Simplifying Student Loans Act This bill phases out existing repayment plans for federal student loans and replaces them with one fixed repayment plan and one income-based repayment plan. Under current law, a borrower may choose among eight plans for student loan repayment, such as standard repayment, extended repayment, and income-contingent repayment. The Department of Education must offer all borrowers a choice between the two new plans and allow borrowers of loans made prior to a date certain the option of continuing repayment under their original plan or electing to repay under one of the new plans.