To amend the Higher Education Act of 1965 to authorize student loan forgiveness for certain individuals employed in advanced energy professions.

Summary: Energy Education Loan Forgiveness Act of 2010 - Amends the Higher Education Act of 1965 to authorize the Secretary of Education to provide student loan forgiveness under the Federal Family Education Loan, Direct Loan, and Perkins Loans programs to individuals who have been employed for at least one year after this Act's enactment as full-time skilled energy workers in advanced energy industries.

Limits the maximum amount of such loan forgiveness to $2,000 after the first year of a skilled energy worker's employment, with incremental increases after each of the following four years, reaching $5,000 of the loan obligation of the borrower outstanding after the completion of the fifth year.

Includes as advanced energy industries those involved in: (1) alternative energy; (2) nuclear energy; (3) energy efficient construction, retrofitting, and design; (4) sustainable energy technologies; (5) water and energy conservation; (6) recycling and waste reduction; (7) advanced agriculture; (8) carbon sequestration and storage; (9) natural gas drilling; and (10) clean coal production.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Energy Education Loan Forgiveness 
Act of 2010''.

SEC. 2. ENERGY EDUCATION LOAN FORGIVENESS.

    Part B of title IV of the Higher Education Act of 1965 (20 U.S.C. 
1070 et seq.) is amended by inserting after section 428L the following 
new section:

``SEC. 428M. ENERGY EDUCATION LOAN FORGIVENESS.

    ``(a) Purpose.--The purposes of this section are--
            ``(1) to encourage individuals to enter and continue in 
        advanced energy professions; and
            ``(2) to reward such individuals for their service in 
        advanced energy professions by reducing the burden of student 
        loan debt.
    ``(b) Program Authorized.--
            ``(1) Loan forgiveness authorized.--The Secretary is 
        authorized to forgive, in accordance with this section, the 
        student loan obligation of a borrower, in the amount specified 
        in subsection (c), who--
                    ``(A) has been employed for at least one calendar 
                year after the date of enactment of the Energy 
                Education Loan Forgiveness Act of 2010 as a full-time 
                skilled energy worker trained in an industry that 
                focuses on advanced energy (as defined in subsection 
                (f)); and
                    ``(B) is not in default on a loan for which the 
                borrower seeks forgiveness.
            ``(2) Method of loan forgiveness.--To provide loan 
        forgiveness under paragraph (1), the Secretary is authorized to 
        carry out a program--
                    ``(A) through the holder of the loan, to assume the 
                obligation to repay a qualified loan amount for a loan 
                made, insured, or guaranteed under this part (other 
                than an excepted PLUS loan (as such term is defined in 
                section 493C(a))); and
                    ``(B) to cancel a qualified loan amount for a loan 
                made under part D or part E of this title (other than 
                such an excepted PLUS loan).
    ``(c) Qualified Loan Amount.--The Secretary shall, from funds 
appropriated under subsection (h), forgive the loan obligation of a 
borrower in accordance with this section and in the following 
increments:
            ``(1) After the first calendar year of employment described 
        in subsection (b)(1), not more than $2,000 of the loan 
        obligation of the borrower that is outstanding after the 
        completion of such calendar year.
            ``(2) After the second such year of employment, not more 
        than $2,500 of the loan obligation of the borrower that is 
        outstanding after the completion of such year.
            ``(3) After the third such year of employment, not more 
        than $3,000 of the loan obligation of the borrower that is 
        outstanding after the completion of such year.
            ``(4) After the fourth such year of employment, not more 
        than $4,500 of the loan obligation of the borrower that is 
        outstanding after the completion of such year.
            ``(5) After the fifth such year of employment, not more 
        than $5,000 of the loan obligation of the borrower that is 
        outstanding after the completion of such year.
    ``(d) Priority.--The Secretary shall grant loan forgiveness under 
this section on a first-come, first-served basis, and subject to the 
availability of appropriations.
    ``(e) Ineligibility for Double Benefits.--No borrower may, for the 
same service, receive a reduction of loan obligations under both this 
section and section 428K or 455(m).
    ``(f) Definitions.--In this section:
            ``(1) Advanced energy.--The term `advanced energy' shall 
        have the meaning given such term by the Secretary pursuant to 
        subsection (g).
            ``(2) Industry that focuses on advanced energy.--The term 
        `industry that focuses on advanced energy' means an industry 
        the primary purpose of which is to develop, produce, and 
        distribute advanced energy (as defined by the Secretary in 
        accordance with subsection (g)), and includes the following 
        industries:
                    ``(A) Alternative energy, including wind and solar 
                energy.
                    ``(B) Nuclear energy.
                    ``(C) Energy efficient construction, retrofitting, 
                and design.
                    ``(D) Sustainable energy technologies, including 
                chemical technology, nanotechnology, and electrical 
                technology.
                    ``(E) Water and energy conservation.
                    ``(F) Recycling and waste reduction.
                    ``(G) Advanced agriculture and farming.
                    ``(H) Carbon sequestration and storage.
                    ``(I) Natural gas drilling.
                    ``(J) Clean coal production.
            ``(3) Skilled energy worked.--The term `skilled energy 
        worker' shall have the meaning given such term by the Secretary 
        pursuant to subsection (g).
    ``(g) Regulations.--
            ``(1) In general.--The Secretary is authorized to issue 
        such regulations as may be necessary to carry out this section.
            ``(2) Consultation with secretary of energy.--The Secretary 
        shall coordinate with the Secretary of Energy to promulgate 
        regulations to define, for the purpose of awarding loan 
        forgiveness under this section, the term `advanced energy', the 
        term `skilled energy worker', and each of the categories of 
        industries that focus on advanced energy that are listed under 
        subsection (f)(2).
    ``(h) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal year 2011 and each of the 5 succeeding fiscal years.''.