102 
(2) 
DEFINITION
OF
PRIVATE
EDUCATION 
LOAN.—Section 140(a)(8)(A) of the Truth in Lend-
ing Act (15 U.S.C. 1650(a)(8)(A)) is amended— 
(A) by redesignating clause (ii) as clause 
(iii); 
(B) in clause (i), by striking ‘‘and’’ after 
the semicolon; and 
(C) by adding after clause (i) the following: 
‘‘(ii) is not made, insured, or guaran-
teed under title VII or title VIII of the 
Public Health Service Act (42 U.S.C. 292 
et seq. and 296 et seq.); and’’. 
(3) REGULATIONS.— 
(A) IN GENERAL.—Not later than 1 year 
after the date of enactment of this Act, the Di-
rector of the Consumer Financial Protection 
Bureau, in coordination with the Secretary of 
Education, shall promulgate regulations to im-
plement paragraphs (3) and (9) of section 
128(e) of the Truth in Lending Act (15 U.S.C. 
1638(e)), as amended by paragraph (1) of this 
subsection. 
(B) EFFECTIVE
DATE.—The regulations 
promulgated under subparagraph (A) shall take 
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effect on the date that is 180 days after the 
date on which the regulations are promulgated. 
TITLE V—EFFECTIVE DATE; 
TRANSITION 
SEC. 501. EFFECTIVE DATE; RULEMAKING REGARDING TER-
MINATION OF CERTAIN REPAYMENT PLANS. 
(a) EFFECTIVE DATE.—Except as otherwise specifi-
cally provided, this Act, and the amendments made by this 
Act, shall take effect on July 1, 2020. 
(b) APPLICABILITY WITH RESPECT TO INTEREST 
CAPITALIZATION.—Section 201, and the amendments 
made by such section, shall apply with respect to loans 
made, insured, or guaranteed under part B or D of title 
IV of the Higher Education Act of 1965 (20 U.S.C. 1071 
et seq., 1087a et seq.) that— 
(1) as of the effective date described in sub-
section (a), are not currently in a period where in-
terest is capitalized under such part; or 
(2) in the case of a loan that, as of the effective 
date described in subsection (a), is in a period where 
interest is accruing and not added, but will be cap-
italized under such part, the day after the interest 
is capitalized under such part, as in effect before the 
effective date. 
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(c) APPLICABILITY WITH RESPECT TO FORBEAR-
ANCE
AND
DEFERMENT
FOR
DIRECT
LOAN
BOR-
ROWERS.—With respect to any borrower of a loan under 
part D of title IV of the Higher Education Act of 1965 
(20 U.S.C. 1087a et seq.) that is, or has been, in forbear-
ance or deferment as of the day before the effective date 
described in subsection (a), the Secretary shall take such 
steps as are necessary— 
(1) to transfer a borrower with a loan in for-
bearance or deferment as of such day automatically 
into relief provided under the pause payment process 
established under section 460B of such Act (as 
amended by this Act); and 
(2) to ensure that the period of time for which 
a borrower is eligible for pause payment under such 
section 460B for a loan is appropriately reduced to 
account for any time the loan was previously in for-
bearance or deferment. 
(d) REGULATIONS.—Before the effective date de-
scribed in subsection (a), the Secretary of Education shall 
carry out a plan to end all eligibility for repayment plans 
other than a fixed repayment plan described in section 
493E of the Higher Education Act of 1965 (20 U.S.C. 
1098b) and an income-based repayment plan under sec-
tion 493C(c) of such Act (20 U.S.C. 1098e(f)) for loans 
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made under part B or D of title IV of such Act, unless 
the borrower is enrolled in another repayment plan before 
such effective date, in accordance with the amendments 
made by this Act. 
Æ 
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