Sec. 5. Fixed repayment plan
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/bill/114/s/1948/is/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq. ) is amended by adding at the end the following: A borrower of a loan made under this part on or after July 1, 2016, and a borrower who is in repayment on a loan made under part B or part D before July 1, 2016, may elect to repay such loan under the fixed repayment plan described in this section. Under the fixed repayment plan, a borrower with a total Federal student loan debt amount that— is equal to or less than $10,000, shall repay each loan described in subsection
(a)with a fixed monthly repayment amount paid over a period of 10 years; is more than $10,000 and less than $20,000, shall repay each loan described in subsection
(a)with a fixed monthly repayment amount paid over a period of— 15 years; or the period described in paragraph (1), if the borrower chooses; is equal to or greater than $20,000, and less than $30,000, shall repay each loan described in subsection
(a)with a fixed monthly repayment amount paid over a period of— 20 years; or the period described in paragraph
(1)or (2), if the borrower chooses; and is equal to or greater than $30,000, shall repay each loan described in subsection
(a)with a fixed monthly repayment amount paid over a period of— 25 years; or the period described in any of paragraphs
(1)through (3), if the borrower chooses. .
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Sec. 5
Fixed repayment plan
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