S.2826 - Strengthening Forgiveness for Public Servants Act113th Congress (2013-2014)
|Sponsor:||Sen. Blumenthal, Richard [D-CT] (Introduced 09/16/2014)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 09/16/2014 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.2826 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (09/16/2014)
Strengthening Forgiveness for Public Servants Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to cancel 15%, 15%, 20%, 20%, and 30% of the amount a borrower owes after 2, 4, 6, 8, and 10 years of public service employment, respectively, on a William D. Ford Federal Direct Loan made after this Act's enactment. (Currently, the balance of a borrower's Direct Loan is cancelled if the borrower is not in default and has made 120 monthly payments on such loan while employed as a public service employee.)
Requires borrowers availing themselves of such loan cancellation to submit an employment certification form that includes self-certification of employment and employer certification of employment dates. Places the borrower's loan in deferment during the period in which the borrower is employed in an eligible public service job if the borrower submits such form to the Secretary.
Cancels the entire amount of interest on such a loan that accrues for any year in which a portion of the loan is cancelled under this Act.