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Student Loan Repayment Simplification and Income-Driven Repayment Reform

This Act amends the Higher Education Act of 1965 to implement a Revised Pay As You Earn (REPAYE) repayment plan starting July 1, 2024, while setting end dates for enrollment in certain other plans. It allows specific deferment periods (such as for cancer treatment, unemployment, or military service) to count toward loan forgiveness and establishes a tiered forgiveness timeline based on the total amount borrowed. Furthermore, the bill restricts federal funding for educational programs where graduates' median earnings do not meet specific thresholds compared to working adults with high school or bachelor's degrees.
Key points
A Revised Pay As You Earn (REPAYE) plan will be implemented starting July 1, 2024, with certain borrowers automatically transferred to this plan.
Deferment periods for reasons such as cancer treatment, unemployment, and military service will count as qualifying monthly payments toward loan forgiveness.
Undergraduate borrowers with total loans of $10,000 or less may qualify for forgiveness after 120 payments, with the required payment period increasing for higher loan amounts.
Educational programs risk losing eligibility for federal funds if graduates' median earnings fall below those of working adults with only a high school diploma or bachelor's degree, depending on the program level.
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Additional Information
Print number: 118_S_1971
Sponsor: Sen. Cornyn, John [R-TX]
Process start date: 2023-06-14
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OFFICIAL LEGAL TITLE

Streamlining Accountability and Value in Education for Students Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1971.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-14.

What are the main provisions?

Key points include:

  • A Revised Pay As You Earn (REPAYE) plan will be implemented starting July 1, 2024, with certain borrowers automatically transferred to this plan.
  • Deferment periods for reasons such as cancer treatment, unemployment, and military service will count as qualifying monthly payments toward loan forgiveness.
  • Undergraduate borrowers with total loans of $10,000 or less may qualify for forgiveness after 120 payments, with the required payment period increasing for higher loan amounts.
  • Educational programs risk losing eligibility for federal funds if graduates' median earnings fall below those of working adults with only a high school diploma or bachelor's degree, depending on the program level.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cornyn, John [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Education Economy