Sec. 401. Extension of loan cancellation for borrowers employed in public service jobs for 5 years
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Section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) is amended by adding at the end the following new paragraph: Beginning fiscal year 2014, the Secretary shall also cancel 50 percent of the balance of interest and principal due on any eligible Federal Direct Loan not in default for borrowers employed in a public service job for 5 years during the repayment of such loans— by applying paragraph (1)(A)— by substituting 60 for 120 each place it appears; and by substituting October 1, 2007 for October 1, 2013 ; and by applying paragraph (2), by substituting 50 percent of the balance with the balance . .
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Sec. 401
Extension of loan cancellation for borrowers employed in public service jobs for 5 years
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