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‘‘(5) the amount of time the borrower makes 
monthly payments under paragraph (1) may exceed 
10 years; 
‘‘(6) if the borrower no longer has a partial fi-
nancial hardship or no longer wishes to continue the 
election under this subsection, then— 
‘‘(A) the maximum monthly payment re-
quired to be paid for all loans made to the bor-
rower under part B or D (other than an ex-
cepted PLUS loan) shall not exceed the month-
ly 
amount 
calculated 
under 
section 
428(b)(9)(A)(i) or 455(d)(1)(A) when the bor-
rower first made the election described in this 
subsection; and 
‘‘(B) the amount of time the borrower is 
permitted to repay such loans may exceed 10 
years; 
‘‘(7) the Secretary shall repay or cancel any 
outstanding balance of principal and interest due on 
all loans made under part B or D (other than a loan 
under section 428B or a Federal Direct PLUS 
Loan) to a borrower who— 
‘‘(A) is in deferment due to an economic 
hardship described in section 435(o) for a pe-
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riod of time prescribed by the Secretary, not to 
exceed 20 years; or 
‘‘(B)(i) makes the election to participate in 
income-based repayment under paragraph (1); 
and 
‘‘(ii) for a period of time prescribed by the 
Secretary, not to exceed 20 years (including any 
period during which the borrower is in 
deferment due to an economic hardship de-
scribed in section 435(o)), meets 1 or more of 
the following requirements: 
‘‘(I) has made reduced monthly pay-
ments under paragraph (1); 
‘‘(II) has made monthly payments of 
not less than the monthly amount cal-
culated under section 428(b)(9)(A)(i) or 
455(d)(1)(A) when the borrower first made 
the election described in this subsection; 
‘‘(III) has made payments under a 
standard repayment plan under section 
428(b)(9)(A)(i) or 455(d)(1)(A); 
‘‘(IV) has made payments under an 
income-contingent repayment plan under 
section 455(d)(1)(D); and
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‘‘(8) a borrower who is repaying a loan made 
under this part pursuant to income-based repayment 
may elect, at any time, to terminate repayment pur-
suant to income-based repayment and repay such 
loan under the standard repayment plan.’’. 
(b) 
CONFORMING
ICR 
AMENDMENT.—Section 
455(d)(1)(D) (20 U.S.C. 1087e(d)(1)(D)) is amended by 
inserting ‘‘made on behalf of a dependent student’’ after 
‘‘PLUS loan’’. 
SEC. 134. DEFINITION OF ECONOMIC HARDSHIP. 
Section 435(o) (20 U.S.C. 1085(o)) is amended— 
(1) in paragraph (1)— 
(A) in subparagraph (A)(ii)— 
(i) by striking ‘‘100 percent of the 
poverty line for a family of 2’’ and insert-
ing ‘‘150 percent of the poverty line appli-
cable to the borrower’s family size’’; and 
(ii) by inserting ‘‘or’’ after the semi-
colon; 
(B) by striking subparagraph (B); and 
(C) by redesignating subparagraph (C) as 
subparagraph (B); and 
(2) in paragraph (2), by striking ‘‘(1)(C)’’ and 
inserting ‘‘(1)(B)’’.
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SEC. 135. DEFERRALS. 
(a) FISL.—Section 427(a)(2)(C)(iii) (20 U.S.C. 
1077(a)(2)(C)(iii)) is amended by striking ‘‘not in excess 
of 3 years’’. 
(b) INTEREST SUBSIDIES.—Section 428(b)(1)(M)(iv) 
(20 U.S.C. 1078(b)(1)(M)(iv)) is amended by striking 
‘‘not in excess of 3 years’’. 
(c) DIRECT
LOANS.—Section 455(f)(2)(D) (20 
U.S.C. 1087e(f)(2)(D)) is amended by striking ‘‘not in ex-
cess of 3 years’’. 
(d) PERKINS.—Section 464(c)(2)(A)(iv) (20 U.S.C. 
1087dd(c)(2)(A)(iv)) is amended by striking ‘‘not in ex-
cess of 3 years’’. 
SEC. 136. MAXIMUM REPAYMENT PERIOD. 
(a) IN
GENERAL.—Section 455(e) (20 U.S.C. 
1087e(e)) is amended by adding at the end the following: 
‘‘(9) MAXIMUM REPAYMENT PERIOD.—In calcu-
lating the extended period of time for which an in-
come-contingent repayment plan under this sub-
section may be in effect for a borrower, the Sec-
retary shall include all time periods during which a 
borrower of loans under part B, part D, or part E— 
‘‘(A) is not in default on any loan that is 
included in the income-contingent repayment 
plan; and
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‘‘(B)(i) is in deferment due to an economic 
hardship described in section 435(o); 
‘‘(ii) makes monthly payments under para-
graph (1) or (6) of section 493C(b); or 
‘‘(iii) makes payments under a standard 
repayment 
plan 
described 
in 
section 
428(b)(9)(A)(i) or subsection (d)(1)(A).’’. 
(b) TECHNICAL CORRECTION.—Section 455(d)(1)(C) 
(20 U.S.C. 1087e(d)(1)(C)) is amended by striking 
‘‘428(b)(9)(A)(v)’’ and inserting ‘‘428(b)(9)(A)(iv)’’. 
SEC. 137. DEFERRAL OF LOAN REPAYMENT FOLLOWING AC-
TIVE DUTY. 
Part G of title IV is amended by inserting after sec-
tion 484B (20 U.S.C. 1091b) the following new section: 
‘‘SEC. 484C. DEFERRAL OF LOAN REPAYMENT FOLLOWING 
ACTIVE DUTY. 
‘‘(a) DEFERRAL OF LOAN REPAYMENT FOLLOWING 
ACTIVE DUTY.—In addition to any deferral of repayment 
of a loan made under this title pursuant to section 
428(b)(1)(M)(iii), 455(f)(2)(C), or 464(c)(2)(A)(ii), a bor-
rower of a loan under this title who is a member of the 
National Guard or other reserve component of the Armed 
Forces of the United States, or a member of such Armed 
Forces in a retired status, is called or ordered to active 
duty, and is currently enrolled, or was enrolled within six
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months prior to the activation, in a program of instruction 
at an eligible institution, shall be eligible for a deferment 
during the 13 months following the conclusion of such 
service, except that a deferment under this subsection 
shall expire upon the borrower’s return to enrolled student 
status. 
‘‘(b) 
ACTIVE
DUTY.—Notwithstanding 
section 
481(d), in this section, the term ‘active duty’ has the 
meaning given such term in section 101(d)(1) of title 10, 
United States Code, except that such term— 
‘‘(1) does not include active duty for training or 
attendance at a service school; but 
‘‘(2) includes, in the case of members of the 
National Guard, active State duty.’’. 
PART D—SUSTAINING THE PERKINS LOAN 
PROGRAM 
SEC. 141. FEDERAL PERKINS LOANS. 
Section 461(b) (20 U.S.C. 1087aa(b)) is amended by 
adding at the end the following new paragraphs: 
‘‘(3) In addition to any amounts appropriated 
pursuant to paragraph (1) or (2) of this subsection, 
there shall be available to the Secretary for contribu-
tions to student loan funds established under part 
E, 
from 
funds 
not 
otherwise 
appropriated, 
$100,000,000 for each of the fiscal years 2008
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through 2012. The sum of the amount made avail-
able under this subsection for any such fiscal year, 
plus the amount so appropriated for such fiscal year, 
shall, for purposes of allocations under section 462, 
be treated as the amount appropriated pursuant to 
section 461(b) for such fiscal year. 
‘‘(4) The authority to make contributions to 
student loan funds under this part shall expire at 
the end of fiscal year 2012.’’. 
TITLE II—REDUCING THE COST 
OF COLLEGE 
SEC. 201. CONSUMER INFORMATION AND PUBLIC AC-
COUNTABILITY IN HIGHER EDUCATION. 
Section 131 of the Higher Education Act of 1965 (20 
U.S.C. 1015) is amended to read as follows: 
‘‘SEC. 131. CONSUMER INFORMATION AND PUBLIC AC-
COUNTABILITY IN HIGHER EDUCATION. 
‘‘(a) COLLEGE
OPPORTUNITY
ON-LINE
(COOL) 
WEBSITE RE-DESIGN PROCESS.—In carrying out this 
section, the Commissioner of Education Statistics— 
‘‘(1) shall identify the data elements related to 
college costs that are of greatest importance to pro-
spective students, enrolled students, and their fami-
lies, paying particular attention to low-income, non-
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traditional student populations, and first-generation 
college students; 
‘‘(2) shall convene a group of individuals with 
expertise the informational needs of prospective col-
lege students and parents to— 
‘‘(A) determine the relevance of particular 
data elements to prospective students, enrolled 
students, and families based upon the results of 
opinion research; and 
‘‘(B) make recommendations regarding the 
inclusion of specific data items and the most ef-
fective and least burdensome methods of col-
lecting and reporting useful data from institu-
tions of higher education; and 
‘‘(3) shall ensure that the redesigned COOL 
website— 
‘‘(A) uses, to the extent practicable, data 
elements currently provided by institutions of 
higher education to the Secretary; 
‘‘(B) includes clear and uniform informa-
tion determined to be relevant to prospective 
students, enrolled students, and families; 
‘‘(C) provides comparable information, by 
ensuring that information is based on accepted 
criteria and common definitions;
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‘‘(D) includes a sorting function that per-
mits users to customize their search for and 
comparison of institutions of higher education 
based on the information identified through the 
process as prescribed in paragraph (1) as being 
of greatest relevance to choosing an institution 
of higher education. 
‘‘(b) DATA COLLECTION.— 
‘‘(1) DATA
SYSTEM.—The Commissioner of 
Education Statistics shall continue to redesign the 
relevant parts of the Integrated Postsecondary Edu-
cation Data System to include additional data as re-
quired by this section and to continue to improve the 
usefulness and timeliness of data collected by such 
System in order to inform consumers about institu-
tions of higher education. 
‘‘(2) COLLEGE CONSUMER PROFILE.—The Sec-
retary shall continue to publish on the COOL 
website, for each academic year and in accordance 
with standard definitions developed by the Commis-
sioner of Education Statistics (including definitions 
developed under section 131(a)(3)(A) as in effect on 
the day before the date of enactment of the College 
Cost Reduction Act of 2007), from at least all insti-
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tutions of higher education participating in pro-
grams under title IV the following information: 
‘‘(A) The tuition and fees charged for a 
first-time, full-time undergraduate student. 
‘‘(B) The room and board charges for a 
first-time, full-time undergraduate student. 
‘‘(C) The cost of attendance for a first- 
time, full-time undergraduate student, con-
sistent with the provisions of section 472. 
‘‘(D) The average amount of financial as-
sistance (including grant assistance) received by 
a first-year, full-time undergraduate student. 
‘‘(E) The number and percentage of first- 
time, full-time undergraduate students receiving 
financial assistance (including grant assistance) 
described in each clause of subparagraph (D). 
‘‘(F) Student enrollment information, in-
cluding information on the number and percent-
age of full-time and part-time students, and the 
number and percentage of resident and non- 
resident students. 
‘‘(G) Faculty-to-student ratios. 
‘‘(H) The total number of faculty and the 
percentage of faculty who are full-time employ-
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ees of the institution and the percentage who 
are part-time. 
‘‘(I) Graduation rates calculated pursuant 
to 
section 
485(a)(1)(L), 
including 
rates 
disaggregated by gender, by each major racial 
and ethnic subgroup, and by income status, as 
measured by receipt of Federal Pell Grants or 
Federal subsidized student loans. 
‘‘(J) A link to the institution of higher 
education with information of interest to stu-
dents including mission, accreditation, student 
services (including services for students with 
disabilities), transfer of credit policies, any ar-
ticulation agreements entered into by the insti-
tution. 
‘‘(K) The college affordability information 
elements specified in subsection (d). 
‘‘(c) INFORMATION TO THE PUBLIC.—The Secretary 
shall work with public and private entities to promote 
broad public awareness, particularly among middle and 
high school students and their families, of the information 
made available under this section, including by distribu-
tion to students who participate in or receive benefits from 
means-tested federally funded education programs and 
other Federal programs determined by the Secretary.