A Democratic bill with 11 Democratic cosponsors · See all 11 cosponsors
Last activity — Referred to the House Committee on Education and Workforce.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, known as the "Savings Opportunity and Affordable Repayment Act," proposes an amendment to the Higher Education Act of 1965. It introduces a new income-contingent repayment plan called the Savings Opportunity and Affordable Repayment plan. This plan sets monthly payment obligations based on a borrower's adjusted gross income relative to the poverty line. The bill establishes specific rules for how payments are applied to principal and interest. It also outlines specific timelines and conditions for loan cancellation after a set number of monthly payments. Finally, the act includes provisions for phasing out certain existing repayment plans.
Yes· 3 of 7
- Scored +9
Would households on low incomes be better off under this?
The bill mandates $0 payments for those earning at or below 250 percent of the poverty line.
- Scored +8
Would students be better off under this?
The bill creates a structured path toward debt cancellation for undergraduate and other eligible student loans.
- Scored +8
Does this reduce what student borrowers owe or repay?
The bill implements a new income-contingent repayment plan that includes interest protections and scheduled loan cancellation.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Reduced Monthly Payments: The bill establishes a monthly payment obligation that is $0 for those with adjusted gross income less than or equal to s 250 percent of the poverty line (Section 493E(a)(1)(A)(i)).
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Loan Cancellation: Borrowers may have their remaining loan balances canceled after a specific period of payments: 120 months for those repaying loans for undergraduate study in a program of no more than 2 years, or 180 months for other eligible loans (Section 493E(b)(5)).
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Interest Protections: During repayment, the Secretary is prohibited from charging the borrower's account any accrued interest that is not covered by the monthly payment obligation (Section 493E(b)(3)).
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Payment Application: Under this plan, 50 percent of the monthly payment is applied directly toward the outstanding principal (Section 493E(b)(2)(A)).
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Simplified Forgiveness Tracking: The Secretary is required to track a borrower's progress toward loan cancellation and cancel the loans once criteria are met without requiring an application or additional documentation from the borrower (Section 493E(c)(3)(J)).
Potential Negative Impacts for People
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Restrictions on Existing Plans: The bill includes "phase outs" that restrict when borrowers can choose or re-enroll in the Pay As You Earn and ICR repayment plans once a two-year period after the act's enactment has passed (Section 455(d)(6)).
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Consequences for Missing Documentation: If a borrower fails to provide necessary documentation required by the Secretary to recalculate a monthly payment, they will be removed from the Savings Opportunity and Affordable Repayment plan and placed on an alternative plan with a monthly payment based on a 10-year standard repayment plan (Section 455(d)(6)(3)).
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Income Inclusion for Spouses: For married borrowers who do not file separately or certify they are unable to access their spouse's income, the spouse's income must be included in the monthly payment calculation (Section 493E(d)(2)(A)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The bill mandates $0 payments for those earning at or below 250 percent of the poverty line. Would students be better off under this? — The bill creates a structured path toward debt cancellation for undergraduate and other eligible student loans. Would people in their twenties and thirties be better off under this? — The plan provides significant relief through income-based payments and loan forgiveness which primarily benefits younger borrowers. Would middle-income households be better off under this? — The income-contingent structure helps manage monthly debt obligations for middle-income earners.
- Education And Technology
- Does this reduce what student borrowers owe or repay? — The bill implements a new income-contingent repayment plan that includes interest protections and scheduled loan cancellation.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — The bill provides $0 monthly payments for borrowers earning up to 250 percent of the poverty line, reducing the financial burden on low-income families.
- Economy And Finance
- Is this likely to grow the economy? — By reducing student debt through loan cancellation, the bill may increase consumer spending power over time.
- 10/26/2026
- 1 Cosponsor added.
- 5/20/2026
- 1 Cosponsor added.
- 4/27/2026
- 2 Cosponsors added.
- 4/23/2026
- Referred to the House Committee on Education and Workforce.
- 7 Cosponsors added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Suzanne BonamiciDemocrat · Oregon
Angie CraigDemocrat · Minnesota
Greg CasarDemocrat · Texas
Daniel GoldmanDemocrat · New York
Adelita GrijalvaDemocrat · Arizona
Pramila JayapalDemocrat · Washington
Eleanor NortonDemocrat · District of Columbia
Chellie PingreeDemocrat · Maine
Lateefah SimonDemocrat · California
Shri ThanedarDemocrat · Michigan
Eugene VindmanDemocrat · Virginia