146 
a program of applying monthly credits in accordance with 
subsection (c) for covered loans for any new borrower on 
or after October 1, 1998, who is an eligible educator bor-
rower. 
‘‘(c) QUALIFIED LOAN AMOUNTS.— 
‘‘(1) IN GENERAL.— 
‘‘(A) AMOUNT OF CREDIT.—For every eli-
gible educator borrower enrolled in an income 
contingent or income-based repayment plan (in-
cluding plans under section 493C or section 
455(d)(1)(D)), the Secretary shall apply a 
monthly credit for each month of covered serv-
ice (including past covered service on or after 
the date of enactment of the EDUCATORS for 
America Act) to the balance of interest and 
principal due on any covered loan for that eligi-
ble educator borrower in an amount that, when 
added to the monthly payment required from 
the borrower, would be equal to the monthly 
payment amount that would repay the bor-
rower’s original balance and accrued interest on 
the basis of a 10-year amortization schedule. 
‘‘(B) COVERED SERVICE.—With respect to 
monthly credits described in subparagraph (A), 
‘covered service’ means full-time employment as 
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147 
an educator beginning on or after the date of 
enactment of the EDUCATORS for America 
Act. 
‘‘(2) AMOUNTS FOR HIGH-NEED SERVICE.— 
‘‘(A) 
EDUCATORS
IN
HIGH-NEED 
SCHOOLS.—Subject to subparagraph (C), and 
in addition to any amount specified in para-
graph (1) for which a borrower is eligible, the 
Secretary shall apply a monthly non-refundable 
credit (including for past covered service) in the 
amount of $90 for not more than 60 months to 
the balance of interest and principal due on any 
covered loan (or until such loan obligation is 
fulfilled) for each month that a borrower is an 
eligible educator borrower in the case of— 
‘‘(i) an eligible educator borrower who 
is employed as a full-time educator in a 
school or location that qualifies under sec-
tion 465(a)(2)(A) for loan cancellation for 
Perkins loan recipients who teach in such 
schools or locations; or 
‘‘(ii) an eligible educator borrower 
who is employed as an elementary school 
or secondary school educator and meets 
the requirements of subsection (g)(1). 
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148 
‘‘(B) 
TEACHERS
IN
MATHEMATICS, 
SCIENCE, OR SPECIAL EDUCATION.—Subject to 
subparagraph (C), and in addition to any 
amount specified in paragraph (1) for which a 
borrower is eligible, the Secretary shall apply a 
monthly non-refundable credit (including for 
past covered service) in the amount of $300 for 
not more than 60 months to the balance of in-
terest and principal due on any covered loan (or 
until such loan obligation is fulfilled) for each 
month that a borrower is an eligible educator 
borrower in the case of— 
‘‘(i) a secondary school teacher— 
‘‘(I) who is an eligible educator 
borrower; and 
‘‘(II) whose qualifying employ-
ment for purposes of this section is 
teaching mathematics or science on a 
full-time basis; and 
‘‘(ii) an elementary school or sec-
ondary school teacher— 
‘‘(I) who is an eligible educator 
borrower; 
‘‘(II) whose qualifying employ-
ment for purposes of this section is as 
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a special education teacher whose pri-
mary responsibility is to provide spe-
cial education to children with disabil-
ities (as those terms are defined in 
section 602 of the Individuals with 
Disabilities Education Act); and 
‘‘(III) who, as certified by the 
chief administrative officer of the pub-
lic or non-profit private elementary 
school or secondary school in which 
the borrower is employed, or, in the 
case of a teacher who is employed by 
an educational service agency, as cer-
tified by the chief administrative offi-
cer of such agency, is teaching chil-
dren with disabilities that correspond 
with the borrower’s special education 
training and has demonstrated knowl-
edge and teaching skills in the content 
areas of the elementary school or sec-
ondary school curriculum that the 
borrower is teaching. 
‘‘(C) RULES FOR HIGH-NEED SERVICE.— 
‘‘(i) 
LIMITATION
ON
ADDITIONAL 
BENEFITS.—An eligible educator borrower 
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shall not receive the credit amounts under 
both subparagraphs (A) and (B). In the 
case of an eligible educator borrower who 
may otherwise be eligible for both addi-
tional credit amounts, that borrower shall 
receive the additional credit amount de-
scribed in subparagraph (B). 
‘‘(ii) ELIGIBILITY.—A borrower shall 
be eligible to receive credit amounts under 
subparagraph (A) or (B) regardless of the 
borrower’s repayment plan. A borrower 
shall not be required to be enrolled in an 
income contingent or income-based repay-
ment plan to receive credit amounts under 
subparagraph (A) or (B). 
‘‘(D) COVERED SERVICE.— 
‘‘(i) HIGH-NEED SCHOOLS.—With re-
spect to monthly credits described in sub-
paragraph (A), ‘covered service’ means 
full-time employment completed after Octo-
ber 1, 1998— 
‘‘(I) as an educator at a school or 
location described in clause (i) or (ii) 
of such subparagraph; or 
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‘‘(II) which would have been con-
sidered qualifying service for the bene-
fits under this section as in effect on 
the day before the date of enactment 
of the EDUCATORS for America 
Act. 
‘‘(ii) HIGH-NEED
FIELDS.—With re-
spect to monthly credits described in sub-
paragraph (B), ‘covered service’ means 
full-time employment completed after Octo-
ber 1, 1998— 
‘‘(I) as a teacher described in 
clause (i) or (ii) of such subpara-
graph; or 
‘‘(II) which would have been con-
sidered qualifying service for the bene-
fits under this section as in effect on 
the day before the date of enactment 
of the EDUCATORS for America 
Act. 
‘‘(d) REGULATIONS.—The Secretary is authorized to 
promulgate such regulations as may be necessary to carry 
out the provisions of this section, including regulations— 
‘‘(1) to facilitate the transition of the program 
carried out under this section as in effect on the day 
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Federal Direct PLUS Loan under this 
part. 
‘‘(B) 
EXCLUSION
OF
PARENT
PLUS 
LOANS.—A covered loan does not include any of 
the following loans under this part: 
‘‘(i) A Federal Direct PLUS Loan 
made to the parents of a dependent stu-
dent. 
‘‘(ii) A loan made under section 
455(g), to the extent that such loan was 
used to repay— 
‘‘(I) a loan made to the parents 
of a dependent student under section 
428B; or 
‘‘(II) a Federal Direct PLUS 
Loan made to the parents of a de-
pendent student. 
‘‘(2) ELIGIBLE EDUCATOR BORROWER.—In this 
section, the term ‘eligible educator borrower’ means 
an individual who is employed on a full-time basis as 
an educator, as defined under section 200. 
‘‘(3) YEAR.—For the purpose of this section, 
the term ‘year’ where applied to service as a teacher 
means an academic year as defined by the Sec-
retary.’’. 
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(b) TECHNICAL AMENDMENT.—Section 455(m)(4) of 
the Higher Education Act of 1965 (20 U.S.C. 
1087e(m)(4)) is amended by striking ‘‘, or 460’’. 
(c) REPORT TO CONGRESS.—Not later than 180 days 
after the date of enactment of this Act, and annually 
thereafter, the Secretary shall prepare and submit to Con-
gress a report containing information about the impact of 
the amendment made under subsection (a), which shall in-
clude data on the participation rate of eligible borrowers, 
the dollar amount of benefits to participants, and the per-
formance of servicers. 
Æ 
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