The federal student loan program is needlessly complex, fails to offer an effective safety net for borrowers in financial difficulty, and distributes the largest benefits to borrowers who need them the least. Worse, the safety net designed to support borrowers in financial difficulty, income-based repayment (IBR), has failed to meaningfully reduce the delinquencies and defaults that cost taxpayers $4 billion a year. Comprehensive reform is overdue. What is needed is a new system of federal student lending that is simple for students, provides adequate but not excessive resources for borrowers, and has an effective and efficient safety net to ensure that paying for college does not create a lasting and inescapable financial hardship. This paper proposes a plan to simplify the system by providing all eligible students with a single $50,000 line of credit, with repayments structured as an income-share agreement (ISA). Borrowers would remit a small fraction of their earnings to the government on their income taxes, capped at 1.75 times the amount borrowed and for a maximum term of 25 years.