PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Education and Workforce.
Congressional Research Service
Version 00 · Introduced in House · Apr 23, 2026
Savings Opportunity and Affordable Repayment Act
This bill creates a new income-driven repayment plan for student loans called the Savings Opportunity and Affordable Repayment (SOAR) plan. The SOAR plan has similar provisions to, but further expands on, the Department of Education's (ED's) final rule published on July 10, 2023, that created the Saving on a Valuable Education (SAVE) plan. The SAVE plan was blocked by federal courts.
The bill directs ED to carry out a SOAR plan program that complies with specified requirements. The bill allows all federal student loan types to be eligible for repayment under the SOAR plan, including Parent PLUS Loans and Federal Family Education Loans.
Showing the opening paragraphs of the official summary.
Under the SOAR plan, a federal student loan borrower whose income is at or below 250% of the federal poverty level (FPL) has $0 monthly payments. A borrower whose income is over 250% of the FPL pays 5% of their discretionary income on loans obtained for undergraduate study and 10% of their discretionary income for all other outstanding loans (e.g., loans obtained for graduate study).
Additionally, under the SOAR plan, holders of eligible federal student loans (e.g., ED or private lenders) must apply 50% of the borrower's monthly payment toward outstanding principal. The other 50% must be applied in the following order: (1) accrued charges and collection costs on the loan, (2) outstanding interest, and (3) outstanding principal.
ED must forgive any loan balance that remains outstanding after a specified maximum repayment period (e.g., 10 years or 15 years).
People & committees
Rep. DeLauro, Rosa L. [D-CT-3] · D–CT
Legislative record
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Referred to the House Committee on Education and Workforce.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Oct 28, 2026. Consult Congress.gov for the current record.
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