The bill S. 1220 proposes changes to the Higher Education Act of 1965 to introduce a new student loan repayment plan called the "Savings Opportunity and Affordable Repayment (SOAR) plan," which is an income contingent repayment option. It allows borrowers to make monthly...
Simple Explanation
The bill wants to make it easier for people to pay back their student loans by letting them pay based on how much money they make. If they make small payments for a certain number of years, the rest of what they owe could be forgiven, which means they don't have to pay it back anymore.