[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3055 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 3055

 To amend the Higher Education Act of 1965 to permit a Federal student 
loan borrower to elect to terminate repayment pursuant to income-based 
repayment and repay such loan under any other repayment plan for which 
                  the borrower is otherwise eligible.


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                   IN THE SENATE OF THE UNITED STATES

                           December 16, 2019

Ms. Murkowski (for herself and Mr. Reed) introduced the following bill; 
     which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

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                                 A BILL


 
 To amend the Higher Education Act of 1965 to permit a Federal student 
loan borrower to elect to terminate repayment pursuant to income-based 
repayment and repay such loan under any other repayment plan for which 
                  the borrower is otherwise eligible.

    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 Repayment Freedom 
Act''.

SEC. 2. SWITCHING FROM INCOME-BASED REPAYMENT PLAN.

    Section 493C(b)(8) of the Higher Education Act of 1965 (20 U.S.C. 
1098e(b)(8)) is amended to read as follows:
            ``(8) a borrower who is repaying a loan made under part B 
        or D pursuant to income-based repayment may elect, at any time, 
        to terminate repayment pursuant to income-based repayment and 
        repay such loan under any other repayment plan for which the 
        borrower is otherwise eligible under this title; and''.
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