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Code · BILL · 119th Congress · S. 801 (Introduced in Senate) — To amend the Higher Education Act of 1965 to provide for fiscal accountability, to require institutions of higher edu... · Sec. 102

Sec. 102. Phasing out loan forgiveness

347 words·~2 min read·/bill/119/s/801/is/section-102

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The Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq. ) is amended— in section 455— in subsection (d)(1), in the matter preceding subparagraph (A), by inserting (except a Federal Direct simplification loan) after borrower of a loan made under this part ; in subsection (e), by adding at the end the following: Income contingent repayment shall not be available for a Federal Direct simplification loan. ; and in subsection (m), by adding at the end the following: Notwithstanding any other provision of this Act and subject to subparagraph (B), with respect to any loan made on or after July 1, 2025, the Secretary may not cancel any outstanding balance of principal and interest due on the loan for the borrower of the loan pursuant to this subsection.
In the case of a borrower whose first loan for a program of study is made prior to July 1, 2025, the Secretary may repay or cancel any outstanding balance of principal and interest due on the subsequent loans for that borrower for the same program of study pursuant to this subsection for— loans made during the time it takes to complete that program of study; or loans made before July 1, 2028; whichever occurs earlier. ; and in section 493C, by adding at the end the following:
Notwithstanding any other provision of this Act and subject to paragraph (2), with respect to any loan made on or after July 1, 2025, the Secretary may not repay or cancel any outstanding balance of principal and interest due on the loan for the borrower of the loan pursuant to this section. In the case of a borrower whose first loan for a program of study is made prior to July 1, 2025, the Secretary may repay or cancel any outstanding balance of principal and interest due on the subsequent loans for that borrower for the same program of study pursuant to this section for— loans made during the time it takes to complete that program of study; or loans made before July 1, 2028; whichever occurs earlier. .
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Sec. 102
Phasing out loan forgiveness
U.S.C.§ 1001
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