Strengthening Loan Forgiveness for Public Servants Act
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Summary
This bill amends the Higher Education Act to create a new loan forgiveness program for federal student loan borrowers employed in public service jobs. Under the program, borrowers with loans made after the bill's enactment would receive incremental loan cancellation—15% after 2 years, 15% after 4 years, 20% after 6 years, 20% after 8 years, and 30% after 10 years of public service employment—with all accrued interest also canceled in years when forgiveness is granted. Borrowers must submit employment certification forms signed by their employers to qualify, and their loans are placed in deferment during their public service employment period.
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