Bill > HR6284

This bill amends the Higher Education Act of 1965 to enhance the Public Service Loan Forgiveness (PSLF) program by introducing a new loan cancellation structure for federal direct loans made after the bill's enactment. Under the new provisions, borrowers employed in public service jobs can receive incremental loan forgiveness: 15% of their total loan amount will be canceled after 24, 48, 72, and 96 monthly payments, respectively, while maintaining continuous public service employment. After making 120 monthly payments and maintaining public service employment, the remaining loan balance will be completely canceled. The bill simplifies the employment certification process by allowing automatic verification when possible and creating a standardized self-certification form when additional information is needed. Additionally, the bill ensures that interest is canceled for the years in which loan portions are forgiven and during the loan cancellation review period. This approach aims to provide more immediate and transparent loan relief for public service workers, potentially making public service careers more financially attractive and supporting professionals in critical sectors like education, healthcare, and government.

Education

https://www.congress.gov/bill/119th-congress/house-bill/6284/all-info