; (2) by striking The Secretary shall consider and inserting the following: (2) Procedures for eligibility The Secretary shall— (A) consider ; and (3) by striking 428C(b)(1)(E). and inserting the following: 428C(b)(1)(E); and (B) beginning as soon as the Secretary determines practicable after the Secretary finalizes the procedures required under section 4114 of the Aim Higher Act, but not later than 2 years after the date of enactment of such Act, carry out, with respect to borrowers of any covered loan (as defined in section 455(d)(10)), procedures for income-based repayment plans under this section that are equivalent to the procedures carried out under section 455(e)(8) with respect to income contingent repayment plans. . (c) Income-Based repayment Section 493C of the Higher Education Act of 1965 ( 20 U.S.C. 1098e ) is amended by adding at the end the following: (f) Income-Based repayment for new loans On and after July 1, 2019, and for borrowers who enter IBR after July 1, 2019 (1) In general The income-based repayment plan shall be carried out in accordance with this section, except as otherwise specified in this subsection (including through the special terms described in paragraph (2))— (A) with respect to any loan issued on or after July 1, 2019, if such borrower elects the income-based repayment plan for that loan