Higher Education Military Service Student Loan Cancellation Act - Amends the Higher Education Act of 1965 to direct the Commissioner of Education to repay or cancel specified amounts or percents of student loans made after October 1, 1975, under the federally insured or guaranteed and the national direct student loan programs, for military service after October 1, 1980 by the borrower.
Provides that, for each complete year of service, amounts eligible to be repaid or cancelled are: (1) $500 or ten percent of the loan, for enlisted members of the Selected Reserve of the Ready Reserve of the Armed Forces; or (2) $1,000 or 20 percent of the loan, whichever is greater, for enlisted members of the Armed Forces on active duty.
Authorizes appropriations in specified amounts for such purposes for fiscal year 1981 through 1985.
Directs the Secretary of Defense to prescribe a fund allocation schedule during any year for which such appropriation is not sufficient to pay the sum of the amounts eligible for repayment or cancellation, giving priority for service that qualifies for special pay in an area of hostilities.
Introduced in Senate
Referred to Senate Committee on Labor and Human Resources.
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