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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. The bill also provides that all accrued interest on canceled portions is forgiven, and loans are placed in deferment while borrowers work in qualifying public service positions.
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