Sec. 2. Public school teacher loan forgiveness for undergraduate loans
368 words·~2 min read·
/bill/119/hr/5084/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq. ) is amended by adding at the end the following: The Secretary shall forgive, in accordance with this section, the eligible Federal undergraduate loans of a borrower who has been employed full-time as a public school teacher for at least 8 consecutive years. To forgive eligible Federal undergraduate loans under this section, the Secretary shall carry out a program— through the holder of the loan, to assume the obligation to repay such a loan that is made, insured, or guaranteed under part B of this title; to cancel such a loan that is made under this part; and to cancel such a loan made under part E, and to make payments to institutions of higher education for an amount equal to the aggregate of the amounts of loans from its student loan fund which are canceled pursuant to this section, in accordance with the requirements of section 465(b).
Upon completion by a borrower of the 8 consecutive years of employment described in subsection (a), the Secretary shall forgive, in accordance with subsection (b), the balance of principal and interest due as of the time of such forgiveness, on the eligible Federal undergraduate loans of the borrower. The amount of a loan, including interest on a loan, forgiven under this section shall not be considered income for purposes of the Internal Revenue Code of 1986. An borrower may, for the same service, receive a benefit under both this section and— section 428K; section 460; section 455(m); or subtitle D of title I of the National and Community Service Act of 1990 ( 42 U.S.C. 12601 et seq. ).
In this section: The term eligible Federal undergraduate Loan means any loan made, insured, or guaranteed under part B, this part, or part E that is attributable to an undergraduate course or program of study. The terms elementary school and secondary school have the meanings given such terms in section 8101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 ). The term public school teacher means a teacher at a public elementary school or public secondary school. .
Connectionstraces to 3
Traces to 3 documents
Citation graph
cites case law
Sec. 2
Public school teacher loan forgiveness for undergraduate loans
Cites 3Cited by 0 across 0 sources