This bill provides funding and establishes grant programs to expand access to higher education, including by providing free community college to students. The bill also establishes the National Public Service Education Grant program and revises the Public Service Loan Forgiveness (PSLF) program.
Specifically, the bill establishes a program to waive resident tuition and fees for community college students. The Department of Education (ED) must award grants to states and Indian tribes to pay the federal share (75% of the average resident community college tuition and fees per student) of the program.
Next, the bill directs ED to award grants to states and Indian tribes for implementing evidence-based institutional reforms and innovative practices to improve student outcomes.
Additionally, ED must award grants to participating historically Black colleges and universities, tribal colleges and universities, and minority-serving institutions to waive or significantly reduce the first 60 credits of tuition and fees for low-income students.
The bill directs ED to establish grant programs to pay the costs of an undergraduate education for students who commit to working for at least three years in public service jobs upon graduation.
Finally, the bill revises the PSLF program to provide for partial loan cancellation based on the length of public service employment. Specifically, ED must 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 Federal Direct Loans made after the bill's enactment.
