H.R. 4724
Referred to CommitteeStrengthening Loan Forgiveness for Public Servants Act
Latest Action
Referred to the House Committee on Education and Labor.
7/27/2021 • House
Summary
Strengthening Loan Forgiveness for Public Servants Act
This bill revises the Public Service Loan Forgiveness (PSLF) program to provide for partial loan cancellation based on the length of public service employment.
Specifically, the bill directs the Department of Education (ED) to cancel 15%, 15%, 20%, 20%, and 30% of the amount a borrower owes after 2, 4, 6, 8, and 10 years of public service employment, respectively, on Federal Direct Loans made after the bill's enactment. Under the current PSLF program, ED 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.
Introduced in House • 7/27/2021
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Sponsor & Cosponsors (10)
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Bill Journey
Originated in the House
Introduced
July 27, 2021
Referred to the House Committee on Education and Labor.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law