,/af=d ,loan = :i* 
! orig9al loan 0 a loan made "u section 
#dbh;,h or a ,f$]al ,direct ,unsubsidiz$
 ,/af=d ,loan made "u ?is "p to a       
graduate or pr(essional /ud5t1 ! rate ( 
int]e/ on su* ref9anc$ ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan %all be equal 
to ! rate ( int]e/ = a ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loan made to a     
graduate or pr(essional /ud5t1 z        
applicable1 = :i* ! fir/ disbursem5t is 
made on ! date on :i* ! ref9anc$ ,f$]al 
,direct ,unsubsidiz$ ,/af=d ,loan is    
made "u ?is section4  7,c7  ,f$]al      
,direct ,,plus loans  ,9 ! case ( a     
ref9anc$ ,f$]al ,direct ,,plus ,loan =  
:i* ! orig9al loan 0 a loan made "u     
section #dbh;,b or a ,f$]al ,direct     
,,plus ,loan made "u ?is "p1 ! rate (   
int]e/ on su* ref9anc$ ,f$]al ,direct   

,,plus loan %all be equal to ! rate (   
int]e/ = a ,f$]al ,direct ,,plus loan = 
:i* ! fir/ disbursem5t is made on ! date
 on :i* ! ref9anc$ ,f$]al ,direct ,,plus
 loan is made "u ?is section4  7,d7     
,consolidation loans  ,9 ! case ( a     
ref9anc$ ,f$]al ,direct ,consolidation  
,loan = :i* ! orig9al loan 0 a loan "u  
section #dbh;,c or a ,f$]al ,direct     
,consolidation ,loan "u ?is "p1 ! rate (
 int]e/ ( su* ref9anc$ ,f$]al ,direct   
,consolidation ,loan %all be equal to ! 
rate calculat$ 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$]al ,direct      
,consolidation ,loan "u p>agraph        
7#a77;,d71 ! ,secret>y %all-- 7i7       
det]m9e ea* ( ! compon5t loans t 7      
orig9ally consolidat$ 9 ! loan "u       
section #dbh;,c or ! ,f$]al ,direct     
,consolidation ,loan1 & calculate !     
proportion ( ! unpaid pr9cipal balance (
 ! loan "u section #dbh;,c or ! ,f$]al  

,direct ,consolidation ,loan t ea*      
compon5t loan repres5ts2  7ii7 use !    
proportions det]m9$ 9 accordance )      
clause 7i7 & ! int]e/ rate applicable = 
ea* compon5t loan1 z det]m9$ "u         
subp>agraph 7,b71 to calculate ! weight$
 av]age ( ! int]e/ rates on ! loans     
consolidat$ into ! loan "u section      
#dbh;,c or ! ,f$]al ,direct             
,consolidation ,loan2 &  7iii7 apply !  
weight$ av]age calculat$ "u clause 7ii7 
z ! int]e/ rate = ! ref9anc$ ,f$]al     
,direct ,consolidation ,loan4  7,b7     
,int]e/ rates = compon5t loans ,! int]e/
 rates = ! compon5t loans ( a loan made 
"u section #dbh;,c or a ,f$]al ,direct  
,consolidation ,loan %all be ! foll[+3  
7i7 ,f$]al ,direct ,/af=d loans  7,i7   
,und]graduate ,,fdsl ,! int]e/ rate =   
any compon5t loan t is a loan "u section
 #dbh or a ,f$]al ,direct ,/af=d ,loan  
made to an und]graduate /ud5t %all be a 
rate equal to ! less] (-- 7aa7 ! rate ( 
int]e/ = a ref9anc$ ,f$]al ,direct      
,/af=d ,loan det]m9$ "u p>agraph        

7#a77;,a77i7 if su* loan 7 made on !    
date on :i* ! ref9anc$ ,f$]al ,direct   
,consolidation ,loan is made "u ?is     
section2 or  7bb7 ! orig9al int]e/ rate 
( ! compon5t loan4  7,,ii7 ,graduate or 
pr(essional ,,fdsl ,! int]e/ rate = any 
compon5t loan t is a loan "u section    
#dbh or a ,f$]al ,direct ,/af=d ,loan   
made to a graduate or pr(essional /ud5t 
%all be a rate equal to ! less] (-- 7aa7
 ! rate ( int]e/ = a ref9anc$ ,f$]al    
,direct ,/af=d ,loan det]m9$ "u p>agraph
 7#a77;,a77ii7 if su* loan 7 made on !  
date on :i* ! ref9anc$ ,f$]al ,direct   
,consolidation ,loan is made "u ?is     
section2 or  7bb7 ! orig9al int]e/ rate 
( ! compon5t loan4  7ii7 ,f$]al ,direct 
,unsubsidiz$ ,/af=d loans  7,i7         
,und]graduate ,,fdusl ,! int]e/ rate =  
any compon5t loan t is a loan "u section
 #dbh;,h or a ,f$]al ,direct            
,unsubsidiz$ ,/af=d ,loan made to an    
und]graduate /ud5t %all be a rate equal 
to ! less] (-- 7aa7 ! rate ( int]e/ = a 
ref9anc$ ,f$]al ,direct ,unsubsidiz$    

,/af=d ,loan det]m9$ "u p>agraph        
7#a77;,b77i7 if su* loan 7 made on !    
date on :i* ! ref9anc$ ,f$]al ,direct   
,consolidation ,loan is made "u ?is     
section2 or  7bb7 ! orig9al int]e/ rate 
( ! compon5t loan4  7,,ii7 ,graduate    
,,fdusl ,! int]e/ rate = any compon5t   
loan t is a loan "u section #dbh;,h or a
 ,f$]al ,direct ,unsubsidiz$ ,/af=d     
,loan made to a graduate or pr(essional 
/ud5t %all be a rate equal to ! less]   
(-- 7aa7 ! rate ( int]e/ = a ref9anc$   
,f$]al ,direct ,unsubsidiz$ ,/af=d ,loan
 det]m9$ "u p>agraph 7#a77;,b77ii7 if   
su* loan 7 made on ! date on :i* !      
ref9anc$ ,f$]al ,direct ,consolidation  
,loan is made "u ?is section2 or  7bb7 !
 orig9al int]e/ rate ( ! compon5t loan4 
7iii7 ,f$]al ,direct ,,plus loans ,!    
int]e/ rate = any compon5t loan t is a  
loan "u section #dbh;,b or a ,f$]al     
,direct ,,plus ,loan %all be a rate     
equal to ! less] (-- 7,i7 ! rate (      
int]e/ = a ref9anc$ ,f$]al ,direct      
,,plus loan det]m9$ "u p>agraph         

7#a77;,c7 if su* loan 7 made on ! date  
on :i* ! ref9anc$ ,f$]al ,direct        
,consolidation ,loan is made "u ?is     
section2 or  7,,ii7 ! orig9al int]e/    
rate ( ! compon5t loan4  7iv7 ,f$]al    
,direct ,consolidation ,loan ,! int]e/  
rate = any compon5t loan t is a loan "u 
section #dbh;,c or a ,f$]al ,direct     
,consolidation ,loan %all be ! weight$  
av]age ( ! int]e/ rates t w\ld apply "u 
?is subp>agraph = ea* loan compris+ !   
compon5t consolidation loan4  7v7 ,o!r  
loans ,! 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 ?r\gh 7iv7 %all be ! int]e/ 
rate on ! orig9al compon5t loan4  7#c7  
,fix$ ,rate ,! applicable rate ( int]e/ 
det]m9$ "u p>agraph 7#a7 = a ref9anc$   
loan "u ?is section %all be fix$ = !    
p]iod ( ! loan4  7d7 ,t]ms & conditions 
( loans  7#a7 ,9 g5]al ,except z o!rwise
 provid$ 9 ?is section1 a loan t is     
ref9anc$ "u ?is section-- 7,a7 %all1 )  

respect to ! application ( t]ms &       
conditions "u ?is title1 be consid]$ to 
be a loan made1 insur$1 or gu>ante$ "u  
?is title on ! date ( ! orig9al loan &  
%all n be consid]$ to be a new loan made
 on ! date ( ref9anc+2 &  7,b7 %all h ! 
same t]ms & conditions z ! orig9al loan1
 includ+ any susp5sions ( paym5ts or    
int]e/ accrual "u section #ceac ( !     
,coronavirus ,aid1 ,relief1 & ,economic 
,security ,act 7#bj ,u4,s4,c4 #ajja     
note71 or any ext5sions ( su*           
susp5sions1 except t 9 ! case ( an      
orig9al loan made1 insur$1 or gu>ante$  
"u "p ,b t is ref9anc$ "u ?is section1  
su* ref9anc$ loan %all be consid]$ a    
,f$]al ,direct loan & %all h ! same t]ms
 & conditions z a ,f$]al ,direct loan "u
 "p ,d t corresponds to ! type ( !      
orig9al "p ,b loan & t 0 made on ! same 
date z su* orig9al "p ,b loan4  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 & plan t 0 9 
effect on ! orig9al loan on ! day be=e !
 date ! loan is ref9anc$4 ,no?+ 9 ?is   
p>agraph %all be con/ru$ to prev5t a    
borr[] f elect+ a diff]5t repaym5t plan 
at any "t 9 accordance ) section        
#dee7;d77#c7 or section                 
#dee7;d77#g77;,d71 z applicable bas$ on 
! date ( ! orig9al loan4  7#c7          
,orig9ation fees & loan limits ,ref9anc+
 a loan "u ?is section %all n result 9 !
 application ( an orig9ation fee "u     
section #dee7;c71 & ! ref9anc$ loan     
am\nt %all n be subject to any annual1  
aggregate1 or lifetime aggregate maximum
 loan limit "u "p ,b or ?is "p4  7#d7   
,limit on ref9anc+ ,a loan made1 insur$1
 or gu>ante$ "u ?is title may n be      
ref9anc$ "u ?is section m ?an twice dur+
 a #aj-ye> p]iod4  7e7 ,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$]al /ud5t loan        
ref9anc+4  7#b7 ,requir+ s]vic]s ( loans
 "u ?is "p & "p ,b to provide su*       
consum] in=mation to borr[]s 9 a mann]  
det]m9$ appropriate by ! ,secret>y1 9   
consultation ) ! ,director ( ! ,bureau (
 ,consum] ,f9ancial ,protection4  4  7c7
 ,income-,cont+5t repaym5t ,section     
#dee7;e7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhg;e7e77 is     
am5d$ by add+ at ! end ! foll[+3  7#i7  
,special rule = ref9anc$ loans ,9       
calculat+ ! p]iod ( "t dur+ :i* a borr[]
 ( a loan t is ref9anc$ "u section      
#dfj;,a be=e ,july #a1 #bjbh1 has made  
mon?ly paym5ts = purposes ( p>agraph    
7#g71 ! ,secret>y %all deem ! p]iod to  
include all mon?ly paym5ts made = !     
orig9al loan1 & all mon?ly paym5ts made 
= ! ref9anc$ loan1 t o!rwise meet !     
requirem5ts ( ?is subsection4  4  7d7   

,am5dm5ts to public s]vice repaym5t plan
 provisions ,section #dee7m7 ( ! ,high] 
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7m77 is am5d$-- 7#a7 by          
r$esignat+ p>agraphs 7#c7 & 7#d7 z      
p>agraphs 7#d7 & 7#e71 respectively2    
7#b7 by ins]t+ aft] p>agraph 7#b7 !     
foll[+3  7#c7 ,special rules = section  
#dfj;,a loans  7,a7 ,ref9anc$ ,f$]al    
,direct loans ,not)/&+ p>agraph 7#a71 9 
det]m9+ ! numb] ( mon?ly paym5ts t meet 
! requirem5ts ( su* p>agraph = an       
eligible ,f$]al ,direct ,loan ref9anc$  
"u section #dfj;,a t 0 orig9ally a loan 
"u ?is "p1 ! ,secret>y %all include all 
mon?ly paym5ts made on ! orig9al loan t 
meet ! requirem5ts ( su* p>agraph4  7,b7
 ,ref9anc$ ,,ffel loans ,9 ! case ( an  
eligible ,f$]al ,direct ,loan ref9anc$  
"u section #dfj;,a t 0 orig9ally a loan 
"u "p ,b1 only mon?ly paym5ts made aft] 
! date on :i* ! loan 0 ref9anc$ may be  
includ$ = purposes ( p>agraph 7#a74  2 &
  7#c7 9 p>agraph 7#d77;,a7 7z          
r$esignat$ by p>agraph 7#a771 by ins]t+ 

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;,a7 be=e 
! p]iod at ! end4  7e7 ,income-,bas$    
repaym5t ,section #dic;,c ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajih;e7 is am5d$ by add+ at ! end !    
foll[+3  7f7 ,special rule = ref9anc$   
loans ,9 calculat+ ! p]iod ( "t dur+ :i*
 a borr[] ( a loan t is ref9anc$ "u     
section #dfj;,a has made mon?ly paym5ts 
= purposes ( subsection 7b77#g71 !      
,secret>y %all deem ! p]iod to include  
all mon?ly paym5ts made = ! orig9al     
loan1 & all mon?ly paym5ts made = !     
ref9anc$ loan1 t o!rwise meet !         
requirem5ts ( ?is section4  4