Public Service Loan Forgiveness Inclusion Act of 2021

Bill: 117-hr-1633
Sponsor: full_name: Rep. Foster, Bill [D-IL-11]
Introduced: 2021-03-08
Policy area: Education
Subjects: Government employee pay, benefits, personnel management

Government information and archives

Government lending and loan guarantees

Higher education

Social work, volunteer service, charitable organizations

Student aid and college costs
Latest action: action_date: 2021-03-08
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2021-03-08
action_desc: Introduced in House
text: <p><strong>Public Service Loan Forgiveness Inclusion Act of 2021</strong></p> <p>This bill allows the first 60 monthly payments made by a borrower under a graduated repayment or extended repayment plan to become qualifying payments under the Public Service Loan Forgiveness (PSLF) program. However, the borrower must transfer to an eligible repayment plan, such as an income-based or standard repayment plan, for the remaining 60 monthly payments made under the PSLF program.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1633 IN THE HOUSE OF REPRESENTATIVES March 8, 2021 Mr. Foster (for himself, Mr. Fitzpatrick , Ms. Clarke of New York , Ms. Norton , Mr. García of Illinois , Mr. Carson , Ms. Lee of California , Mr. Keating , and Ms. Wexton ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To amend the Higher Education Act of 1965 to allow certain payments made by public service employees to qualify for public service repayment, and for other purposes.

1. Short title This Act may be cited as the Public Service Loan Forgiveness Inclusion Act of 2021 . 2. Qualifying payments (a) In general Section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m) ) is amended— (1) in paragraph (1)(A) by inserting subject to paragraph (5), before has made ; and (2) by adding at the end the following: (5) First 60 monthly payments (A) In general For the purpose of meeting the requirement under subparagraph (A) of paragraph (1), the first 60 monthly payments may be payments under a repayment plan under subsection (d)(1) or (g). (B) Applicability This paragraph shall apply to borrowers who on or after the date of the enactment of this paragraph have made less than 120 monthly payments under paragraph (1)(A). . (b) Notification to borrowers Not later than 180 days after the date of the enactment of this Act, the Secretary of Education shall— (1) inform each borrower of a loan made under part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) of— (A) paragraph (5) of section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m) ), as amended by this Act; and (B) the effect of such paragraph on loan cancellation under such section 455(m) ( 20 U.S.C. 1087e(m) ); and (2) provide information to such borrowers on how to change repayment plans.