Savings Opportunity and Affordable Repayment Act

Bill 119 s 1220, also known as the Savings Opportunity and Affordable Repayment (SOAR) Act, aims to amend the Higher Education Act of 1965 to create a new income contingent repayment plan for student loans. This plan, called the SOAR plan, would allow borrowers to make payments based on their income, making it more affordable for them to repay their loans.

The SOAR Act would also establish a savings opportunity for borrowers, encouraging them to save for future education expenses while they are repaying their loans. This would help students better manage their finances and plan for their future education needs.

Overall, the SOAR Act seeks to make higher education more affordable and accessible for students by providing them with a more flexible and manageable repayment plan for their student loans. It aims to alleviate the financial burden that many students face after graduation and help them achieve their educational and career goals.