Bill > HR5084

This bill aims to provide student loan forgiveness and additional benefits for public school teachers by amending the Higher Education Act of 1965. Specifically, the bill creates a new loan forgiveness program that will cancel the entire balance of eligible federal undergraduate student loans for public school teachers who have worked full-time for at least 8 consecutive years. The loan forgiveness will cover the principal and interest on loans attributable to undergraduate studies, and importantly, the forgiven amount will not be considered taxable income. The bill also introduces a loan deferment option for public school teachers, during which they will not need to make principal payments, and interest will not accrue. This deferment applies during the period of teaching and for six months afterward, and covers multiple types of federal student loans including Direct Loans, FFEL (Federal Family Education Loan) Program loans, and Perkins Loans. Additionally, the bill allows teachers to potentially receive multiple loan forgiveness benefits from different programs for the same service. To facilitate this program, the bill also authorizes the Secretary of the Treasury to disclose certain tax return information to the Department of Education to help verify and process loan forgiveness for eligible teachers.

Labor and Employment

https://www.congress.gov/bill/119th-congress/house-bill/5084/all-info