Grace Period Alleviation Act or the GPA Act This bill amends the Higher Education Act of 1965 to allow a borrower of a Federal Direct Stafford Loan (whether subsidized or unsubsidized) to elect a one-year grace period before beginning repayment on the loan. The Department of Education, through a loan modification process, must pay to each borrower who received a Federal Direct Stafford Loan for which the first disbursement was made between July 1, 2012, and July 1, 2014, an amount equal to the amount of interest that accrued on the loan prior to the beginning of the repayment period.