The main purpose of this legislative proposal is to update the Higher Education Act of 1965 to provide more flexible repayment options for borrowers of Parent PLUS loans and certain other loans taken out on behalf of dependent students. The goal is to allow these borrowers to repay their loans based on their income, making it easier for them to manage their debt. Key provisions of this proposal include allowing borrowers of Parent PLUS loans to participate in income-contingent repayment plans and income-based repayment plans.