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Strengthening Forgiveness for Public Servants Act

Introduced: September 16, 2014 Introduced by: Blumenthal, Richard Democratic · Connecticut See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 16, 2014
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Sep 16, 2014
Introduced in Senate
 Plain-English summary Congressional Research Service

Strengthening Forgiveness for Public Servants Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education 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 a William D. Ford Federal Direct Loan made after this Act's enactment. (Currently, the balance of a borrower's Direct Loan is cancelled if the borrower is not in default and has made 120 monthly payments on such loan while employed as a public service employee.)

Requires borrowers availing themselves of such loan cancellation to submit an employment certification form that includes self-certification of employment and employer certification of employment dates. Places the borrower's loan in deferment during the period in which the borrower is employed in an eligible public service job if the borrower submits such form to the Secretary.

Cancels the entire amount of interest on such a loan that accrues for any year in which a portion of the loan is cancelled under this Act.

What's happening now September 16, 2014

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1