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may be made under this paragraph only with respect
to awards for that fiscal year.
‘‘(e) 
AUTHORIZATION
AND
APPROPRIATION
OF
FUNDS.—
‘‘(1) IN GENERAL.—There are authorized to be
appropriated, and there are appropriated, out of any
money in the Treasury not otherwise appropriated,
for the Department of Education to carry out this
section—
‘‘(A) $2,620,000,000 for fiscal year 2008;
‘‘(B) $3,040,000,000 for fiscal year 2009;
‘‘(C) $3,460,000,000 for fiscal year 2010;
‘‘(D) $3,900,000,000 for fiscal year 2011;
‘‘(E) $4,020,000,000 for fiscal year 2012;
‘‘(F) $10,000,000 for fiscal year 2013;
‘‘(G) $3,650,000,000 for fiscal year 2014;
‘‘(H) $3,850,000,000 for fiscal year 2015;
‘‘(I) $4,175,000,000 for fiscal year 2016;
and
‘‘(J) $4,180,000,000 for fiscal year 2017.
‘‘(2) AVAILABILITY
OF
FUNDS.—Funds appro-
priated under paragraph (1) for a fiscal year shall
remain available through the last day of the fiscal
year immediately succeeding the fiscal year for which
the funds are appropriated.’’.
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(b) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall take effect on July 1, 2008.
TITLE II—STUDENT LOAN BENE-
FITS, 
TERMS, 
AND 
CONDI-
TIONS
SEC. 201. DEFERMENTS.
(a) FISL.—Section 427(a)(2)(C)(iii) (20 U.S.C.
1077(a)(2)(C)(iii)) is amended by striking ‘‘3 years’’ and
inserting ‘‘6 years’’.
(b) INTEREST SUBSIDIES.—Section 428(b)(1)(M)(iv)
(20 U.S.C. 1078(b)(1)(M)(iv)) is amended by striking ‘‘3
years’’ and inserting ‘‘6 years’’.
(c) DIRECT LOANS.—Section 455(f)(2)(D) (20 U.S.C.
1087e(f)(2)(D)) is amended by striking ‘‘3 years’’ and in-
serting ‘‘6 years’’.
(d) PERKINS.—Section 464(c)(2)(A)(iv) (20 U.S.C.
1087dd(c)(2)(A)(iv)) is amended by striking ‘‘3 years’’ and
inserting ‘‘6 years’’.
(e) EFFECTIVE
DATE
AND
APPLICABILITY.—The
amendments made by this section shall take effect on July
1, 2008, and shall only apply with respect to the loans made
to a borrower of a loan under title IV of the Higher Edu-
cation Act of 1965 who obtained the borrower’s first loan
under such title prior to October 1, 2012.
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SEC. 202. STUDENT LOAN DEFERMENT FOR CERTAIN MEM-
BERS OF THE ARMED FORCES.
(a) FEDERAL FAMILY EDUCATION LOANS.—Section
428(b)(1)(M)(iii) 
(20 
U.S.C. 
1078(b)(1)(M)(iii)) 
is
amended—
(1) in the matter preceding subclause (I), by
striking ‘‘not in excess of 3 years’’;
(2) in subclause (II), by striking ‘‘; or’’ and in-
serting a comma; and
(3) by adding at the end the following:
‘‘and for the 180-day period following the
demobilization date for the service described
in subclause (I) or (II); or’’.
(b) DIRECT LOANS.—Section 455(f)(2)(C) (20 U.S.C.
1087e(f)(2)(C)) is amended—
(1) in the matter preceding clause (i), by strik-
ing ‘‘not in excess of 3 years’’;
(2) in clause (ii), by striking ‘‘; or’’ and insert-
ing a comma; and
(3) by adding at the end the following:
‘‘and for the 180-day period following the demo-
bilization date for the service described in clause
(i) or (ii); or’’.
(c) PERKINS LOANS.—Section 464(c)(2)(A)(iii) (20
U.S.C. 1087dd(c)(2)(A)(iii)) is amended—
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(1) in the matter preceding subclause (I), by
striking ‘‘not in excess of 3 years’’;
(2) in subclause (II), by striking the semicolon
and inserting a comma; and
(3) by adding at the end the following:
‘‘and for the 180-day period following the demo-
bilization date for the service described in sub-
clause (I) or (II);’’.
(d) APPLICABILITY.—Section 8007(f) of the Higher
Education Reconciliation Act of 2005 (20 U.S.C. 1078 note)
is amended by striking ‘‘loans for which’’ and all that fol-
lows through the period at the end and inserting ‘‘all loans
under title IV of the Higher Education Act of 1965.’’.
(e) EFFECTIVE DATE.—The amendments made by this
section shall take effect on July 1, 2008.
SEC. 203. INCOME-BASED REPAYMENT PLANS.
(a) FFEL.—Section 428 (as amended by sections
201(b) and 202(a)) (20 U.S.C. 1078) is further amended—
(1) in subsection (b)—
(A) in paragraph (1)—
(i) in subparagraph (D), by striking
‘‘income contingent’’ and inserting ‘‘income-
based’’; and
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(ii) in subparagraph (E)(i), by strik-
ing ‘‘income-sensitive’’ and inserting ‘‘in-
come-based’’; and
(B) by striking clause (iii) of paragraph
(9)(A) and inserting the following:
‘‘(iii) 
an 
income-based 
repayment
plan, with parallel terms, conditions, and
benefits as the income-based repayment
plan described in subsections (e) and
(d)(1)(D) of section 455, except that—
‘‘(I) the plan described in this
clause shall not be available to a bor-
rower of an excepted PLUS loan (as
defined in section 455(e)(10)) or of a
loan made under 428C that includes
an excepted PLUS loan;
‘‘(II) in lieu of the process of ob-
taining Federal income tax returns
and information from the Internal
Revenue Service, as described in sec-
tion 455(e)(1), the borrower shall pro-
vide the lender with a copy of the Fed-
eral income tax return and return in-
formation for the borrower (and, if ap-
plicable, the borrower’s spouse) for the