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House bill · H.R. 8475 (119th Congress)

Savings Opportunity and Affordable Repayment Act

U.S. House of Representatives

Latest action Apr 27, 2026

Sponsor: Rosa L. DeLauro (U.S. Representative, CT-3, Democratic)

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From Congress.gov and official rosters. This record was last updated Jul 30, 2026. About our data

Summary

Savings Opportunity and Affordable Repayment Act This bill creates a new income-driven repayment plan for student loans called the Savings Opportunity and Affordable Repayment (SOAR) plan. The SOAR plan has similar provisions to, but further expands on, the Department of Education's (ED's) final rule published on July 10, 2023, that created the Saving on a Valuable Education (SAVE) plan. The SAVE plan was blocked by federal courts. The bill directs ED to carry out a SOAR plan program that complies with specified requirements. The bill allows all federal student loan types to be eligible for repayment under the SOAR plan, including Parent PLUS Loans and Federal Family Education Loans. Under the SOAR plan, a federal student loan borrower whose income is at or below 250% of the federal poverty level (FPL) has $0 monthly payments. A borrower whose income is over 250% of the FPL pays 5% of their discretionary income on loans obtained for undergraduate study and 10% of their discretionary income for all other outstanding loans (e.g., loans obtained for graduate study). Additionally, under the SOAR plan, holders of eligible federal student loans (e.g., ED or private lenders) must apply 50% of the borrower's monthly payment toward outstanding principal. The other 50% must be applied in the following order: (1) accrued charges and collection costs on the loan, (2) outstanding interest, and (3) outstanding principal. ED must forgive any loan balance that remains outstanding after a specified maximum repayment period (e.g., 10 years or 15 years).

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Assigned to a committee for review.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

House Committee on Education and Workforce · U.S. House of Representatives

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Cosponsors

10

Cosponsors listed on Congress.gov, shown A to Z.

  • Democratic10

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Related bills

As identified by Congress.gov.

Full history

  1. Apr 27, 2026

    Introduced

    Introduced in U.S. House

    U.S. House

  2. Apr 23, 2026

    Introduced

    Introduced in House

    U.S. House of Representatives

  3. Apr 23, 2026

    In committee

    Referred to the House Committee on Education and Workforce.

    U.S. House

  4. Apr 23, 2026

    Referred to committee

    Referred to the House Committee on Education and Workforce.

    U.S. House of Representatives

Read the record