1. Short title This Act may be cited as the Higher Education Reform and Opportunity Act . I Fiscal Accountability 101. Simplification of Federal student loans (a) Termination Section 451 of the Higher Education Act of 1965 ( 20 U.S.C. 1087a ) is amended— (1) in subsection (a), by adding at the end the following: No sums may be expended after September 30, 2028, with respect to loans under this part for which the first disbursement is after such date, except Federal Direct simplification loans under section 460A. ; and (2) by adding at the end, the following: (d) Termination of authority To make new loans Notwithstanding subsection (a) or any other provision of law— (1) no new loans may be made under this part after September 30, 2028, except Federal Direct simplification loans under section 460A; and (2) no funds are authorized to be appropriated, or may be expended, under this Act, or any other Act to make loans under this part for which the first disbursement is after September 30, 2028, except Federal Direct simplification loans under section 460A, or as expressly authorized by an Act of Congress enacted after the date of enactment of the Higher Education Reform and Opportunity Act . (e) Student eligibility beginning with award year 2024 (1) New borrowers No loan may be made under this part to a new borrower for which the first disbursement is after June 30, 2024, except Federal Direct simplification loans under section 460A. (2) Borrowers with outstanding balances Subject to paragraph (3), with respect to a borrower who, as of July 1, 2024, has an outstanding balance of principal or interest owing on a loan made under this part that is not a Federal Direct simplification loan under section 460A, such borrower may— (A) in the case of such a loan made to the borrower for enrollment in a program of undergraduate education, borrow loans made under this part that are not Federal Direct simplification loans under section 460A for any program of undergraduate education through the close of September 30, 2028