Text - S.2826 - 113th Congress (2013-2014): Strengthening Forgiveness for Public Servants Act | Congress.gov | Library of Congress

There is one version of the bill.

Shown Here:Introduced in Senate (09/16/2014)

Formatting necessary for an accurate reading of this legislative text may be shown by tags (e.g., or ) or may be missing from this TXT display. For complete and accurate display of this text, see the PDF or HTML/XML.

[Congressional Bills 113th Congress][From the U.S. Government Printing Office][S. 2826 Introduced in Senate (IS)]113th CONGRESS 2d Session S. 2826 To amend the Higher Education Act of 1965 to provide for a percentage of student loan forgiveness for public service employment, and for other purposes._______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 16, 2014 Mr. Blumenthal (for himself and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions_______________________________________________________________________ A BILL To amend the Higher Education Act of 1965 to provide for a percentage of student loan forgiveness for public service employment, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,SECTION 1. SHORT TITLE. This Act may be cited as the ``Strengthening Forgiveness for Public Servants Act''.SEC. 2. PUBLIC SERVICE LOAN FORGIVENESS PROGRAM. Section 455(m) of the Higher Education Act of 1965 (20 U.S.C. 1087e(m)) is amended-- (1) in paragraph (1), in the matter preceding subparagraph (A), by inserting ``, except as provided in paragraph (5),'' after ``on any eligible Federal Direct Loan not in default''; and (2) by adding at the end the following: ``(5) Loan cancellation for new loans.-- ``(A) In general.--Beginning after the date of enactment of the Strengthening Forgiveness for Public Servants Act, after the conclusion of each employment period in a public service job, as described in subparagraph (B), the Secretary shall cancel the percent specified in such subparagraph of the total amount due on any eligible Federal Direct Loan made after the date of enactment of the Strengthening Forgiveness for Public Servants Act for a borrower who is employed in such public service job and submits an employment certification form described in subparagraph (C). ``(B) Percent amount.--The percent of a loan that shall be canceled under subparagraph (A) is as follows: ``(i) In the case of a borrower who completes 2 years of employment in a public service job, 15 percent of the total amount due on the eligible Federal Direct Loan on the date the borrower commenced employment in such public service job. ``(ii) In the case of a borrower who completes 4 years of employment in a public service job, 15 percent of the total amount due on the eligible Federal Direct Loan on the date the borrower commenced employment in such public service job. ``(iii) In the case of a borrower who completes 6 years of employment in a public service job, 20 percent of the total amount due on the eligible Federal Direct Loan on the date the borrower commenced employment in such public service job. ``(iv) In the case of a borrower who completes 8 years of employment in a public service job, 20 percent of the total amount due on the eligible Federal Direct Loan on the date the borrower commenced employment in such public service job. ``(v) In the case of a borrower who completes 10 years of employment in a public service job, 30 percent of the total amount due on the eligible Federal Direct Loan on the date the borrower commenced employment in such public service job. ``(C) Employment certification form.-- ``(i) In general.--In order to receive loan cancellation under this paragraph, a borrower shall submit to the Secretary an employment certification form that is developed by the Secretary and includes self-certification of employment and a separate part for employer certification that indicates the dates of employment. ``(ii) Deferment.--If a borrower submits to the Secretary the employment certification form described in clause (i), during the period in which the borrower is employed in a public service job for which loan cancellation is eligible under this paragraph, the borrower's eligible Federal Direct Loan shall be placed in deferment. ``(D) Interest cancelled.--If a portion of a loan is canceled under this paragraph for any year, the entire amount of interest on such loan that accrues for such year shall be canceled.''.
https://www.congress.gov/bill/113th-congress/senate-bill/2826/text?q={"search":["public%20servants"]}