This bill, titled the "Savings Opportunity and Affordable Repayment Act," amends the Higher Education Act of 1965 to introduce a new income-contingent repayment plan for student loans. This new plan, known as the Savings Opportunity and Affordable Repayment plan (SOAR) , will become available 180 days after the bill's enactment and will be an option for borrowers with eligible federal loans. Under the SOAR plan, a borrower's monthly payment obligation is calculated based on their adjusted gross income and family size. Borrowers will pay $0 if their income is less than or equal to 250 percent of the poverty line. For income above this threshold, payments are set at 5 percent of discretionary income for undergraduate loans and 10 percent for other eligible loans, prorated based on the original loan balances. A significant benefit of the SOAR plan is that the Secretary will not charge any accrued interest that is not covered by the borrower's monthly payment obligation, helping to prevent loan balances from growing. Payments made under this plan are allocated with 50 percent going towards outstanding principal and the remaining 50 percent first covering accrued charges and collection costs, then outstanding interest, and finally outstanding principal. The plan also provides for loan forgiveness after a specified period of qualifying payments. Borrowers repaying only undergraduate loans from a 2-year program, or consolidation loans for such study, will have their remaining balance canceled after 120 monthly payments (10 years). For all other eligible loans, forgiveness occurs after 180 monthly payments (15 years). The bill outlines various ways to satisfy a monthly payment, including actual payments, $0 payments, and numerous types of deferments and forbearances. These include deferments for cancer treatment, unemployment, economic hardship, and military service, as well as national service and administrative forbearances. Crucially, the bill phases out new enrollment in the existing Pay As You Earn (PAYE) and traditional Income-Contingent Repayment (ICR) plans two years after enactment. Borrowers already on these plans can continue, but those who switch to a different plan after this period will be prohibited from re-enrolling in PAYE or the traditional ICR plan. The bill does, however, expand the types of loans eligible for the traditional ICR plan for existing borrowers. The Secretary is tasked with establishing procedures for annual eligibility determinations, including income verification, which may involve using tax information or requiring borrower documentation. If a borrower fails to provide necessary documentation, they will be removed from the SOAR plan and placed on an alternative repayment plan based on a 10-year standard repayment schedule. For married borrowers, the monthly payment calculation will be based solely on the borrower's income if they file separately or are separated from their spouse. Otherwise, the spouse's income will be included, and the payment obligation will be adjusted if the spouse also has eligible loan debt. The Secretary is also required to track a borrower's progress towards loan cancellation without the need for a separate application from the borrower.