SEC. 85001. Delay of rule relating to borrower defense to repayment.
(a) Delay.—Beginning on the date of enactment of this section, for loans that first originate before July 1, 2035, the provisions of subpart D of part 685 of title 34, Code of Federal Regulations (relating to borrower defense to repayment), as added or amended by the final regulations published by the Department of Education on November 1, 2022, and titled “Institutional Eligibility Under the Higher Education Act of 1965, as Amended; Student Assistance General Provisions; Federal Perkins Loan Program; Federal Family Education Loan Program; and William D. Ford Federal Direct Loan Program” (87 Fed. Reg. 65904) shall not be in effect.
(b) Effect.—Beginning on the date of enactment of this section, with respect to loans that first originate before July 1, 2035, any regulations relating to borrower defense to repayment that took effect on July 1, 2020, are restored and revived as such regulations were in effect on such date.
SEC. 85002. Delay of rule relating to closed school discharges.
(a) Delay.—Beginning on the date of enactment of this section, for loans that first originate before July 1, 2035, the provisions of sections 674.33(g), 682.402(d), and 685.214 of title 34, Code of Federal Regulations (relating to closed school discharges), as added or amended by the final regulations published by the Department of Education on November 1, 2022, and titled “Institutional Eligibility Under the Higher Education Act of 1965, as Amended; Student Assistance General Provisions; Federal Perkins Loan Program; Federal Family Education Loan Program; and William D. Ford Federal Direct Loan Program” (87 Fed. Reg. 65904), shall not be in effect.
(b) Effect.—Beginning on the date of enactment of this section, with respect to loans that first originate before July 1, 2035, the portions of the Code of Federal Regulations described in subsection (a) and amended by the final regulations described in subsection (a) shall be in effect as if the amendments made by such final regulations had not been made.