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Strengthening Loan Forgiveness for Public Servants Act

USA117th CongressS-2478| Senate 
| Updated: 7/27/2021
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (5)
Mazie K. Hirono (Democratic)Dianne Feinstein (Democratic)Elizabeth Warren (Democratic)Tina Smith (Democratic)Benjamin L. Cardin (Democratic)

Health, Education, Labor, and Pensions Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 27, 2021

Latest Companion Bill Action

HR 117-4724
Introduced in House
Jul 27, 2021
Introduced in Senate
Jul 27, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
  • July 27, 2021

    Latest Companion Bill Action

    HR 117-4724
    Introduced in House


  • July 27, 2021
    Introduced in Senate


  • July 27, 2021
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Education

Related Bills

  • HR 117-4724: Strengthening Loan Forgiveness for Public Servants Act

Strengthening Loan Forgiveness for Public Servants Act

USA117th CongressS-2478| Senate 
| Updated: 7/27/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 27, 2021

Latest Companion Bill Action

HR 117-4724
Introduced in House
Jul 27, 2021
Introduced in Senate
Jul 27, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
  • July 27, 2021

    Latest Companion Bill Action

    HR 117-4724
    Introduced in House


  • July 27, 2021
    Introduced in Senate


  • July 27, 2021
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Richard Blumenthal

Richard Blumenthal

Democratic Senator

Connecticut

Cosponsors (5)
Mazie K. Hirono (Democratic)Dianne Feinstein (Democratic)Elizabeth Warren (Democratic)Tina Smith (Democratic)Benjamin L. Cardin (Democratic)

Health, Education, Labor, and Pensions Committee

Education

Related Bills

  • HR 117-4724: Strengthening Loan Forgiveness for Public Servants Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted