Loan Forgiveness for Educators Act
12/20/2023, 8:15 AMSummary of Bill HR 1757
Bill 118 hr 1757, also known as the Loan Forgiveness for Educators Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to provide loan forgiveness for educators who work in low-income schools or in high-need educational areas.Under this bill, eligible educators would be able to have a portion of their student loans forgiven. To qualify for this loan forgiveness, educators must work full-time for at least five consecutive years in a qualifying school or educational area. The amount of loan forgiveness would be based on the number of years worked and the amount of student loans that the educator has.
The Loan Forgiveness for Educators Act aims to incentivize educators to work in schools that are in need of additional support and resources. By providing loan forgiveness, this bill seeks to alleviate the financial burden that many educators face, especially those working in low-income schools. Overall, the Loan Forgiveness for Educators Act is a proposed piece of legislation that aims to support and retain educators in high-need areas by providing them with financial relief through student loan forgiveness.
Congressional Summary of HR 1757
Loan Forgiveness for Educators Act
This bill expands loan forgiveness for educators by revising the Teacher Loan Forgiveness Program. The program provides loan forgiveness (up to $17,500) for teachers who are highly qualified, teach full-time in a low-income elementary or secondary school or educational service agency, and complete five years of consecutive service.
Specifically, the bill renames the program as the Educator Loan Forgiveness Programs.
Additionally, the bill expands the program by making additional loan types eligible for benefits under the program (e.g., parent PLUS loans).
Further, the bill expands program eligibility to early childhood educators and program directors serving in early childhood education programs and school leaders serving in public high-need schools.
The bill requires the Department of Education to
- make monthly student loan payments on behalf of the educator during qualifying service (i.e., employment as a full-time qualifying educator in a high-need school or an early childhood education program),
- provide complete loan forgiveness after five years of qualifying service, and
- take steps to notify borrowers about changes to the program.
