S 1220
Savings Opportunity and Affordable Repayment Act
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 7:33 AM
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Savings Opportunity and Affordable Repayment Act aims to create a new income-driven repayment plan for federal student loans called the ‘SOAR’ plan. This plan is similar to the recently blocked ‘SAVE’ plan but expands eligibility to include all loan types, such as Parent PLUS Loans. Under the SOAR plan, borrowers with incomes at or below 250% of the poverty level would have $0 monthly payments, while those earning more would pay a percentage of their discretionary income. The plan also requires loan holders to apply 50% of payments toward principal and forgive balances after a maximum 10-15 year repayment period.
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