3.0.0 821 2023-03-08T20:12:14Z 2023-03-08T20:12:14Z Senate S 2021-03-18 117 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2021-03-18T16:10:14Z 2021-03-18 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S1647) IntroReferral 2021-03-18 Introduced in Senate IntroReferral 10000 9 Library of Congress B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze N K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2021-03-18 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2021-06-14 False C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2021-06-14 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2022-09-12 False Education Congressional oversight Government lending and loan guarantees Government studies and investigations Higher education Interest, dividends, interest rates Student aid and college costs Wages and earnings Education 00 2021-03-18 Introduced in Senate 2021-07-14T16:47:36Z Repay Act of 2021

This bill directs the Department of Education (ED) to carry out a simplified income-driven repayment program for new borrowers of Federal Direct Loans. New borrower refers to a borrower who, as of July 1, 2022, has no outstanding balance on Federal Direct Loans.

Under current law, a borrower may choose from three traditional repayment plans, including a fixed 10-year repayment plan, and five income-driven plans. Under the bill, a new borrower may choose either the fixed 10-year repayment plan or a simplified income-driven repayment plan. ED must direct servicers of loans to notify borrowers of these repayment options. ED must cancel the outstanding loan balance after a borrower makes payments under the simplified income-driven repayment plan for 20 or 25 years, depending on the balance of the loan at the time the initial repayment period began.

Further, the bill allows payments made by a borrower under the simplified income-driven repayment plan to become qualifying payments under the Public Service Loan Forgiveness program.

Finally, the Government Accountability Office must study and provide recommendations for streamlining income and employment verification and administering income-based repayment programs.

]]> Repay Act of 2021 Display Title Repay Act of 2021 Official Title as Introduced A bill to amend the Higher Education Act of 1965 to establish a simplified income-driven repayment plan, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Repay Act of 2021 Introduced in Senate IS Introduced in Senate 2021-03-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s821is/xml/BILLS-117s821is.xml 2021-03-18 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S1647) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.