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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10507 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 10507
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 18, 2024
Mr. Swalwell (for himself, Mr. Boyle of Pennsylvania, Ms. Pingree, and
Ms. Norton) introduced the following bill; which was referred to the
Committee on Education and the Workforce
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Strengthening Loan Forgiveness for
Public Servants Act''.
SEC. 2. PUBLIC SERVICE LOAN FORGIVENESS PROGRAM.
Section 455(m) of the Higher Education Act of 1965 (20 U.S.C.
1087e(m)) is amended--
(1) in paragraph (1), in the matter preceding subparagraph
(A), by inserting ``, except as provided in paragraph (5),''
after ``on any eligible Federal Direct Loan not in default'';
and
(2) by adding at the end the following:
``(5) Loan cancellation for new loans.--
``(A) In general.--Beginning after the date of
enactment of the Strengthening Loan Forgiveness for
Public Servants Act, after the conclusion of each
employment period in a public service job, as described
in subparagraph (B), the Secretary shall cancel the
percent specified in such subparagraph of the total
amount due on any eligible Federal Direct Loan made
after the date of enactment of the Strengthening Loan
Forgiveness for Public Servants Act for a borrower who
is employed in such public service job and submits an
employment certification form described in subparagraph
(C).
``(B) Percent amount.--The percent of a loan that
shall be canceled under subparagraph (A) is as follows:
``(i) In the case of a borrower who
completes 2 years of employment in a public
service job, 15 percent of the total amount due
on the eligible Federal Direct Loan on the date
the borrower commenced employment in such
public service job.
``(ii) In the case of a borrower who
completes 4 years of employment in a public
service job, 15 percent of the total amount due
on the eligible Federal Direct Loan on the date
the borrower commenced employment in such
public service job.
``(iii) In the case of a borrower who
completes 6 years of employment in a public
service job, 20 percent of the total amount due
on the eligible Federal Direct Loan on the date
the borrower commenced employment in such
public service job.
``(iv) In the case of a borrower who
completes 8 years of employment in a public
service job, 20 percent of the total amount due
on the eligible Federal Direct Loan on the date
the borrower commenced employment in such
public service job.
``(v) In the case of a borrower who
completes 10 years of employment in a public
service job, 30 percent of the total amount due
on the eligible Federal Direct Loan on the date
the borrower commenced employment in such
public service job.
``(C) Employment certification form.--
``(i) In general.--In order to receive loan
cancellation under this paragraph, a borrower
shall submit to the Secretary an employment
certification form that is developed by the
Secretary and includes self-certification of
employment and a separate part for employer
certification that indicates the dates of
employment.
``(ii) Deferment.--If a borrower submits to
the Secretary the employment certification form
described in clause (i), during the period in
which the borrower is employed in a public
service job for which loan cancellation is
eligible under this paragraph, the borrower's
eligible Federal Direct Loan shall be placed in
deferment.
``(D) Interest canceled.--
``(i) In general.--If a portion of a loan
is canceled under this paragraph for any year,
the entire amount of interest on such loan that
accrues for such year shall be canceled.
``(ii) Interest canceled during review.--
The Secretary shall cancel any interest that
accrues that is not otherwise canceled pursuant
to this paragraph for a borrower who receives
loan cancellation under this paragraph during
the period beginning on the date the borrower
submits an application for loan cancellation
under this paragraph until the date the
borrower receives loan cancellation pursuant to
such application that is approved.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
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