To limit eligibility for public service loan forgiveness to borrowers of Federal student loans with incomes below a certain maximum threshold, and for other purposes.
This bill limits eligibility for the Public Service Loan Forgiveness (PSLF) program to borrowers with adjusted gross incomes below a certain maximum threshold.
Under the current PSLF program, the Department of Education must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job and, at the time of loan forgiveness, the borrower is employed in a public service job. This bill specifies that, in order to count as a qualifying monthly loan payment under the PSLF program, the borrower must have an adjusted gross income that does not exceed $173,000.
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