HR 4724
117th Congress
House
Education
Strengthening Loan Forgiveness for Public Servants Act
Introduced: July 27, 2021
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2021
Referred to the House Committee on Education and Labor.
Jul 27, 2021
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Education and Labor.
Committees of jurisdiction
1