Bill > HR2829

This bill amends the Higher Education Act of 1965 to improve the Public Service Loan Forgiveness (PSLF) program by making several significant changes. The bill reduces the number of qualifying monthly payments required for loan cancellation from 120 to 96 payments and expands the definition of qualifying employment to include independent contractors. It establishes a new online portal to help borrowers track their progress toward loan forgiveness, including detailed information about their eligible loans, qualifying payments, and remaining requirements. The bill also creates a buyback payment process that allows borrowers to retroactively count months of employment that did not originally qualify as qualifying payments. Additionally, the legislation introduces a comprehensive reconsideration process for borrowers initially denied loan cancellation, providing a 90-day forbearance period and an opportunity to appeal the decision. The bill further clarifies definitions of full-time work, modifies how consolidated loans are treated for forgiveness calculations, and includes provisions to prevent interest capitalization during deferment and forbearance periods. Notably, the bill also requires the Government Accountability Office to study the feasibility of establishing automatic data matching agreements to streamline the PSLF certification process.

Education

https://www.congress.gov/bill/119th-congress/house-bill/2829/all-info