serting ‘‘the repayment options de-
scribed in paragraph (9); and’’; and
(ii) in clause (ii)—
(I) by striking ‘‘over a period’’
through ‘‘nor more than 10 years’’
and inserting ‘‘in accordance with the
repayment plan selected under para-
graph (9), and’’; and
(II) by striking ‘‘of this sub-
section;’’ at the end of clause (ii) and
inserting a semicolon; and
(C) in subparagraph (L)(i), by inserting
after the clause designation the following: ‘‘ex-
cept as otherwise provided by a repayment plan
selected by the borrower under paragraph
(9)(A)(iii) or (iv),’’; and
(2) by adding after paragraph (8) the following
new paragraph:
‘‘(9) REPAYMENT PLANS.—
‘‘(A) DESIGN AND SELECTION.—In accord-
ance with regulations of the Secretary, the lend-
er shall offer a borrower of a loan made under
this part the plans described in this subpara-
graph for repayment of such loan, including
principal and interest thereon. No plan may re-
quire a borrower to repay a loan in less than
5 years. The borrower may choose from—
‘‘(i) a standard repayment plan, with
a fixed annual repayment amount paid
over a fixed period of time, not to exceed
10 years;
‘‘(ii) an extended repayment plan,
with a fixed annual repayment amount
paid over an extended period of time, not
to exceed 30 years, except that the bor-
rower shall repay annually a minimum
amount determined in accordance with
paragraph (2)(L);
‘‘(iii) a graduated repayment plan,
with annual repayment amounts estab-
lished at 2 or more graduated levels and
paid over an extended period of time, not
to exceed 30 years, except that the borrow-
er’s scheduled payments shall not be less
than 50 percent, nor more than 150 per-
cent, of what the amortized payment on
the amount owed would be if the loan were
repaid under the standard repayment plan;
and
‘‘(iv) an income-sensitive repayment
plan, 
with 
income-sensitive 
repayment
amounts paid over a fixed period of time
by the Secretary, not to exceed 25 years,
at the end of which any remaining obliga-
tion of the borrower shall be discharged
under section 437(e).
‘‘(B) LENDER SELECTION OF OPTION IF
BORROWER DOES NOT SELECT.—If a borrower
of a loan made under this part does not select
a repayment plan described in subparagraph
(A), the lender shall provide the borrower with
a repayment plan described in subparagraph
(A)(i).
‘‘(C) CHANGES IN SELECTIONS.—The bor-
rower of a loan made under this part may
change the borrower’s selection of a repayment
plan under subparagraph (A), or the lender’s
selection of a plan for the borrower under sub-
paragraph (B), as the case may be, under such
conditions as may be prescribed by the Sec-
retary in regulation.
‘‘(D) ACCELERATION PERMITTED.—Under
any of the plans described in this paragraph,
the borrower shall be entitled to accelerate,
without penalty, repayment on the borrower’s
loans under this part.
‘‘(E) COMPARABLE
FFEL
AND
DIRECT
LOAN REPAYMENT PLANS.—The Secretary shall
ensure that the repayment plans offered to bor-
rowers under this part are comparable, to the
extent practicable and not otherwise provided in
statute, to the repayment plans offered under
part D.’’.
(c) CONSOLIDATION
LOANS.—Section 428C (20
U.S.C. 1078–3) is amended—
(1) in subsection (b)(3)(F), by striking ‘‘alter-
native’’; and
(2) in subsection (c) by amending paragraph
(2) to read as follows:
‘‘(2) REPAYMENT PLANS.—
‘‘(A) DESIGN AND SELECTION.—In accord-
ance with regulations of the Secretary, the lend-
er shall offer a borrower of a loan made under
this section the plans described in this para-
graph for repayment of such loan, including
principal and interest thereon. No plan may re-
quire a borrower to repay a loan in less than
5 years. The borrower may choose from—