Sec. 3. Parity with income-driven repayment
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Section 488A of the Higher Education Act of 1965 ( 20 U.S.C. 1095a ) is amended by striking subsection (a)(1) and inserting: The amount deducted in any calendar month shall not exceed the amount that a similarly-situated individual would be required to make for such month under the income-driven repayment plan that offers the lowest monthly payment. In this subsection, the term income-driven repayment means— income-based repayment authorized under section 493C for loans made, insured, or guaranteed under part B or part D; or income contingent repayment authorized under section 455(e), for loans made under part D.
With respect to an individual, the term similarly situated individual means another individual with an eligible loan who would be eligible to enroll in income-driven repayment and has the same income and family size characteristics. .
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Sec. 3
Parity with income-driven repayment
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