S. 1220In Committee
Savings Opportunity and Affordable Repayment Act
Establishes a new income driven student loan repayment plan with lower payments, broader loan eligibility, principal payment rules, and loan forgiveness after set periods
Plain-English overview
What this bill does
Establishes a new income driven student loan repayment plan with lower payments, broader loan eligibility, principal payment rules, and loan forgiveness after set periods
Key points
- Establish SOAR repayment plan
- Require principal payment allocation
- Allow additional federal loan types
- Forgive remaining loan balances
Current status
Where it stands
Status
In Committee
Latest action
2025-04-01 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Related context
Topics and policy areas
undefinedEducationFamily relationshipsGovernment lending and loan guaranteesHigher educationStudent aid and college costsTax administration and collection, taxpayersWages and earnings