Sec. 4. Loan forgiveness for service in a long-term care or nursing home facility
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During a qualifying COVID–19 emergency, the Secretary of Education or the Secretary of Health and Human Services, as applicable, shall repay or cancel 10 percent of the outstanding balance of principal and interest due on the eligible Federal loans and the private education loans of a borrower for each 6-month period of service completed by the borrower. The total amount of loans of a borrower repaid or cancelled under paragraph
(1)may not exceed 50 percent of the outstanding balance of principal and interest due on such loans on the first day of the first 6-month period of service with respect to which such loans are repaid or cancelled. The amount of a loan, and interest on a loan, which is canceled or repaid under this section shall not be considered income to the borrower for purposes of the Internal Revenue Code of 1986. In this section: The term eligible Federal loan means— made, insured, or guaranteed under part B, part D, or part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq., 1087a et seq., or 1087aa et seq.); made under subpart II of part A of title VII of the Public Health Service Act ( 42 U.S.C. 292q et seq.); or made under part E of title VIII of the Public Health Service Act ( 42 U.S.C. 297a et seq.). The term qualifying COVID–19 emergency has the meaning given to the term qualifying emergency in section 3502(a) of the CARES Act ( Public Law 116–136 ). The term period of service , used with respect to a borrower, means a period in which the borrower— is employed in a long-term care facility, nursing home facility, skilled nursing facility, or post-acute care facility located in a jurisdiction with respect to which a qualifying COVID–19 emergency has been declared; and provides care directly to an individual in such facility at least 10 days per month. The term private education loan has the meaning given such term under section 140(a) of the Truth in Lending Act.
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Sec. 4
Loan forgiveness for service in a long-term care or nursing home facility
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