S. 2478
Referred to CommitteeStrengthening Loan Forgiveness for Public Servants Act
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Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
7/27/2021 • Senate
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 Senate • 7/27/2021
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Bill Journey
Originated in the Senate
Introduced
July 27, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law