retary may require a borrower wishing to 
satisfy past monthly payment obligations 
under this subparagraph to submit any ad-
ditional information necessary to calculate 
the amount of the past payments. 
‘‘(iii) LIMIT.—A borrower may not 
satisfy more than 36 past monthly pay-
ment obligations under this subparagraph. 
‘‘(D) OVERPAYMENT.—In a case in which 
the dispute resolution process under paragraph 
(8) delays the date on which a borrower would 
have received full loan forgiveness under para-
graph (3)(B), the Secretary shall refund the 
borrower the amount of any qualifying monthly 
payment obligation the borrower makes in ex-
cess of 120 qualifying payment obligations dur-
ing such process. 
‘‘(5) SPECIAL RULES RELATING TO FEDERAL 
DIRECT CONSOLIDATION LOANS.— 
‘‘(A) REVIEW
OF
ANY
NEW
CONSOLIDA-
TION LOAN APPLICATION.— 
‘‘(i) PUBLIC SERVICE LOAN FORGIVE-
NESS OPTION ON CONSOLIDATION APPLICA-
TION.—Beginning on July 1, 2022, the 
Secretary shall include, in any application 
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for a Federal Direct Consolidation Loan, 
the option for the borrower to indicate that 
the borrower is consolidating for the pur-
pose of using the public service loan for-
giveness program under this subsection. 
‘‘(ii) REVIEW.—Beginning on July 1, 
2022, the Secretary shall, after issuing any 
Federal Direct Consolidation Loan to a 
borrower who indicated an interest in the 
public service loan forgiveness program on 
the loan application— 
‘‘(I) request that the borrower 
submit a certification of employment; 
and 
‘‘(II) after receiving a complete 
certification of employment, review 
the borrower’s past payments on all 
component loans comprising the Fed-
eral Direct Consolidation Loan and 
inform the borrower— 
‘‘(aa) of the number of 
monthly payment obligations sat-
isfied by the borrower before the 
date of consolidation that are 
qualifying monthly payment obli-
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gations, in accordance with sub-
paragraph (B); or 
‘‘(bb) if no payment obliga-
tions are satisfied, that the bor-
rower will not receive any credit 
towards public service loan for-
giveness under this subsection for 
the Federal Direct Consolidation 
Loan. 
‘‘(B) QUALIFYING PAYMENT OBLIGATIONS 
ON ALL COMPONENT LOANS AND LOAN TYPES 
THROUGH CONSOLIDATION.—In the case of a 
borrower of one or more loans eligible for con-
solidation, including loans made under part B, 
who applies for, and receives, a Federal Direct 
Consolidation Loan, the Secretary shall request 
the borrower submit a certification of employ-
ment for any qualifying employment and, after 
receiving 
the 
certification 
of 
employment, 
shall— 
‘‘(i) review the borrower’s payment 
history on each of the component loans 
comprising the Federal Direct Consolida-
tion Loan, including each loan made under 
part B; and 
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‘‘(ii) for each component loan— 
‘‘(I) calculate the weighted factor 
of the component loan, which shall be 
the factor that represents the ratio 
between the amount of the component 
loan and the amount of the Federal 
Direct Consolidation Loan, as deter-
mined by the Secretary; 
‘‘(II) determine the number of 
equivalent monthly payment obliga-
tions toward the Federal Direct Con-
solidation Loan satisfied on the com-
ponent loan by multiplying the weight-
ed factor for the component loan by 
the number of qualifying monthly pay-
ment obligations that the borrower 
satisfied on the component loan; and 
‘‘(III) after rounding the number 
determined under subclause (II) to 
the nearest whole number, deem that 
number of equivalent monthly pay-
ment obligations to be qualifying 
monthly payment obligations on the 
Federal Direct Consolidation Loan. 
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‘‘(C) APPLICABILITY OF BORROWER PRO-
TECTIONS AND RIGHTS.—A borrower of one or 
more loans eligible for consolidation, including 
loans made under part B, who applies for and 
receives a Federal Direct Consolidation Loan 
shall receive all the protections and rights pro-
vided under subparagraphs (B) and (C) of 
paragraph (4) for the loan, and for any compo-
nent loan, in the same manner as provided to 
any other borrower of a loan made under this 
part. 
‘‘(D) TREATMENT OF CERTAIN CONSOLI-
DATION LOAN PAYMENTS.—In a case in which 
a borrower makes a qualifying monthly pay-
ment obligation for purposes of paragraph (2) 
on a Federal Direct Consolidation Loan that 
was used to repay a Federal Direct Stafford 
Loan, Federal Direct PLUS Loan, Federal Di-
rect Unsubsidized Stafford Loan, or Federal 
Direct Consolidation Loan refinanced under 
section 460A for which at least one qualifying 
monthly payment obligation for such purposes 
has been made prior to the consolidation, the 
qualifying monthly payment obligation on such 
Federal Direct Consolidation Loan shall be 
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treated as a qualifying monthly payment obliga-
tion for purposes of paragraph (2) on such Fed-
eral Direct Stafford Loan, Federal Direct 
PLUS Loan, Federal Direct Unsubsidized Staf-
ford Loan, or Federal Direct Consolidation 
Loan. 
‘‘(6) NOTICE OF QUALIFYING PAYMENT OBLIGA-
TIONS.— 
‘‘(A) INITIAL
NOTICE.—Upon receiving 
any verbal or written contact by a borrower on 
or after July 1, 2022, expressing interest in the 
public service loan forgiveness program under 
this subsection, the Secretary, or an eligible 
lender or guaranty agency under part B, shall 
provide the borrower, by not later than 30 days 
after the contract, with a notice that— 
‘‘(i) explains the requirements of the 
program, including whether the borrower 
needs to consolidate some or all of the bor-
rower’s loans to receive forgiveness under 
this subsection; 
‘‘(ii) includes a copy of, or a link to, 
information about the certification of em-
ployment process described in paragraph 
(3); 
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‘‘(iii) includes an estimate of the 
qualifying monthly payment obligations 
that would be satisfied by the borrower 
based on the borrower’s payment history, 
as of the date of notice, if the borrower 
was a full-time employee of a qualifying 
employer and met the requirements of 
paragraph (2); and 
‘‘(iv) includes an estimate of the num-
ber of remaining qualifying monthly pay-
ment obligations to be satisfied in order 
for the borrower to receive partial loan for-
giveness under paragraph (2)(A). 
‘‘(B) SUBSEQUENT
NOTICES.—After pro-
viding an initial notice under subparagraph (A), 
the Secretary, or an eligible lender or guaranty 
agency under part B, shall annually provide the 
borrower with a notice containing the informa-
tion described in such subparagraph for each 
subsequent year that the borrower has an out-
standing loan, unless the borrower receives no-
tices under paragraph (3)(E)(ii) or requests 
that the notices be discontinued. 
‘‘(7) DISPUTE RESOLUTION PROCESS.—By not 
later than July 1, 2022, the Secretary shall establish 
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a process on an online portal for borrowers to dis-
pute the calculation of qualifying monthly payment 
obligations, or the determination of full or partial 
loan forgiveness under paragraph (2), following the 
submission of a certification of employment or appli-
cation for forgiveness or any successor certification 
or application. 
‘‘(8) SPECIAL
RULES
FOR
SECTION
460A 
LOANS.— 
‘‘(A) 
REFINANCED
FEDERAL
DIRECT 
LOANS.—Notwithstanding paragraph (2), in de-
termining the number of monthly payments 
that meet the requirements of such paragraph 
for an eligible Federal Direct Loan refinanced 
under section 460A that was originally a loan 
under this part, the Secretary shall include all 
monthly payments made on the original loan 
that meet the requirements of such paragraph. 
‘‘(B) REFINANCED FFEL LOANS.—In the 
case of an eligible Federal Direct Loan refi-
nanced under section 460A that was originally 
a loan under part B, only monthly payments 
made after the date on which the loan was refi-
nanced may be included for purposes of para-
graph (2). 
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‘‘(9) INELIGIBILITY.— 
‘‘(A) NO
DOUBLE
BENEFITS.—No bor-
rower may, for the same service, receive a re-
duction of loan obligations under both this sub-
section and section 428J, 428K, 428L, or 460. 
‘‘(B) FEDERAL
ELECTED
SERVICE
EX-
CLUDED.—No borrower may receive loan for-
giveness under this subsection for service as a 
Member of Congress or President or Vice Presi-
dent of the United States.’’. 
(2) FFEL PROGRAM AMENDMENTS.—Part B of 
the Higher Education Act of 1965 (20 U.S.C. 1071 
et seq.) is amended— 
(A) in section 428 (20 U.S.C. 1078), by 
adding at the end the following: 
‘‘(p) REPAYMENT HISTORY INFORMATION AND PUB-
LIC
SERVICE
LOAN
FORGIVENESS
INFORMATION.—A 
guaranty agency shall— 
‘‘(1) provide, in a timely manner, any necessary 
borrower repayment history information that the 
Secretary requests in order to determine the bor-
rower’s eligibility for the public service loan forgive-
ness program under section 455(m), or the number 
of qualifying monthly payment obligations satisfied 
for purposes of the program, including such infor-
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pamtmann on DSKBC07HB2PROD with BILLS
mation from all servicers involved in servicing the 
borrower’s loan; and 
‘‘(2) carry out the requirements of section 
455(m)(7) upon receiving any verbal or written con-
tact by a borrower on or after July 1, 2022, express-
ing interest in the public service loan forgiveness 
program under section 455(m).’’; and 
(B) in section 433 (20 U.S.C. 1083)— 
(i) by redesignating subsection (f) as 
subsection (g); and 
(ii) by inserting after subsection (e) 
the following: 
‘‘(f) REPAYMENT HISTORY INFORMATION.—An eligi-
ble lender shall— 
‘‘(1) provide, in a timely manner, any necessary 
borrower repayment history information that the 
Secretary requests in order to determine the bor-
rower’s eligibility for the public service loan forgive-
ness program under section 455(m), or the number 
of qualifying monthly payment obligations satisfied 
for purposes of the public service loan forgiveness 
program under section 455(m), including such infor-
mation from all servicers involved in servicing the 
borrower’s loan; and 
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‘‘(2) carry out the requirements of section 
455(m)(7) upon receiving any verbal or written con-
tact by a borrower on or after July 1, 2022, express-
ing interest in the public service loan forgiveness 
program under section 455(m).’’. 
(b) NOTIFICATION TO DIRECT LOAN BORROWERS 
REGARDING ALL OPTIONS FOR LOAN FORGIVENESS.— 
Section 455 of the Higher Education Act of 1965 (20 
U.S.C. 1087e) is amended by adding at the end the fol-
lowing: 
‘‘(r) ANNUAL NOTICE REGARDING LOAN FORGIVE-
NESS OPTIONS.— 
‘‘(1) IN GENERAL.—The Secretary shall annu-
ally provide a written or electronic disclosure to each 
borrower of a loan under this part— 
‘‘(A) notifying the borrower— 
‘‘(i) of any loan forgiveness option 
available under this title that might apply 
to a loan under this part held by the bor-
rower, including the public service loan for-
giveness program under subsection (m); 
and 
‘‘(ii) in the case of a borrower who is 
a full-time employee of a Federal agency 
and has not expressed interest in or sub-
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pamtmann on DSKBC07HB2PROD with BILLS
mitted a certification of employment for 
the public service loan forgiveness pro-
gram— 
‘‘(I) that the borrower is em-
ployed by a qualifying employer; 
‘‘(II) the number of payment ob-
ligations satisfied by the borrower 
that the Secretary has determined 
could be qualifying monthly payment 
obligations on eligible Federal Direct 
Loan for purposes of the public serv-
ice loan forgiveness program; and 
‘‘(III) the steps necessary for the 
borrower to submit a certification of 
employment and to obtain forgiveness 
under subsection (m)(2); 
‘‘(B) informing the borrower that the loan 
forgiveness options described in subparagraph 
(A) are provided free of charge; and 
‘‘(C) including, for each loan forgiveness 
option, information regarding how the borrower 
should proceed, including contact information, 
if the borrower wishes to pursue such loan for-
giveness option. 
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‘‘(2) 
EXCLUSIONS.—Notwithstanding 
para-
graph (1), the Secretary shall not provide a notifica-
tion under this subsection to a borrower of a loan 
under this part if— 
‘‘(A) the borrower is also receiving a notifi-
cation under subsection (m)(7); or 
‘‘(B) the borrower has requested that the 
Secretary no longer provide the notifications 
under this subsection.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on July 1, 2022. 
SEC. 303. TRANSITION TO IMPROVED PUBLIC SERVICE 
LOAN FORGIVENESS PROGRAM. 
(a) REVIEW OF BORROWERS CURRENTLY PARTICI-
PATING IN PUBLIC SERVICE LOAN FORGIVENESS.— 
(1) CALCULATING
THE
NUMBER
OF
QUALI-
FYING PAYMENT OBLIGATIONS FOR CURRENT PUB-
LIC SERVICE LOAN FORGIVENESS PROGRAM PARTICI-
PANTS.—By not later than July 1, 2022, the Sec-
retary shall, for each borrower that has submitted a 
certification of employment under the public service 
loan forgiveness program under section 455(m) of 
the Higher Education Act of 1965 (20 U.S.C. 
1087e) before July 1, 2022— 
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(A) calculate the number of qualifying pay-
ment obligations under such section satisfied by 
the borrower, using the criteria of such section 
as in effect on July 1, 2022; and 
(B) inform the borrower of the changes in 
the public service loan forgiveness program and 
the number of qualifying payment obligations 
that the borrower will have satisfied for pur-
poses of the program, beginning on July 1, 
2022. 
(2) RETROACTIVE
PARTIAL
LOAN
FORGIVE-
NESS.—By not later than July 1, 2022, the Sec-
retary shall take such steps as are necessary to pro-
vide 
partial 
loan 
forgiveness 
under 
section 
455(m)(3)(A)(i) of the Higher Education Act of 
1965 (20 U.S.C. 1087e(m)(3)(A)(i)), as in effect on 
such date, to borrowers with outstanding balance of 
principal and interest on a loan made under this 
part who met the criteria for partial loan forgiveness 
under such section, as in effect on July 1, 2022, be-
fore such date but on or after October 1, 2007. 
(3) APPLICABILITY OF OTHER PROVISIONS.—In 
carrying out paragraphs (1) and (2), and in any 
other case where the Secretary is applying the loan 
forgiveness provisions of section 455(m) of the High-
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er Education Act of 1965 (20 U.S.C. 1087e(m)), as 
in effect on July 1, 2022, to a borrower for whom 
one or more payment obligations were satisfied be-
fore July 1, 2022, the Secretary shall determine the 
number of payment obligations satisfied by applying 
all of the provisions of such section as in effect on 
July 1, 2022, including the calculation of payment 
obligations under section 455(m)(5) of such Act and 
the inclusion of payment obligations satisfied 
through the component loans of a Federal Direct 
Consolidation Loan under section 455(m)(6), with-
out regard as to the date on which the payment obli-
gation was satisfied. 
(b) SPECIAL PSLF PROGRAM FUNDS.— 
(1) DEFINITION
OF
SPECIAL
PSLF
PROGRAM 
FUNDS.—In this section, the term ‘‘special PSLF 
program funds’’ means the amounts appropriated 
for public service loan forgiveness under section 315 
of division H of the Consolidated Appropriations 
Act, 2018 (Public Law 115–141; March 23, 2018) 
or under section 313 of division B of the Depart-
ment of Defense and Labor, Health and Human 
Services, and Education Appropriations Act, 2019 
and Continuing Appropriations Act, 2019 (Public 
Law 115–245; September 28, 2018). 
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(2) RESCISSION.—Upon the effective date de-
scribed in section 2(c), all special PSLF program 
funds that remain unexpended on such date shall be 
rescinded. 
(3) TRANSITION.—The Secretary of Education 
shall establish a process through which the Secretary 
shall— 
(A) review the applications of borrowers 
who applied for the loan forgiveness program 
carried out with special PSLF program funds 
but had not received loan forgiveness through 
such program before July 1, 2022; and 
(B) assist such borrowers in pursuing loan 
forgiveness under section 455(m) of the Higher 
Education Act of 1965 (20 U.S.C. 1087e(m)), 
as in effect on July 1, 2022. 
TITLE IV—INCOME-DRIVEN 
REPAYMENT PLANS 
SEC. 401. INCOME-BASED REPAYMENT PLAN. 
Section 493C of the Higher Education Act of 1965 
(20 U.S.C. 1098e) is amended— 
(1) in subsection (b)— 
(A) in paragraph (8), by striking ‘‘and’’ 
after the semicolon; 
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(B) in paragraph (9), by striking the pe-
riod at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(10) a borrower who is repaying a loan made 
under part B or D pursuant to this section may 
repay such loan in full at any time without pen-
alty.’’; and 
(2) by adding at the end the following: 
‘‘(f) INCOME-BASED REPAYMENT FOR NEW LOANS 
ON AND AFTER JULY 1, 2022, AND FOR BORROWERS 
WHO ENTER IBR AFTER JULY 1, 2022.— 
‘‘(1) IN
GENERAL.—The income-based repay-
ment plan shall be carried out in accordance with 
this section, except as otherwise specified in this 
subsection (including through the special terms de-
scribed in paragraph (2))— 
‘‘(A) with respect to any loan issued on or 
after July 1, 2022, if such borrower elects the 
income-based repayment plan for that loan; and 
‘‘(B) with respect to any borrower who is 
repaying a loan made, insured, or guaranteed 
under part B or D, if such borrower elects to 
repay the loan under the income-based repay-
ment plan on or after July 1, 2022. 
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‘‘(2) SPECIAL
TERMS.—Notwithstanding any 
other provision of this section, with respect to a loan 
described under paragraph (1), the following terms 
shall apply to the income-based repayment plan: 
‘‘(A)(i) 
Notwithstanding 
subsection 
(a)(3)(B), the repayment amount under this 
subsection shall be an amount equal to 5 per-
cent of the result obtained by calculating, on at 
least an annual basis, the amount by which— 
‘‘(I) the borrower’s, and the bor-
rower’s spouse (if applicable), adjusted 
gross income; exceeds 
‘‘(II) the applicable percentage of the 
poverty line in accordance with clause (ii) 
that is applicable to the borrower’s family 
size as determined under section 673(2) of 
the Community Services Block Grant Act 
(42 U.S.C. 9902(2)). 
‘‘(ii) For purposes of clause (i), the term 
‘applicable percentage’ means 150 percent re-
duced by 1 percentage point for each $1,000 by 
which the borrower’s adjusted gross income ex-
ceeds $100,000. 
‘‘(B) A borrower may elect— 
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‘‘(i) during any period during which 
the borrower’s (and the borrower’s spouse, 
if applicable) adjusted gross income is 
equal to or less than 250 percent of the 
poverty line applicable to the borrower’s 
family size as determined under section 
673(2) of the Community Services Block 
Grant Act (42 U.S.C. 9902(2)), to have 
the borrower’s aggregate monthly payment 
for all such loans equal to $0; and 
‘‘(ii) during any period during which 
the borrower’s (and the borrower’s spouse, 
if applicable) adjusted gross income ex-
ceeds 250 percent of such poverty line, to 
have the borrower’s aggregate monthly 
payment for all such loans not exceed, the 
lesser of— 
‘‘(I) the result described in sub-
paragraph (A) divided by 12; or 
‘‘(II) the monthly amount cal-
culated under section 455(d)(1)(A), 
based on a 10-year repayment period, 
when the borrower first made the elec-
tion described in this subsection. 
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graph, and who is at least 120 days delinquent 
on such a loan, the Secretary shall, as soon as 
practicable— 
‘‘(i) in a case in which any of the bor-
rower’s covered loans are eligible for an in-
come-driven repayment plan— 
‘‘(I)(aa) provide the borrower 
with the income-driven repayment 
plan that requires the lowest monthly 
payment amount for each covered loan 
of the borrower, compared to any 
other such plan for which the bor-
rower is eligible; or 
‘‘(bb) if more than one income- 
driven repayment plan would offer the 
borrower the same lowest monthly 
payment amount, provide the bor-
rower with the income-driven repay-
ment plan that has the most favorable 
terms for the borrower; 
‘‘(II) if the plan selected under 
subclause (I) is not the income-driven 
repayment plan that would have the 
lowest monthly payment amount if the 
borrower were eligible for such plan 
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