Strengthening Loan Forgiveness for Public Service Workers Act

More loan relief, tighter public service rules

If enacted, this bill would create a new cancellation schedule for Federal Direct Loans made after enactment. You would get 15% canceled after 24 qualifying monthly payments, 30% after 48, 45% after 72, and 60% after 96. After 120 qualifying payments while employed in public service, the remaining principal and interest would be canceled. The bill would also require that you were employed in a public service job during the period you made each of the 120 payments to get Public Service Loan Forgiveness. The Education Department could certify employment automatically from its records or ask you to submit a Secretary-developed form with your and your employer's dates. The Department would put eligible loans in deferment while it processes cancellations and would cancel interest that accrues in years when part of the loan is canceled and interest that accrues between your application and approval.