Introduces a new income contingent repayment plan called the Savings Opportunity and Affordable Repayment plan.
The Savings Opportunity and Affordable Repayment Act amends the Higher Education Act of 1965 to introduce a new repayment plan called the Savings Opportunity and Affordable Repayment plan. This plan allows borrowers to make monthly payments based on their income and family size, with a maximum repayment period of 25 years. The Secretary of Education is required to calculate and communicate the monthly payment obligations to borrowers, and to track their progress towards loan forgiveness.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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