To limit eligibility for public service loan forgiveness to borrowers of Federal student loans with incomes below a certain maximum threshold, and for other purposes.

Bill: 117-hr-8098
Sponsor: full_name: Rep. Buck, Ken [R-CO-4]
Introduced: 2022-06-16
Policy area: Education
Latest action: action_date: 2022-06-16
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2022-06-16
action_desc: Introduced in House
text: <p>This bill limits eligibility for the Public Service Loan Forgiveness (PSLF) program to borrowers with adjusted gross incomes below a certain maximum threshold.</p> <p>Under the current PSLF program, the Department of Education must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job and, at the time of loan forgiveness, the borrower is employed in a public service job. This bill specifies that, in order to count as a qualifying monthly loan payment under the PSLF program, the borrower must have an adjusted gross income that does not exceed $173,000.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8098 IN THE HOUSE OF REPRESENTATIVES June 16, 2022 Mr. Buck (for himself and Mr. Banks ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To limit eligibility for public service loan forgiveness to borrowers of Federal student loans with incomes below a certain maximum threshold, and for other purposes.

1. Income limit for public service loan forgiveness Section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m) ) is amended— (1) by redesignating paragraphs (2) through (4) as paragraphs (3) through (5), respectively; (2) in paragraph (1), in the matter preceding subparagraph (A), by striking paragraph (2) and inserting paragraph (3) ; and (3) by inserting after paragraph (1) the following: (2) Income limit Notwithstanding any other provision of this subsection, a monthly payment made on an eligible Federal Direct Loan during any year in which the adjusted gross income of the borrower exceeds $173,000 shall not be counted for purposes of determining the number of qualifying payments made by the borrower under paragraph (1)(A). .