To amend the Higher Education Act of 1965 to provide for a percentage of student loan forgiveness for public service employment, and for other purposes.
About This Bill
Committee
Latest Action · December 18, 2024
Referred to the House Committee on Education and the Workforce.
This bill would expand the Public Service Loan Forgiveness program by providing automatic loan cancellation at key milestones for borrowers employed in public service jobs. Under the new system, borrowers with federal direct loans made after the bill's enactment would have their loans partially forgiven after completing 2, 4, 6, 8, or 10 years of public service work, with forgiveness percentages ranging from 15 percent after 2 years to 30 percent after 10 years. The bill also requires employers to certify employment through forms developed by the Department of Education and automatically cancels all accrued interest for any year in which forgiveness occurs. This legislation would make it easier for public servants like teachers, social workers, and government employees to access loan relief compared to the current program, which requires 10 years of payments before forgiveness and has faced widespread implementation problems.
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