[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5487 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 5487

To increase purchasing power, strengthen economic recovery, and restore 
  fairness in financing higher education in the United States through 
  student loan forgiveness, caps on interest rates on Federal student 
  loans, and refinancing opportunities for private borrowers, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 15, 2016

   Ms. Bass introduced the following bill; which was referred to the 
   Committee on Education and the Workforce, and in addition to the 
Committees on Financial Services and Ways and Means, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To increase purchasing power, strengthen economic recovery, and restore 
  fairness in financing higher education in the United States through 
  student loan forgiveness, caps on interest rates on Federal student 
  loans, and refinancing opportunities for private borrowers, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Fairness Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) A well-educated citizenry is critical to our Nation's 
        ability to compete in the global economy.
            (2) The Federal Government has a vested interest in 
        ensuring access to higher education.
            (3) Higher education should be viewed as a public good 
        benefiting our country rather than as a commodity solely 
        benefiting individual students.
            (4) Recently, total outstanding student loan debt 
        officially surpassed total credit card debt in the United 
        States in 2015, and is on track to exceed $1,230,000,000,000.
            (5) Excessive student loan debt is impeding economic growth 
        in the United States. Faced with excessive repayment burdens, 
        many individuals are unable to start businesses, invest, or buy 
        homes. Relieving student loan debt would give these individuals 
        greater control over their earnings and would increase 
        entrepreneurship and demand for goods and services.
            (6) Because of soaring tuition costs, students often have 
        no choice but to amass significant debt to obtain an education 
        that is widely considered a prerequisite for earning a living 
        wage.
            (7) Amidst rising tuition rates and stagnant grant funding, 
        many students are forced to supplement Federal loans with 
        private loans, which frequently feature higher interest rates 
        with fewer consumer protections.
            (8) A borrower who experiences an extended hardship for 
        whatever reason, or a borrower who experiences a series of 
        separate hardships over a longer period of time, will often 
        have no choice but to default on his or her private student 
        loans. Opportunities to put such private loans into forbearance 
        are limited.
            (9) During the period of forbearance on private student 
        loans, interest continues to accrue and is capitalized, and 
        once the borrower comes out of forbearance, he or she owes 
        significantly more on the principal of the loan than before the 
        hardship period began.

SEC. 3. 10/10 LOAN REPAYMENT AND FORGIVENESS.

    Part G of title IV of the Higher Education Act of 1965 is amended 
by adding at the end the following:

``SEC. 493E. 10/10 LOAN REPAYMENT AND FORGIVENESS.

    ``(a) 10/10 Loan Repayment Plan.--
            ``(1) 10/10 loan repayment plan authorized.--
        Notwithstanding any other provision of this Act, the Secretary 
        shall carry out a program (to be known as the `10/10 Loan 
        Repayment Plan') under which--
                    ``(A) a borrower of an eligible loan who is 
                eligible under paragraph (3) may elect to have the 
                borrower's aggregate monthly payment for all such loans 
                not exceed the monthly payment amount described in 
                paragraph (2);
                    ``(B) any interest due and not paid under a monthly 
                payment under this subsection--
                            ``(i) shall continue to accrue; and
                            ``(ii) shall be capitalized up to an amount 
                        equal to 10 percent of the original principal 
                        amount of all the eligible loans that the 
                        borrower is repaying under this subsection;
                    ``(C) any principal due and not paid under a 
                monthly payment under this subsection shall be 
                deferred, and shall be forgiven in accordance with 
                subsection (b) if the borrower meets the requirements 
                for forgiveness under such subsection;
                    ``(D) the amount of time the borrower makes monthly 
                payments under this subsection may exceed 10 years;
                    ``(E) a borrower who is repaying an eligible loan 
                pursuant to 10/10 Loan Repayment under this subsection 
                may elect, at any time, to terminate repayment pursuant 
                to 10/10 Loan Repayment and repay such loan under the 
                standard repayment plan, in which case the amount of 
                time the borrower is permitted to repay such loans may 
                exceed 10 years; and
                    ``(F) the special allowance payment to a lender 
                calculated under section 438(b)(2)(I), when calculated 
                for a loan in repayment under this section, shall be 
                calculated on the principal balance of the loan and on 
                any accrued interest unpaid by the borrower in 
                accordance with this section.
            ``(2) 10/10 loan repayment monthly payment formula.--A 
        borrower who has elected to participate in the 10/10 Loan 
        Repayment Plan under this subsection shall, during each month 
        the borrower is participating in such Plan, make a monthly 
        payment in an amount equal to--
                    ``(A) one-twelfth of the amount that is 10 percent 
                of the result obtained by calculating, on at least an 
                annual basis, the amount by which--
                            ``(i) the borrower's, and the borrower's 
                        spouse's (if applicable), adjusted gross 
                        income; exceeds
                            ``(ii) 150 percent of the poverty line 
                        applicable to the borrower's family size as 
                        determined under section 673(2) of the 
                        Community Services Block Grant Act (42 U.S.C. 
                        9902(2)); or
                    ``(B) in the case of a borrower who is in deferment 
                due to an economic hardship described in section 
                435(o), $0.
            ``(3) Eligibility.--The Secretary shall establish 
        procedures for annually determining the borrower's eligibility 
        for 10/10 Loan Repayment, including verification of a 
        borrower's annual adjusted gross income and the annual amount 
        due on the total amount of eligible loans, and such other 
        procedures as are necessary to effectively implement 10/10 Loan 
        Repayment under this subsection.
            ``(4) Special rule for married borrowers filing 
        separately.--In the case of a married borrower who files a 
        separate Federal income tax return, the Secretary shall 
        calculate the amount of the borrower's 10/10 Loan Repayment 
        under this subsection solely on the basis of the borrower's 
        student loan debt and adjusted gross income.
    ``(b) 10/10 Loan Forgiveness.--
            ``(1) In general.--The Secretary shall carry out a program 
        (to be known as the `10/10 Loan Forgiveness Program') to 
        forgive a qualified loan amount, in accordance with paragraph 
        (3), on an eligible loan for a borrower who, after the date 
        that is 10 years prior to the date of enactment of the Student 
        Loan Fairness Act, has made 120 monthly payments on the 
        eligible loan pursuant to any one or a combination of the 
        following:
                    ``(A) Monthly payment under the 10/10 Loan 
                Repayment Plan under subsection (a).
                    ``(B) Monthly payment under any other repayment 
                plan authorized under part B or D of an amount that, 
                for a given month, is not less than the monthly payment 
                amount calculated under subsection (a) that the 
                borrower would have owed in the year in which such 
                payment was made, based on the borrower's adjusted 
                gross income and eligible loan balance for such year.
                    ``(C) For any month after such date during which 
                the borrower is in deferment due to an economic 
                hardship described in section 435(o), monthly payment 
                of $0.
            ``(2) Method of loan forgiveness.--To provide loan 
        forgiveness under paragraph (1), the Secretary is authorized to 
        carry out a program--
                    ``(A) through the holder of the loan, to assume the 
                obligation to repay a qualified loan amount for a loan 
                made, insured, or guaranteed under part B of this 
                title; and
                    ``(B) to cancel a qualified loan amount for a loan 
                made under part D of this title.
            ``(3) Qualified loan amount.--After the borrower has made 
        120 monthly payments described in paragraph (1), the Secretary 
        shall forgive--
                    ``(A) with respect to new borrowers on or after the 
                date of enactment of the Student Loan Fairness Act, the 
                sum of--
                            ``(i) the balance of principal and fees due 
                        on the borrower's eligible loans as of the time 
                        of such forgiveness, not to exceed $45,520; and
                            ``(ii) the amount of interest that has 
                        accrued on the balance described in clause (i) 
                        as of the time of such forgiveness; or
                    ``(B) with respect to any other eligible borrower, 
                the balance of principal, interest, and fees due on the 
                borrower's eligible loans as of the time of such 
                forgiveness.
            ``(4) Exclusion from taxable income.--The amount of a 
        borrower's eligible loans forgiven under this section shall not 
        be included in the gross income of the borrower for purposes of 
        the Internal Revenue Code of 1986.
    ``(c) Supporting Documentation Required.--A borrower who has 
elected to participate in the 10/10 Loan Repayment Plan under 
subsection (a), or who is requesting forgiveness under the 10/10 Loan 
Forgiveness Program under subsection (b), shall provide to the 
Secretary such information and documentation as the Secretary 
determines, by regulation, to be necessary to verify the borrower's 
adjusted gross income and payment amounts made on eligible loans of the 
borrower for the purposes of such Plan or Program.
    ``(d) Definition of Eligible Loan.--In this section the term 
`eligible loan' means any loan made, insured, or guaranteed under part 
B or D.''.

SEC. 4. CAPPING INTEREST RATES FOR ALL FEDERAL DIRECT LOANS.

    Section 455(b) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(b)) is amended--
            (1) by redesignating paragraphs (8) and (9) as paragraphs 
        (9) and (10), respectively; and
            (2) by inserting after paragraph (7) the following:
            ``(8) Rate of interest for all new federal direct loans.--
        Notwithstanding any other provision of this Act, with respect 
        to a loan under this part for which the first disbursement of 
        principal is made (or in the case of a Federal Direct 
        Consolidation Loan, for which the application is received) on 
        or after October 1, 2016, or the date of enactment of the 
        Student Loan Fairness Act, whichever is later, the applicable 
        rate of interest shall not exceed 3.4 percent.''.

SEC. 5. 10/10 LOAN REPAYMENT PLAN AS PLAN SELECTED BY THE SECRETARY.

    (a) FFEL Loans.--
            (1) In general.--Section 428(b) of the Higher Education Act 
        of 1965 (20 U.S.C. 1078(b)(9)) is amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``and'' at the end of 
                        clause (iv);
                            (ii) in clause (v), by striking the period 
                        at the end and inserting ``; and''; and
                            (iii) by adding at the end the following 
                        new clause:
                            ``(vi) beginning October 1, 2016, a 10/10 
                        Loan Repayment Plan, with varying annual 
                        repayment amounts based on the discretionary 
                        income of the borrower, in accordance with 
                        section 493E.''; and
                    (B) in subparagraph (B), by striking ``(A)(i)'' and 
                inserting ``(A)(vi)''.
            (2) Effective date.--The amendment made by paragraph (1)(B) 
        shall be effective beginning October 1, 2016.
    (b) Direct Loans.--
            (1) In general.--Section 455(d) of the Higher Education Act 
        of 1965 (20 U.S.C. 1087e(d)) is amended--
                    (A) in paragraph (1)--
                            (i) by striking ``and'' at the end of 
                        subparagraph (D);
                            (ii) in subparagraph (E), by striking the 
                        period at the end and inserting a semicolon; 
                        and
                            (iii) by adding at the end the following 
                        new subparagraph:
                    ``(F) beginning on October 1, 2016, a 10/10 Loan 
                Repayment Plan, with varying annual repayment amounts 
                based on the discretionary income of the borrower, in 
                accordance with section 493E.''; and
                    (B) in paragraph (2)--
                            (i) by striking ``may'' and inserting 
                        ``shall''; and
                            (ii) by striking ``(A), (B), or (C)'' and 
                        inserting ``(F)''.
            (2) Effective date.--The amendment made by paragraph (1)(B) 
        shall be effective beginning October 1, 2016.

SEC. 6. IMPROVING AND EXPANDING PUBLIC SERVICE LOAN FORGIVENESS.

    Section 455(m) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(m)) is amended--
            (1) in paragraph (1), by striking ``120'' and inserting 
        ``60'' each place it appears; and
            (2) in paragraph (3)(B)--
                    (A) in clause (i), by striking ``or'' after the 
                semicolon;
                    (B) in clause (ii), by striking the period and 
                inserting ``; or''; and
                    (C) by adding at the end the following:
                            ``(iii) a full-time job as a primary care 
                        physician in an area or population designated 
                        as a Medically Underserved Area or Population 
                        by the Health Resources and Services 
                        Administration.''.

SEC. 7. REFINANCING PRIVATE EDUCATION LOANS FOR CERTAIN BORROWERS.

    (a) Consolidation for Certain Borrowers.--Section 455(g) of the 
Higher Education Act of 1965 (20 U.S.C. 1087e(g)) is amended--
            (1) by striking ``A borrower'' and inserting the following:
            ``(1) In general.--A borrower'';
            (2) by inserting ``, and any loan described in paragraph 
        (2)'' after ``July 1, 2010''; and
            (3) by adding at the end the following new paragraph:
            ``(2) Consolidation of private education loans as a federal 
        direct consolidation loan for certain borrowers.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, a borrower who meets the eligibility 
                criteria described in subparagraph (B) shall be 
                eligible to obtain a Federal Direct Consolidation loan 
                under this paragraph that--
                            ``(i) shall include an eligible private 
                        education loan; and
                            ``(ii) may include a loan described in 
                        section 428C(a)(4).
                    ``(B) Eligible borrower.--A borrower of an eligible 
                private education loan is eligible to obtain a Federal 
                Direct Consolidation Loan under this paragraph if the 
                borrower--
                            ``(i) was eligible to borrow a loan under 
                        section 428H, a Federal Direct Unsubsidized 
                        Stafford Loan, a loan under section 428B, or a 
                        Federal Direct PLUS loan for a period of 
                        enrollment at an institution of higher 
                        education, or, with respect to a borrower who 
                        was enrolled at an institution of higher 
                        education on less than a half-time basis, would 
                        have been eligible to borrow such a loan for 
                        such period of enrollment if the borrower had 
                        been enrolled on at least a half-time basis;
                            ``(ii) borrowed at least one eligible 
                        private education loan for a period of 
                        enrollment described in clause (i); and
                            ``(iii) has an average adjusted gross 
                        income (based on the borrower's adjusted gross 
                        income from the 3 most recent calendar years 
                        before application for consolidation under this 
                        section) that is equal to or less than the 
                        borrower's total education debt (determined by 
                        calculating the sum of the borrower's loans 
                        described in section 428C(a)(4) and eligible 
                        private education loans) at the time of such 
                        application.
                    ``(C) Definition of eligible private education 
                loan.--For purposes of this paragraph, the term 
                `eligible private education loan' means a private 
                education loan (as such term is defined in section 140 
                of the Truth in Lending Act (15 U.S.C. 1650)) made on 
                or before the date of enactment of the Student Loan 
                Fairness Act, including the amount of outstanding 
                principal, accrued interest, and related fees and costs 
                (as determined by the Secretary) owed by a borrower on 
                such a loan.
                    ``(D) Purchase of loan.--For each eligible private 
                education loan that a borrower is consolidating under 
                this paragraph, the Secretary shall notify the holder 
                that the Secretary is purchasing the loan, and the 
                Secretary shall then purchase such loan, as described 
                under section 140A of the Truth in Lending Act.
                    ``(E) Terms and rate of interest.--A Federal Direct 
                Consolidation Loan made under this paragraph shall have 
                the same terms and conditions as a Federal Direct 
                Consolidation loan under paragraph (1), except that the 
                applicable rate of interest for a Federal Direct 
                Consolidation loan made under this paragraph shall not 
                exceed 3.4 percent.
                    ``(F) Notification of eligible borrowers.--The 
                Secretary shall take such steps as may be necessary to 
                notify eligible borrowers of the availability of 
                consolidation under this paragraph no later than 60 
                days after the date of enactment of the Student Loan 
                Fairness Act, including notifying such borrowers of the 
                deadline to apply for such a loan under subparagraph 
                (G).
                    ``(G) Application deadline for loans under this 
                paragraph.--A borrower may apply for loans under this 
                paragraph during the 1-year period beginning on the 
                date of enactment of the Student Loan Fairness Act. The 
                Secretary shall not make a Federal Direct Consolidation 
                Loan under this paragraph to any borrower who has not 
                submitted an application for such a loan to the 
                Secretary before the end of such period.
                    ``(H) Authorization and appropriation.--There are 
                authorized to be appropriated, and there are 
                appropriated, such sums as may be necessary to carry 
                out this paragraph.''.
    (b) Sale of Private Education Loans to the Government.--Chapter 2 
of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended--
            (1) by redesignating section 140A as section 140B;
            (2) by inserting after section 140 the following:
``Sec. 140A. Sale of private education loans to the Government
    ``(a) In General.--The Bureau shall issue regulations to require a 
private education lender to sell an eligible private education loan to 
the Secretary of Education, upon request of the Secretary, for purposes 
of consolidating such loan, as described under section 455(g)(2) of the 
Higher Education Act of 1965.
    ``(b) Determination of Price.--The price paid for a private 
education loan under subsection (a) shall--
            ``(1) include the amount of outstanding principal on the 
        loan, the amount of accrued interest on the loan, and any fees 
        or other costs owed by the consumer on the loan; and
            ``(2) be adjusted to account for the time value of such 
        amount.
    ``(c) Definitions.--For purposes of this section:
            ``(1) Eligible private education loan.--The term `eligible 
        private education loan' means a private education loan, as 
        defined under section 140(a), made on or before the date of 
        enactment of the Student Loan Fairness Act.
            ``(2) Private education lender.--The term `private 
        education lender' has the meaning given such term under section 
        140(a).''; and
            (3) in the table of contents for such chapter--
                    (A) by redesignating the item relating to section 
                140A as item 140B; and
                    (B) by inserting after the item relating to section 
                140 the following:

``140A. Sale of private education loans to the Government.''.
    (c) Conforming Amendment.--Section 428C(a)(3)(B)(i)(V) of the 
Higher Education Act of 1965 (20 U.S.C. 1078-3(a)(3)(B)(i)(V)) is 
amended--
            (1) by striking ``or'' at the end of item (bb);
            (2) by striking the period at the end of item (cc) and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                                            ``(dd) for the purpose of 
                                        consolidating an eligible 
                                        private education loan under 
                                        section 455(g)(2), whether such 
                                        loan is consolidated alone, 
                                        with other eligible private 
                                        education loans, or with loans 
                                        described in paragraph (4).''.

SEC. 8. INTEREST-FREE DEFERMENT OF UNSUBSIDIZED LOANS DURING PERIODS OF 
              UNEMPLOYMENT.

    (a) FFEL Unsubsidized Loan Deferment.--
            (1) Section 428H(e)(2) of the Higher Education Act of 1965 
        (20 U.S.C. 1078-8(e)(2)) is amended--
                    (A) in subparagraph (A), by inserting ``Except as 
                provided in subparagraph (C),'' before ``Interest on''; 
                and
                    (B) by adding at the end the following:
            ``(C) Interest on loans made under this section for which 
        payments are deferred under clause (ii) of section 
        428(b)(1)(M), for a period of deferment granted to a borrower 
        on or after the date of enactment of the Student Loan Fairness 
        Act, shall accrue and be paid by the Secretary during any 
        period during which loans are so deferred, not in excess of 3 
        years.''.
            (2) Conforming amendment.--Section 428(b)(1)(Y)(iii) of the 
        Higher Education Act of 1965 (20 U.S.C. 1078(b)(1)(Y)(iii)) is 
        amended by inserting ``(other than a deferment under clause 
        (ii) of such subparagraph on or after the date of enactment of 
        the Student Loan Fairness Act)'' after ``of this paragraph''.
    (b) Direct Unsubsidized Loan Deferment.--Section 455(f)(1) of the 
Higher Education Act of 1965 (20 U.S.C. 1087e(f)(1)) is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``or'' at the end of clause (i); 
                and
                    (B) by adding at the end the following:
                            ``(iii) a Federal Direct Unsubsidized 
                        Stafford Loan, with respect to a period of 
                        deferment described in subparagraph (B) of 
                        paragraph (2) granted to a borrower on or after 
                        the date of enactment of the Student Loan 
                        Fairness Act; or''; and
            (2) in subparagraph (B), by inserting ``not described in 
        subparagraph (A)(iii)'' after ``Unsubsidized Stafford Loan''.
    (c) Treatment of Consolidation Loans.--Section 428C(b)(4)(C)(ii) of 
the Higher Education Act of 1965 (20 U.S.C. 1078-3(b)(4)(C)(ii)) is 
amended--
            (1) by striking ``or'' at the end of subclause (II);
            (2) by redesignating subclause (III) as subclause (IV);
            (3) by inserting after subclause (II) the following:
                                    ``(III) by the Secretary, in the 
                                case of a consolidation loan for which 
                                the application is received on or after 
                                the date of enactment of the Student 
                                Loan Fairness Act, except that the 
                                Secretary shall pay such interest only 
                                for a period not in excess of 3 years 
                                for which the borrower would be 
                                eligible for a deferral under clause 
                                (ii) of section 428(b)(1)(M); or''; and
            (4) in subclause (IV) (as so redesignated by this 
        subsection), by striking ``(I) or (II)'' and inserting ``(I), 
        (II), or (III)''.
    (d) Income-Based Repayment.--Section 493C(b) of the Higher 
Education Act of 1965 (20 U.S.C. 10983(b)) is amended--
            (1) in paragraph (3)--
                    (A) in subparagraph (A), by striking ``and'' after 
                the semicolon;
                    (B) by redesignating subparagraph (B) as 
                subparagraph (C);
                    (C) by inserting after subparagraph (A) the 
                following:
                    ``(B) shall, on subsidized and unsubsidized loans, 
                be paid by the Secretary for a period of not more than 
                3 years during which the borrower is eligible for a 
                deferment due to unemployment described in section 
                455(f)(2)(B) (regardless of whether the student is in 
                such a deferment), except that--
                            ``(i) this subparagraph shall only apply to 
                        periods during which the borrower is eligible 
                        for a such deferment on or after the date of 
                        enactment of the Student Loan Fairness Act; and
                            ``(ii) in the case of a subsidized loan, 
                        such period shall not include any period 
                        described in subparagraph (A) or any period 
                        during which the borrower is in deferment due 
                        to an economic hardship described in section 
                        435(o); and'';
                    (D) in subparagraph (C) (as so redesignated by 
                paragraph (2))--
                            (i) in clause (i), by striking 
                        ``subparagraph (A)'' and inserting 
                        ``subparagraphs (A) and (B)''; and
                            (ii) in clause (ii), by inserting ``, 
                        subject to subparagraph (B),'' after 
                        ``unsubsidized loan'';
                    (E) by striking ``and'' at the end of paragraph 
                (8);
                    (F) by striking the period at the end of paragraph 
                (9) and inserting a semicolon; and
                    (G) by adding at the end the following new 
                paragraph:
            ``(10) the amount of the principal and interest on a 
        borrower's loans repaid or canceled under paragraph (7) shall 
        not be included in the gross income of the borrower for 
        purposes of the Internal Revenue Code of 1986.''.

SEC. 9. EXCLUDING LOANS FORGIVEN UNDER CERTAIN REPAYMENT PROGRAMS FROM 
              GROSS INCOME.

    (a) Income-Contingent Repayment.--Section 455(e)(2) of the Higher 
Education Act of 1965 (20 U.S.C. 1087e(e)(2)) is amended--
            (1) in the subsection heading, by inserting ``and 
        Forgiveness'' after ``Repayment''; and
            (2) by adding at the end the following: ``The amount of the 
        principal and interest on a borrower's loans forgiven pursuant 
        to income contingent repayment shall not be included in the 
        gross income of the borrower for purposes of the Internal 
        Revenue Code of 1986.''.
    (b) Pay As You Earn Repayment; Revise Pay As You Earn Repayment.--
The amount of the principal and interest on a borrower's loans forgiven 
pursuant to the income-contingent repayment plan based on the Pay As 
You Earn repayment plan described in section 685.209 of title 34, Code 
of Federal Regulations (or the successor regulations), or the income-
contingent repayment based on the Revised Pay As You Earn repayment 
plan described in sections 685.208 and 685.209 of title 34, Code of 
Federal Regulations, as amended the final regulations published by the 
Department of Education in the Federal Register on October 30, 2015 (80 
Fed. Reg. 67203 et seq.), shall not be included in the gross income of 
the borrower for purposes of the Internal Revenue Code of 1986.
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