H.R. 8475

In plain English

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. 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

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Sponsor and status

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How South Carolina voted

No recorded roll-call vote on this bill yet. Most bills never get one.

Who lobbied

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No lobbying reported on this bill in the reports we have loaded (January 2025 through September 2026). Lobbyists report each quarter, about 20 days after it ends, so any lobbying since October 2026 will be added once those reports are filed.