Strengthening Loan Forgiveness for Public Service Workers Act

This bill changes the federal Public Service Loan Forgiveness program for Federal Direct Loans made after the bill becomes law. For borrowers working in public service jobs, the Secretary of Education would cancel 15 percent of the loan amount owed at the start of repayment after 24, 48, 72, and 96 monthly payments, and would cancel the remaining balance after 120 payments. The Secretary would confirm employment without paperwork when possible, or otherwise through a form with borrower and employer certification. All interest for a year in which part of a loan is canceled would also be canceled, as would interest that builds up while an application is reviewed. The bill also changes the existing program's rule so that borrowers must have been employed in a public service job while making each of the 120 payments.

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