,,ii  #aai? ,,congress  #a/ ,session    
,s4 #abbj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #a 7legislative 
day1 ,m>* #ca71 #bjbe,mr4 ,m]kley 7=    
himself1 ,mr4 ,ka9e1 ,mr4 ,s*um]1 ,ms4  
,hirono1 ,mr4 ,blum5?al1 ,ms4 ,w>r51    
,mr4 ,wel*1 ,mrs4 ,gillibr&1 ,mr4       
,padilla1 ,mr4 ,book]1 ,ms4 ,smi?1 ,mr4 
,s&]s1 ,mr4 ,wyd51 ,mr4 ,kim1 & ,mr4    
,m>key7 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 = a ,sav+s      
,opportunity & ,af=dable ,repaym5t plan 
z an income cont+5t repaym5t plan4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,sav+s ,opportunity & ,af=dable         
,repaym5t ,act4  #b4 ,sav+s ,opportunity
 & ,af=dable ,repaym5t plan  7a7        
,am5dm5ts to ! ,high] ,education ,act ( 
#aife ,! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajja et seq47 is am5d$--
 7#a7 9 section #dbh7;b77#i77;,a7-- 7,a7
 9 clause 7iv71 by /rik+ & aft] !       

semicolon2  7,b7 9 clause 7v71 by /rik+ 
! p]iod at ! end & ins]t+ 2 &2 &  7,c7  
by add+ at ! end ! foll[+3  7vi7 beg9n+ 
on ! date t is #ahj days aft] ! date (  
enactm5t ( ! ,sav+s ,opportunity &      
,af=dable ,repaym5t ,act1 an income     
cont+5t repaym5t plan kn[n z ! ,sav+s   
,opportunity & ,af=dable ,repaym5t plan1
 consi/5t ) section #dic;,e4  2  7#b7 9 
section #dbh;,c7c77#b77;,a7-- 7,a7 9 !  
fir/ s5t5ce1 by /rik+ or income-bas$ &  
ins]t+ income-bas$1 or income cont+5t   
,sav+s ,opportunity & ,af=dable         
,repaym5t 7consi/5t ) section #dic;,e72 
&  7,b7 9 ! second s5t5ce1 by /rik+ or  
income-bas$ & ins]t+ income-bas$1 or    
income cont+5t ,sav+s ,opportunity &    
,af=dable ,repaym5t2  7#c7 9 section    
#dee7;d7-- 7,a7 9 p>agraph 7#a71 by     
/rik+ subp>agraph 7,d7 & ins]t+ !       
foll[+3  7,d7 except z provid$ 9        
p>agraph 7#f71 an income cont+5t        
repaym5t plan-- 7i7 ) v>y+ annual       
repaym5t am\nts bas$ on ! income ( !    
borr[]1 paid ov] an ext5d$ p]iod ( "t   

prescrib$ by ! ,secret>y1 n to exce$ #be
 ye>s1 except t ! plan describ$ 9 ?is   
clause %all n be available to ! borr[] (
 a ,f$]al ,direct ,,plus loan made on   
behalf ( a dep5d5t /ud5t2 &  7ii7 :i*1  
beg9n+ on ! date t is #ahj days aft] !  
date ( enactm5t ( ! ,sav+s ,opportunity 
& ,af=dable ,repaym5t ,act1 %all include
 ! ,sav+s ,opportunity & ,af=dable      
,repaym5t plan1 consi/5t ) section      
#dic;,e2 &  2 &  7,b7 by add+ at ! end !
 foll[+3  7#f7 ,phase outs  7,a7 ,,paye 
repaym5t plan  7i7 ,9 g5]al ,a borr[]   
may *oose ! ,pay ,z ,y ,e>n ,repaym5t   
,plan1 z describ$ 9 section #fhe4bji (  
title #cd1 ,code ( ,f$]al ,regulations  
7z 9 effect on ,janu>y #ai1 #bjbe71 z an
 income cont+5t repaym5t plan pursuant  
to p>agraph 7#a77;,d7-- 7,i7 be=e ! date
 t is #b ye>s aft] ! date ( enactm5t ( !
 ,sav+s ,opportunity & ,af=dable        
,repaym5t ,act1 only if ! borr[]-- 7aa7 
has loans eligible = repaym5t "u su*    
plan1 z describ$ 9 su* section z 9      
effect on su* date2 &  7bb7 has a p>tial

 f9ancial h>d%ip :5 ! borr[] initially  
ent]s su* plan1 z describ$ 9 su* section
 z 9 effect on su* date2 &  7,,ii7 on or
 aft] ! date t is #b ye>s aft] ! date ( 
enactm5t ( ! ,sav+s ,opportunity &      
,af=dable ,repaym5t ,act1 only if !     
borr[] meets ! conditions describ$ 9    
subclause 7,i7 & 0 repay+ a loan "u su* 
plan be=e su* date t is #b ye>s aft] !  
date ( enactm5t ( ! ,sav+s ,opportunity 
& ,af=dable ,repaym5t ,act4  7ii7       
,prohibition aga9/ re-enrollm5t ,beg9n+ 
on ! date t is #b ye>s aft] ! date (    
enactm5t ( ! ,sav+s ,opportunity &      
,af=dable ,repaym5t ,act1 a borr[] :o 0 
repay+ a loan "u ! ,pay ,z ,y ,e>n      
,repaym5t ,plan1 z describ$ 9 clause    
7i71 & *anges to a diff]5t repaym5t plan
 may n re-enroll 9 ! ,pay ,z ,y ,e>n    
,repaym5t ,plan4  7,b7 ,income cont+5t  
repaym5t plan  7i7 ,9 g5]al ,a borr[]   
may *oose ! ,,icr plan1 z describ$ 9    
section #fhe4bji ( title #cd1 ,code (   
,f$]al ,regulations 7z 9 effect on      
,janu>y #ai1 #bjbe71 z an income cont+5t

 repaym5t plan pursuant to p>agraph     
7#a77;,d7-- 7,i7 be=e ! date t is #b    
ye>s aft] ! date ( enactm5t ( ! ,sav+s  
,opportunity & ,af=dable ,repaym5t ,act1
 only if ! borr[] has loans eligible =  
repaym5t "u su* plan1 z describ$ 9 su*  
section z 9 effect on su* date1 except z
 provid$ 9 clause 7iii72 &  7,,ii7 on or
 aft] ! date t is #b ye>s aft] ! date ( 
enactm5t ( ! ,sav+s ,opportunity &      
,af=dable ,repaym5t ,act1 only if !     
borr[] has loans eligible = repaym5t "u 
su* plan1 z describ$ 9 su* section z 9  
effect on su* date1 except z provid$ 9  
clause 7iii71 & 0 repay+ a loan "u su*  
plan be=e su* date t is #b ye>s aft] !  
date ( enactm5t ( ! ,sav+s ,opportunity 
& ,af=dable ,repaym5t ,act4  7ii7       
,prohibition aga9/ re-enrollm5t ,beg9n+ 
on ! date t is #b ye>s aft] ! date (    
enactm5t ( ! ,sav+s ,opportunity &      
,af=dable ,repaym5t ,act1 a borr[] :o 0 
repay+ a loan "u ! ,,icr plan1 z        
describ$ 9 clause 7i71 & *anges to a    
diff]5t repaym5t plan may n re-enroll 9 

! ,,icr plan4  7iii7 ,eligible loans =  
purposes ( ,,icr repaym5t ,9 addition to
 ! loans eligible = repaym5t "u ! ,,icr 
plan z describ$ 9 section #fhe4bji (    
title #cd1 ,code ( ,f$]al ,regulations  
7z 9 effect on ,janu>y #ai1 #bjbe71 an  
eligible loan = purposes ( repaym5t "u !
 ,,icr plan may include-- 7,i7 a ,f$]al 
,direct ,,plus ,loan made on behalf ( a 
dep5d5t /ud5t2  7,,ii7 a ,f$]al ,direct 
,consolidation ,loan = :i* ! proce$s 7  
us$ to dis*>ge ! liability on a ,f$]al  
,direct ,,plus ,loan or a loan "u       
section #dbh;,b made on behalf ( a      
dep5d5t /ud5t2  7,,iii7 a loan "u       
section #dbh;,b made on behalf ( a      
dep5d5t /ud5t2 or  7,,iv7 a loan "u     
section #dbh;,c = :i* ! proce$s 7 us$ to
 dis*>ge ! liability on a ,f$]al ,direct
 ,,plus ,loan or a loan "u section      
#dbh;,b made on behalf ( a dep5d5t      
/ud5t4  2  7#d7 by ins]t+ aft] section  
#dic;,d ! foll[+3  #dic;,e4 ,sav+s      
,opportunity & ,af=dable ,repaym5t plan 
7a7 ,def9itions ,9 ?is section3 7#a7    

,eligible loan ,! t]m eligible loan     
means a loan made1 insur$1 or gu>ante$  
"u "p ,b or ,d4  7#b7 ,mon?ly paym5t    
obligation  7,a7 ,9 g5]al ,! t]m mon?ly 
paym5t obligation1 :5 us$ ) respect to a
 borr[]1 means t = su* borr[] ! mon?ly  
paym5t am\nt due on ! total am\nt (     
eligible loans made to su* borr[] t is  
equal to1 except z provid$ 9 subp>agraph
 7,b7-- 7i7 #j = ! portion ( ! borr[]'s1
 & ! borr[]'s sp\se's 7if applicable71  
adju/$ gross income 7z def9$ 9 section  
#fb ( ! ,int]nal ,rev5ue ,code ( #aihf7 
t is less ?an or equal to #bej p]c5t ( !
 pov]ty l9e applicable to ! borr[]'s    
family size z det]m9$ "u section #fgc7b7
 ( ! ,community ,s]vices ,block ,grant  
,act 7#db ,u4,s4,c4 #iijb7b772 plus     
7ii7 #e p]c5t ( ! portion ( ! borr[]'s1 
& ! borr[]'s sp\se's 7if applicable71   
adju/$ gross income 7z def9$ 9 section  
#fb ( ! ,int]nal ,rev5ue ,code ( #aihf7 
t is great] ?an #bej 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 #iijb7b771 prorat$ by !  
p]c5tage t is ! result ( divid+ !       
borr[]'s orig9al total loan balance     
attributable to eligible loans receiv$ =
 ! borr[]'s und]graduate /udy by !      
orig9al total loan balance attributable 
to all eligible loans1 divid$ by #ab2   
plus  7iii7 = loans n subject to clause 
7ii71 #aj p]c5t ( ! portion ( !         
borr[]'s1 & ! borr[]'s sp\se's 7if      
applicable71 adju/$ gross income 7z     
def9$ 9 section #fb ( ! ,int]nal ,rev5ue
 ,code ( #aihf7 t is great] ?an #bej    
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       
#iijb7b771 prorat$ by ! p]c5tage t is ! 
result ( divid+ ! borr[]'s orig9al total
 loan balance m9us ! orig9al total loan 
balance ( loans subject to clause 7ii7  
by ! borr[]'s orig9al total loan balance
 attributable to all eligible loans1    
divid$ by #ab4  7,b7 ,m9imal paym5t     

obligation ,if ! calculation ( ! mon?ly 
paym5t am\nt due "u subp>agraph 7,a7 = a
 borr[] is-- 7i7 less ?an #e1 !n !      
mon?ly paym5t obligation = su* borr[] is
 equal to #j2 &  7ii7 equal to or great]
 ?an #e b less ?an #aj1 !n ! mon?ly     
paym5t obligation = su* borr[] is equal 
to #aj4  7b7 ,sav+s ,opportunity &      
,af=dable ,repaym5t au?oriz$ ,not)/&+   
any o!r provision ( ?is ,act1 !         
,secret>y %all c>ry out a ,sav+s        
,opportunity & ,af=dable ,repaym5t plan 
program t complies ) ! foll[+3 7#a7 ,a  
borr[] ( any eligible loan may elect to 
h ! borr[]'s aggregate mon?ly paym5t =  
all su* loans n exce$ ! mon?ly paym5t   
obligation ( su* borr[]4  7#b7 ,! hold] 
( su* eligible loan %all apply-- 7,a7   
#ej p]c5t ( ! borr[]'s mon?ly paym5t "u 
?is subsection t[>d out/&+ pr9cipal2 &  
7,b7 #ej p]c5t ( ! borr[]'s mon?ly      
paym5t "u ?is subsection-- 7i7 fir/ t[>d
 accru$ *>ges & collection co/s on !    
loan2  7ii7 !n t[>d out/&+ int]e/2 &    
7iii7 !n t[>d out/&+ pr9cipal4  7#c7    

,dur+ all p]iods ( repaym5t on all loans
 be+ repaid "u ! ,sav+s ,opportunity &  
,af=dable ,repaym5t plan1 ! ,secret>y   
%all n *>ge ! borr[]'s acc\nt any accru$
 int]e/ t is n cov]$ by ! borr[]'s      
mon?ly paym5t obligation4  7#d7 ,any    
pr9cipal due & n paid "u p>agraph 7#b7  
%all be def]r$4  7#e7 ,9 ! case ( a     
borr[] repay+ "u ! ,sav+s ,opportunity &
 ,af=dable ,repaym5t plan1 ! ,secret>y  
%all cancel ! rema9+ balance due on all 
eligible loans = a borr[] 9 ! case !    
borr[]-- 7,a7 is repay+ only eligible   
loans receiv$ = und]graduate /udy1 or a 
consolidation loan t repaid only loans  
receiv$ = su* /udy1 = :i* ! borr[]'s    
att5dance 9 su* und]graduate /udy 0 n m 
?an #b ye>s1 aft] ! borr[] has satisfi$ 
#abj mon?ly paym5ts or ! equival5t 7z   
describ$ 9 p>agraph 7#f771 ov] a p]iod (
 at lea/ #aj ye>s2 &  7,b7 is repay+ at 
lea/ "o eligible loan n describ$ 9      
subp>agraph 7,a71 aft] ! borr[] has     
satisfi$ #ahj mon?ly paym5ts or !       
equival5t 7z describ$ 9 p>agraph 7#f771 

ov] a p]iod ( at lea/ #ae ye>s4  7#f7 ,a
 mon?ly paym5t or ! equival5t %all be   
satisfi$ by any ( ! foll[+3 7,a7 ,a mon?
 9 :i* ! borr[]-- 7i7 makes a mon?ly    
paym5t t is equal to n less ?an ! mon?ly
 paym5t obligation ( ! borr[]2 or  7ii7 
has a mon?ly paym5t obligation ( #j4    
7,b7 ,a mon? 9 :i* ! borr[] receives a  
def]m5t or =be>ance ( repaym5t "u any ( 
! foll[+3 7i7 ,a canc] treatm5t def]m5t 
"u section #dee7;f77#c74  7ii7 ,a       
rehabilitation tra9+ program def]m5t4   
7iii7 ,an unemploym5t def]m5t4  7iv7 ,an
 economic h>d%ip def]m5t1 :i* includes  
volunte] s]vice 9 ! ,peace ,corps z an  
economic h>d%ip condition4  7v7 ,a      
milit>y s]vice def]m5t4  7vi7 ,a po/    
active-duty /ud5t def]m5t4  7vii7 ,a    
national s]vice =be>ance4  7viii7 ,a    
national gu>d duty =be>ance4  7ix7 ,a   
,dep>tm5t ( ,def5se ,/ud5t ,loan        
,repaym5t =be>ance4  7x7 ,an            
adm9i/rative =be>ance "u a p]iod-- 7,i7 
dur+ :i* ! ,secret>y has au?oriz$       
=be>ance due to a national milit>y      

mobilization or o!r local or national   
em]g5cy2  7,,ii7 necess>y = ! ,secret>y 
to collect & process docum5tation       
support+ ! borr[]'s reque/ = a def]m5t1 
=be>ance1 *ange 9 repaym5t plan1 or     
consolidation loan2 or  7,,iii7 det]m9$ 
necess>y by ! ,secret>y4  7xi7 ,a       
bankruptcy =be>ance if ! borr[] made !  
requir$ paym5ts on a confirm$ bankruptcy
 plan4  7,c7 ,a mon? 9 :i* ! borr[]     
receives a def]m5t or =be>ance (        
repaym5t n describ$ 9 subp>agraph 7,b71 
b = :i* ! borr[] makes an additional    
paym5t equal to or great] ?an _! mon?ly 
paym5t obligation 7includ+ a mon?ly     
paym5t obligation ( #j71 = a def]m5t or 
=be>ance t end$ )9 #c ye>s ( ! date (   
su* additional paym5t & occurr$ on or   
aft] ! date t is #ahj days aft] ! date (
 enactm5t ( ! ,sav+s ,opportunity &     
,af=dable ,repaym5t ,act4  7,d7 ,a mon? 
9 :i* ! borr[]-- 7i7 makes a paym5t     
pursuant to a repaym5t plan "u section  
#dic;,c or section #dee7;d77#a77;,e71 or
 ano!r income cont95t repaym5t plan "u  

section #dee7;d77#a77;,d71 or _h a      
mon?ly paym5t obligation "u su* a plan (
 #j2  7ii7 makes a paym5t "u ! /&>d     
repaym5t plan1 z describ$ 9 section     
#dbh7;b77#i77;,a77i72 or  7iii7 makes a 
paym5t "u a repaym5t plan ) paym5ts t   
are z lea/ z mu* z !y w\ld h be5 "u !   
/&>d repaym5t plan1 z describ$ 9 section
 #dbh7;b77#i77;,a77i74  7#g7 ,a borr[]  
:o is repay+ an eligible loan pursuant  
to ?is section may elect1 at any "t1 to 
t]m9ate repaym5t pursuant to ?is section
 & repay su* loan "u any o!r repaym5t   
plan = :i* ! borr[] is eligible4  7#h7  
,a borr[] :o is repay+ an eligible loan 
pursuant to ?is section may-- 7,a7 pay 9
 multiple in/allm5ts t equal ! full     
s*$ul$ mon?ly paym5t obligation ( su*   
borr[]2 or  7,b7 pay a lump sum or      
mon?ly paym5t am\nt t is equal to or    
great] ?an ! full s*$ul$ mon?ly paym5t  
obligation ( su* borr[] 9 advance ( !   
borr[]'s s*$ul$ paym5t due date = a     
p]iod ( mon?s n to exce$ ! p]iod f !    
,secret>y's receipt ( ! paym5t until !  

borr[]'s next annual repaym5t plan      
rec]tification date4  7c7 ,eligibility  
det]m9ations  7#a7 ,9 g5]al ,! ,secret>y
 %all e/abli% proc$ures = annually      
det]m9+ ! borr[]'s eligibility =        
repaym5t "u ?is section1 includ+        
v]ification ( a borr[]'s annual income &
 ! annual am\nt due on ! total am\nt (  
eligible loans1 & su* o!r proc$ures z   
are necess>y to effectively implem5t    
repaym5t "u ?is section4  7#b7          
,proc$ures = eligibility ,! ,secret>y   
%all-- 7,a7 consid]1 b is n limit$ to1 !
 proc$ures e/abli%$ 9 accordance )      
section #dee7;e77#a72 &  7,b7 c>ry out1 
) respect to borr[]s ( any eligible     
loan1 proc$ures = repaym5t plans t are  
equival5t to ! proc$ures c>ri$ out "u   
section #dee7;e77#h7 ) respect to o!r   
income cont+5t repaym5t plans4  7#c7    
,failure to timely c]tify in=mation ,if 
! ,secret>y requires in=mation f !      
borr[] to recalculate ! borr[]'s mon?ly 
paym5t obligation "u ?is section1 & !   
borr[] does n provide ! necess>y        

docum5tation to ! ,secret>y by ! "t !   
,secret>y requires su* docum5tation1 !  
,secret>y %all remove ! borr[] f !      
,sav+s ,opportunity & ,af=dable         
,repaym5t plan "u ?is section & place ! 
borr[] on an alt]native repaym5t plan "u
 :i* ! borr[]'s requir$ mon?ly paym5t is
 ! am\nt ! borr[] w\ld h paid on a      
#aj-ye> /&>d repaym5t plan bas$ on !    
curr5t eligible loan balances & int]e/  
rates on ! eligible loans at ! "t !     
borr[] is remov$ f ! plan "u ?is        
section4  7#d7 ,proc$ures  7,a7         
,approval = ! disclosure ( tax in=mation
 ,a borr[] %all provide approval = !    
disclosure ( applicable tax in=mation to
 ! ,secret>y to initially ent] repaym5t1
 or rec]tify ! borr[]'s int5t to repay1 
"u ?is section ei!r z "p ( ! process (  
complet+ a ,direct ,loan ,ma/]          
,promissory ,note or a ,direct          
,consolidation ,loan ,application &     
,promissory ,note 9 accordance )        
sections #dee7;e77#h7 & #dic;,c7c77#b7  
or on an application =m approv$ by !    

,secret>y4  7,b7 ,failure to provide    
approval ,if a borr[] does n provide    
approval = ! disclosure ( applicable tax
 in=mation pursuant to subp>agraph 7,a71
 ! borr[] %all provide docum5tation ( ! 
borr[]'s income & family size to !      
,secret>y4  7,c7 ,inability to obta9    
in=mation f ! ,,irs ,if ! ,secret>y has 
receiv$ approval = disclosure (         
applicable tax in=mation pursuant to    
subp>agraph 7,a71 b _c obta9 ! borr[]'s 
income & family size f ! ,int]nal       
,rev5ue ,s]vice1 ! borr[] &1 if         
applicable1 ! borr[]'s sp\se1 %all      
provide docum5tation ( income & family  
size to ! ,secret>y4  7,d7 ,calculation 
( paym5t am\nt ,aft] ! ,secret>y obta9s 
suffici5t in=mation to calculate !      
borr[]'s mon?ly paym5t obligation1 !    
,secret>y %all-- 7i7 calculate !        
borr[]'s mon?ly paym5t obligation2 &    
7ii7 e/abli% ! #ab-mon? p]iod dur+ :i* !
 borr[] w be obligat$ to make paym5ts 9 
! am\nt ( ! mon?ly paym5t obligation4   
7,e7 ,repaym5t disclosure ,! ,secret>y  

%all s5d to ea* borr[] a repaym5t       
disclosure t-- 7i7 specifies ! borr[]'s 
calculat$ mon?ly paym5t obligation2     
7ii7 expla9s h[ ! paym5t 0 calculat$2   
7iii7 in=ms ! borr[] ( ! t]ms &         
conditions ( repaym5t "u ?is section2 & 
7iv7 in=ms ! borr[] ( h[ to contact !   
,secret>y if ! calculat$ mon?ly paym5t  
obligation am\nt is n reflective ( !    
borr[]'s curr5t income or family size4  
7,f7 ,reque/ = recalculation  7i7 ,9    
g5]al ,if a borr[] believes t !         
calculat$ mon?ly paym5t obligation am\nt
 is n reflective ( ! borr[]'s curr5t    
income or family size1 ! borr[] may     
reque/ t ! ,secret>y recalculate !      
mon?ly paym5t obligation am\nt4  7ii7   
,alt]native docum5tation ,to support a  
reque/ "u clause 7i71 ! borr[] %all     
submit alt]native docum5tation ( income 
or family size n bas$ on tax in=mation  
to acc\nt = circum/ances su* z a        
decrease 9 income s9ce ! borr[] la/ fil$
 a tax return1 ! borr[]'s sep>ation f a 
sp\se ) :om ! borr[] _h previ\sly fil$ a

 jo9t tax return1 ! bir? or imp5d+ bir? 
( a *ild1 or o!r comp>able circum/ances4
  7,g7 ,=be>ance ,if a borr[] provides  
alt]native docum5tation "u subp>agraph  
7,f7 or if ! ,secret>y receives         
docum5tation f ! borr[] or ! borr[]'s   
sp\se "u subp>agraph 7,c71 ! ,secret>y  
%all grant =be>ance to provide "t = !   
,secret>y to recalculate ! borr[]'s     
mon?ly paym5t obligation bas$ on !      
docum5tation4  7,h7 #c mon?ly paym5ts   
rema9+ ,once a borr[] has #c mon?ly     
paym5ts rema9+ "u a #ab-mon? p]iod      
specifi$ "u subp>agraph 7,d71 !         
,secret>y %all foll[ ! proc$ures        
describ$ 9 subp>agraphs 7,c7 ?r\gh 7,g74
  7,i7 ,resett+ ( #ab-mon? p]iod ,at any
 po9t dur+ a #ab-mon? p]iod specifi$ "u 
subp>agraph 7,d71 a borr[] may reque/ t 
! ,secret>y recalculate ! borr[]'s      
mon?ly paym5t obligation e>li] ?an w\ld 
h o!rwise be5 ! case to acc\nt = a *ange
 9 ! borr[]'s circum/ances1 su* z a loss
 ( income or employm5t or divorce4 ,9   
su* a case1 ! #ab-mon? p]iod specifi$ "u

 subp>agraph 7,d7 %all be reset bas$ on 
! borr[]'s new in=mation4  7,j7 ,track+ 
=giv5ess ,! ,secret>y %all track a      
borr[]'s progress t[>d eligibility =    
loan cancellation "u subsection 7b77#e7 
& cancel loans t meet ! crit]ia "u su*  
subsection )\t ! ne$ = an application or
 docum5tation f ! borr[]4  7d7 ,m>ri$   
borr[]s  7#a7 ,calculation bas$ solely  
on borr[]'s in=mation ,9 ! case ( a     
m>ri$ borr[]1 ! ,secret>y %all calculate
 ! am\nt ( ! borr[]'s mon?ly paym5t     
obligation "u ?is section solely on !   
basis ( ! borr[]'s eligible loan debt & 
adju/$ gross income 7z def9$ 9 section  
#fb ( ! ,int]nal ,rev5ue ,code ( #aihf7 
if-- 7,a7 ! borr[] files a sep>ate      
,f$]al income tax return2 or  7,b7 !    
borr[] files a jo9t ,f$]al income tax   
return & c]tifies t ! borr[] is curr5tly
 sep>at$ f ! borr[]'s sp\se or is       
curr5tly unable to reasonably access !  
sp\se's income4  7#b7 ,calculation      
includ+ sp\se's in=mation ,9 ! case ( a 
m>ri$ borr[] n describ$ 9 subp>agraph   

7,a7 or 7,b71 ! ,secret>y %all-- 7,a7   
include ! sp\se's income 9 ! calculation
 ( ! borr[]'s mon?ly paym5t obligation  
"u ?is section2 &  7,b7 if ! sp\se has  
eligible loan debt1 adju/ ! borr[]'s    
mon?ly paym5t obligation "u ?is section 
by-- 7i7 divid+ ! out/&+ pr9cipal &     
int]e/ balance ( ! borr[]'s eligible    
loans by ! c\ple's comb9$ out/&+        
pr9cipal & int]e/ balance on eligible   
loans2 &  7ii7 multiply+ ! borr[]'s     
paym5t am\nt z calculat$ "u subsection  
7a77#e7 by ! p]c5tage det]m9$ "u clause 
7i74  2 &  7#e7 9 section               
#did7;a77#b77;,a7-- 7,a7 9 ! matt]      
prec$+ clause 7i71 by ins]t+ or a ,sav+s
 ,opportunity & ,af=dable ,repaym5t plan
 = a loan "u "p ,b aft] "p ,d2 &  7,b7 9
 clause 7ii77,i71 by ins]t+ or section  
#dic;,e7c77#b77;,b7 aft] section        
#dic;,c7c77#b77;,b74