United States Congress
SIMPLE Act
July 30, 2024
Summary
The SIMPLE Act amends the Higher Education Act of 1965 to require the Secretary of Education to automatically use IRS data to enroll eligible borrowers of Federal Direct Loans into the lowest-cost income-driven repayment plan once they are 75 days delinquent and have not selected a new plan. The bill imposes notification obligations at 31 days of delinquency and allows borrowers to opt out, but it does not apply to mortgage lenders, brokers, or servicers. Compliance implications for mortgage entities are indirect, as only student loan holders are directly affected.
AI-generated summary · Sep 10, 2026. Verify with your compliance counsel before acting.
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Source: https://www.congress.gov/bill/118th-congress/hr-bill/9192
Common questions
- What does "SIMPLE Act" cover?
- The SIMPLE Act amends the Higher Education Act of 1965 to require the Secretary of Education to automatically use IRS data to enroll eligible borrowers of…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on July 30, 2024.