Sec. 3. Offset
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Section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m) ) is amended— in paragraph (1), by striking The Secretary and inserting Except as provided in paragraph (2)(B), the Secretary ; and in paragraph (2)— by striking After the and inserting the following: Except as provided in subparagraph (B), after the ; and by adding after subparagraph
(A)the following: With respect to any eligible Federal Direct Loans made to a new borrower on or after July 1, 2017, the Secretary may cancel, in accordance with subparagraph (A), up to $57,500 of the obligation on such loans. . Section 493C of the Higher Education Act of 1965 ( 20 U.S.C. 1098e ) is amended by adding at the end the following: Subsection (e)(2) shall not apply with respect to any loan made to a new borrower on or after July 1, 2017, for enrollment in a graduate or professional program. .
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