Effective date and application
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The amendments made by this Act shall take effect on the date of enactment of this Act, and shall apply with respect to each borrower who, on or after such date— (1) has an outstanding balance on a Federal Direct PLUS Loan (or a loan under section 428B) made on behalf of a dependent student or a Federal Direct Consolidation Loan the proceeds of which were used to discharge the liability on such a Federal Direct PLUS loan (or on such a loan under section 428B); and (2) is repaying or will repay such loan pursuant to an income-contingent repayment plan under section 455(e) of the Higher Education Act of 1965 (20 U.S.C. 1087e(e)) or an income-based repayment plan under section 493C of such Act (20 U.S.C. 1098e).