Public Service Loan Forgiveness Modernization Act

Hozzl · 2022-12-31T05:05:23Z

Explore the details of House Bill 4666 Public Service Loan Forgiveness Modernization Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/31/2022, 5:05 AM

Summary of Bill HR 4666

Bill 117 HR 4666, also known as the Public Service Loan Forgiveness Modernization Act, aims to make changes to the existing Public Service Loan Forgiveness (PSLF) program. The PSLF program was established to forgive the remaining balance on federal student loans for borrowers who work in public service jobs after making 120 qualifying payments.

The main goal of this bill is to simplify and improve the PSLF program to make it more accessible and beneficial to borrowers. Some of the key provisions of the bill include expanding the types of loans that are eligible for forgiveness, increasing the number of qualifying payments required for forgiveness, and providing additional guidance and support to borrowers navigating the program.

Additionally, the bill seeks to address some of the challenges and inconsistencies that have arisen with the current PSLF program, such as issues with loan servicers and confusion over eligibility requirements. By modernizing and streamlining the program, the hope is that more borrowers will be able to take advantage of the benefits of PSLF and have their student loan debt forgiven. Overall, the Public Service Loan Forgiveness Modernization Act aims to make the PSLF program more effective and efficient in helping borrowers in public service professions manage and ultimately eliminate their student loan debt.

Congressional Summary of HR 4666

Public Service Loan Forgiveness Modernization Act

This bill revises provisions related to the Public Service Loan Forgiveness (PSLF) program.

Specifically, the bill requires the Department of Education (ED) to establish and regularly update a comprehensive database identifying each qualified public service employer and each position offered by such employer that is a public service job. ED must also establish a process whereby an employer may submit a certification that it is a qualified public service employer.

In addition, the bill prohibits ED from requiring a borrower to apply for and be denied loan cancellation pursuant to the PSLF program as a condition of eligibility for loan forgiveness under the Temporary Expanded Public Service Loan Forgiveness program. ED must also develop and make publicly available an online tool for borrowers to learn more about the expanded program, determine their eligibility for forgiveness, and identify any requirements for participation.

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Current Status of Bill HR 4666

Bill HR 4666 is currently in the status of Bill Introduced since July 22, 2021. Bill HR 4666 was introduced during Congress 117 and was introduced to the House on July 22, 2021. Bill HR 4666's most recent activity was Referred to the House Committee on Education and Labor. as of July 22, 2021