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139 STAT. 345 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(XI) more than $100,000, is 10 percent of such adjusted gross income. ‘‘(v) DEPENDENT.—For the purposes of this para- graph, the term ‘dependent’ means an individual who is a dependent under section 152 of the Internal Rev- enue Code of 1986. ‘‘(vi) SPECIAL RULE.—In the case of a borrower who is required by the Secretary to provide information to the Secretary to determine the applicable monthly payment of the borrower under this subparagraph, and who does not comply with such requirement, the applicable monthly payment of the borrower shall be— ‘‘(I) the sum of the monthly payment amounts the borrower would have paid for each of the bor- rower’s loans made under this part under a standard repayment plan with a fixed monthly repayment amount, paid over a period of 10 years, based on the outstanding principal due on such loan when such loan entered repayment; and ‘‘(II) determined pursuant to this clause until the date on which the borrower provides such information to the Secretary.’’. (e) FEDERAL CONSOLIDATION LOANS.—Section 455(g) of the Higher Education Act of 1965 (20 U.S.C. 1087e(g)) is amended by adding at the end the following new paragraph: ‘‘(3) CONSOLIDATION LOANS MADE ON OR AFTER JULY 1, 2026.—A Federal Direct Consolidation Loan offered to a bor- rower under this part on or after July 1, 2026, may only be repaid pursuant to a repayment plan described in clause (i) or (ii) of subsection (d)(7)(A) of this section, as applicable, and the repayment schedule of such a Consolidation Loan shall be determined in accordance with such repayment plan.’’. (f) INCOME-BASED REPAYMENT.— (1) AMENDMENTS.— (A) EXCEPTED CONSOLIDATION LOAN DEFINED.—Section 493C(a)(2) of the Higher Education Act of 1965 (20 U.S.C. 1098e(a)(2)) is amended to read as follows: ‘‘(2) EXCEPTED CONSOLIDATION LOAN.— ‘‘(A) IN GENERAL.—The term ‘excepted consolidation loan’ means— ‘‘(i) a consolidation loan under section 428C, or a Federal Direct Consolidation Loan, if the proceeds of such loan were used to discharge the liability on an excepted PLUS loan; or ‘‘(ii) a consolidation loan under section 428C, or a Federal Direct Consolidation Loan, if the proceeds of such loan were used to discharge the liability on a consolidation loan under section 428C, or a Federal Direct Consolidation Loan described in clause (i). ‘‘(B) EXCLUSION.—The term ‘excepted consolidation loan’ does not include a Federal Direct Consolidation Loan described in subparagraph (A) that, on any date during the period beginning on the date of enactment of this subparagraph and ending on June 30, 2028, was being repaid— ‘‘(i) pursuant to the Income Contingent Repayment (ICR) plan in accordance with section 685.209(b) of Time period. Determination. Effective date. Time period.