1. Short title This Act may be cited as the Making College More Affordable Act . 2. Direct Federal Undergraduate Loans and repayment plan (a) Interest rates Section 455(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(a) ) is amended by adding at the end the following: (4) Undergraduate loans on or after the date of enactment of the Making College More Affordable Act (A) In general Notwithstanding any other provision of this Act, a new borrower on or after the date of enactment of the Making College More Affordable Act may only borrow a Federal Interest Free Education Loan for the undergraduate course work being pursued by such borrower. (B) Terms, conditions, and benefits A Federal Interest Free Education Loan shall have the same terms and conditions, and benefits to borrowers as Federal Direct Stafford Loans with respect to undergraduate borrowers, except that— (i) a Federal Interest Free Education Loan shall have an applicable rate of interest of 3.76 percent for the term of the loan; (ii) the aggregate maximum amount of Federal Interest Free Education Loan that may be awarded to a borrower shall be $90,000, for not more than a 4-year academic period; (iii) interest on a Federal Interest Free Education Loan shall only accrue during periods when a borrower is not earning taxable income due to professional negligence, professional incompetence, or malicious action on the part of the borrower; (iv) a borrower may consolidate any loan under section 428B, or a Federal Direct PLUS Loan, that is made, insured, or guaranteed on behalf of such borrower with the Federal Interest Free Education Loan of such borrower; (v) a Federal Interest Free Education Loan may only be repaid under the income-contingent repayment plan under subsection (r)