Streamlining Accountability and Value in Education for Students Act

This bill creates a new "Revised Pay As You Earn" (REPAYE) student loan repayment plan, effective July 1, 2024, which automatically enrolls borrowers 75 days past due. It adjusts loan forgiveness timelines based on total borrowed amount (e.g., 120 payments for $10,000 or less) and expands qualifying payments to include certain deferments for cancer treatment, military service, and unemployment. The bill also requires colleges to certify that undergraduate and graduate programs meet minimum earnings standards (comparing program graduates' median earnings to those with equivalent degrees), with institutions facing penalties if programs fail this test. These changes directly affect student loan borrowers and educational institutions offering federally funded programs.