Affordable PLUS Repayment Options for Parents Act of 2024

This bill removes a barrier for parents who borrowed Federal Direct PLUS loans to pay for their dependent children's education. It amends the Higher Education Act to make these PLUS loans eligible for income-contingent repayment (ICR) and income-based repayment (IBR) plans - previously excluded from both. As a result, affected parents can now use income-driven repayment options that adjust payments based on their earnings, rather than being limited to standard repayment. The change applies to existing PLUS loans for dependent students and related consolidation loans, effective upon the bill's enactment.