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S. 1948: AFFORD Act

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S. 1948: AFFORD Act

114th Congress · introduced 2015-08-05 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-08-05 · official record
  2. Who proposed it: Sen. Merkley, Jeff [D-OR] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

AFFORD Act

Plain summary

Access to Fair Financial Options for Repaying Debt Act of 2015 or the AFFORD Act This bill terminates existing federal student loan repayment plan options for borrowers of federal Direct Loan (DL) program loans issued on or after July 1, 2016. It amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish two new repayment plan options. First, the bill creates a new version of the income-based repayment (IBR) plan that includes capping monthly payments at 10% of discretionary income, setting a 20-year maximum repayment period, broadening eligible borrowers to include borrowers without a partial financial hardship, and expanding qualifying loans to include parent PLUS loans and consolidation loans that repay parent PLUS loans. Second, it establishes a fixed repayment plan in which an enrolled borrower makes fixed monthly payments over a maximum repayment period of 10, 15, 20, or 25 years depending on the total federal loan balance at repayment. A borrower of a DL program loan issued on or after July 1, 2016, must enroll in the new IBR or fixed repayment plan. A borrower repaying a DL or Federal Family Education Loan program loan issued before July 1, 2016, may retain enrollment in the existing repayment plan or elect to enroll in the new IBR or fixed repayment plan. This bill requires an institution of higher education that participates in federal student aid programs to: (1) provide, as part of entrance counseling, information on the new IBR and fixed repayment plan options; (2) offer voluntary annual loan counseling to each enrolled student who is known to have one or more student loans; and (3) explain, during exit counseling, a borrower's options to prepay a loan, accelerate a payment schedule, and change a repayment plan.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

AFFORD Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Merkley, Jeff [D-OR] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Ron Wyden (D-OR)

Sponsor's campaign money: Sen. Merkley, Jeff [D-OR] reported raising $5.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-s1948 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114