; and (ii) in the matter preceding subparagraph (A), by striking The Secretary and inserting Except as provided in paragraph (5), the Secretary ; (B) in paragraph (2), by inserting or (5) after paragraph (1) ; and (C) by adding at the end the following: (5) Simplified income-driven repayment for new borrowers on or after July 1, 2017 (A) In general With respect to an eligible Federal Direct Loan not in default made under this part on or after July 1, 2017, the Secretary shall cancel the balance of interest and principal due, after the conclusion of the employment period described in paragraph clause (iv), as of the time of such cancellation, on any such loan for a borrower who— (i) as of July 1, 2017, had no outstanding balance on a student loan made, insured, or guaranteed under this part or part B or had no outstanding balance on a student loan made, insured, or guaranteed under this part or part B on the date the borrower received the loan made under this part on or after July 1, 2017; (ii) has made 120 monthly payments on the eligible Federal Direct Loan under a simplified income-driven repayment plan under subsection (d)(2)(B); (iii) is employed in a public service job at the time of such forgiveness