Savings Opportunity and Affordable Repayment Act

Summary

The bill amends the Higher Education Act to add the Savings Opportunity and Affordable Repayment (SOAR) plan, an income‑contingent repayment option that begins 180 days after enactment. It applies to most federal student loans except Direct PLUS loans made for dependent students, and sets monthly payments based on income relative to the poverty line. The legislation also bars borrowers from re‑enrolling in PAYE or ICR plans after they switch to a different plan for two years.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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