Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill expands loan forgiveness for public school teachers by allowing them to have their federal undergraduate student loans completely forgiven after eight consecutive years of full-time teaching service. The forgiveness covers all remaining principal and interest on eligible loans and is not treated as taxable income. The legislation also provides interest-free deferment (pause in payments) to teachers while they are actively teaching and for six months after they leave the profession, applying to federal direct loans, FFEL loans, and Perkins loans. Additionally, the bill allows teachers to stack this loan forgiveness benefit on top of other existing teacher loan forgiveness or service-based forgiveness programs they may already qualify for. The bill authorizes the Treasury Department to share employment information with the Education Department to verify teachers' eligibility and process the forgiveness.
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