Strengthening Loan Forgiveness for Public Servants Act

Strengthening Loan Forgiveness for Public Servants Act

This bill directs the Department 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 federal student loan made after this bill's enactment. Currently, the loan is forgiven if the borrower is not in default and has made 120 monthly payments on such loan while employed as a public service employee.