1. Short title This Act may be cited as the Repay Act of 2017 . 2. Simplified income-driven repayment plan Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq.) is amended by adding at the end the following: 493E. Simplified income-driven repayment plan (a) Definitions In this section: (1) Covered Federal Direct Loan The term covered Federal Direct Loan means a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct Consolidation Loan (other than a Federal Direct Consolidation Loan whose proceeds were used to discharge the liability of a Federal Direct PLUS loan made on behalf of a dependent student or a loan under section 428B made on behalf of a dependent student), or a Federal Direct PLUS Loan (other than a Federal Direct PLUS Loan made on behalf of a dependent student) made under part D. (2) Discretionary income The term discretionary income means the amount by which a borrower’s (and the borrower's spouse, if applicable) annual adjusted gross income exceeds 150 percent of the poverty line applicable to the borrower’s family size. (3) Discretionary income bend point The term discretionary income bend point means $25,000, adjusted annually for inflation as determined by the Consumer Price Index (as such term is defined in section 478(f)) for the previous calendar year. (4) Income-driven calculation (A) In general The term income-driven calculation , when used with respect to a borrower, means the annual amount due on the total amount of covered Federal Direct Loans, which annual amount is equivalent to— (i) 10 percent of the borrower’s discretionary income that is less than the discretionary income bend point, plus (ii) 15 percent of the borrower’s discretionary income that is equal to or greater than the discretionary income bend point. (B) Annual calculation The calculation under subparagraph (A) shall be determined on an annual basis for the duration of the repayment period described in subsection (b). (5) New borrower The term new borrower