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II
116TH CONGRESS
1ST SESSION
S. 3055
To amend the Higher Education Act of 1965 to permit a Federal student
loan borrower to elect to terminate repayment pursuant to income-based
repayment and repay such loan under any other repayment plan for
which the borrower is otherwise eligible.
IN THE SENATE OF THE UNITED STATES
DECEMBER 16, 2019
Ms. MURKOWSKI (for herself and Mr. REED) introduced the following bill;
which was read twice and referred to the Committee on Health, Edu-
cation, Labor, and Pensions
A BILL
To amend the Higher Education Act of 1965 to permit
a Federal student loan borrower to elect to terminate
repayment pursuant to income-based repayment and
repay such loan under any other repayment plan for
which the borrower is otherwise eligible.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Student Loan Repay-
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ment Freedom Act’’.
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•S 3055 IS
SEC. 2. SWITCHING FROM INCOME-BASED REPAYMENT
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PLAN.
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Section 493C(b)(8) of the Higher Education Act of
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1965 (20 U.S.C. 1098e(b)(8)) is amended to read as fol-
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lows:
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‘‘(8) a borrower who is repaying a loan made
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under part B or D pursuant to income-based repay-
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ment may elect, at any time, to terminate repayment
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pursuant to income-based repayment and repay such
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loan under any other repayment plan for which the
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borrower is otherwise eligible under this title; and’’.
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