Savings Opportunity and Affordable Repayment Act
Sponsored By: Representative DeLauro, Rosa L. [D-CT-3]
Introduced
Summary
Creates a new income-contingent repayment option called SOAR that would tie monthly student loan payments to income and loan type, apply each payment half to principal and half to interest, and offer set paths to loan forgiveness.
Show full summary
- Borrowers would see monthly payments set by a formula based on adjusted gross income relative to the poverty line and the mix of eligible loans, with a 50/50 split of each payment between principal and interest.
- Forgiveness rules would cancel remaining balances after defined payment histories, generally around 10 years for many undergraduate-only or consolidation borrowers and about 15 years for borrowers with non-undergraduate loans.
- The plan would replace parts of existing income-driven options with a two-year phase-out of PAYE and ICR, require annual income verification using IRS data or alternate methods, track progress automatically, and allow limited transition rules and special calculations for married couples when spouses have eligible loan debt.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
New SOAR plan and married rules
If enacted, the bill would create a new federal income‑contingent repayment plan called SOAR. SOAR would start 180 days after enactment and base monthly payments on your income and family size. If you are married, the agency would use only your income if you file separately or certify separation; otherwise it would count your spouse's income and, if your spouse also has eligible loans, prorate your payment by the share of the couple's loan balances. The Department would track qualifying months and automatically cancel loans that meet SOAR thresholds (for example, after 120 or 180 qualifying monthly payments, with minimum 10‑ or 15‑year timeframes depending on loan type).
More ICR eligibility but tighter enrollment
If enacted, the bill would expand which loans can use the Income‑Contingent Repayment (ICR) plan to include certain Parent PLUS and related 428B/428C consolidation loans, effective upon enactment. At the same time, it would phase out and restrict new enrollment in ICR and PAYE over a two‑year schedule. Two years after enactment, only borrowers who were already repaying under ICR or PAYE would generally be allowed to stay or re‑enroll, and borrowers who leave those plans may be barred from returning. Before the two‑year cutoff, PAYE would still require a partial financial hardship to initially enter the plan.
Sponsors & CoSponsors
Sponsor
DeLauro, Rosa L. [D-CT-3]
CT • D
Cosponsors
Simon
CA • D
Sponsored 4/23/2026
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 4/23/2026
Pingree
ME • D
Sponsored 4/23/2026
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 4/23/2026
Rep. Casar, Greg [D-TX-35]
TX • D
Sponsored 4/23/2026
Rep. Vindman, Eugene Simon [D-VA-7]
VA • D
Sponsored 4/23/2026
Rep. Jayapal, Pramila [D-WA-7]
WA • D
Sponsored 4/23/2026
Rep. Goldman, Daniel S. [D-NY-10]
NY • D
Sponsored 4/27/2026
Craig
MN • D
Sponsored 4/27/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov