Strengthening Loan Forgiveness for Public Service Workers Act

This bill changes the federal Public Service Loan Forgiveness program for Direct Loans made after the bill becomes law. For those new loans, a borrower working in a public service job would have 15 percent of the original amount owed canceled after 24 monthly payments, and another 15 percent after each of 48, 72, and 96 payments. After 120 payments while in public service, the remaining balance would be canceled. The Secretary of Education would confirm employment without paperwork when possible, place loans in deferment while cancellation is processed, and cancel interest during certain periods. The bill also changes the existing rule so a borrower must have held a public service job during each of the 120 payments, rather than also at the time of forgiveness.

Full text and official record on Congress.gov

Sponsors

• Richard Blumenthal Democrat sponsor
• 6 cosponsors