Teacher Loan Forgiveness Improvement Act of 2022

Bill: 117-s-3827
Sponsor: full_name: Sen. Whitehouse, Sheldon [D-RI]
Introduced: 2022-03-14
Policy area: Education
Latest action: action_date: 2022-03-14
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2022-03-14
action_desc: Introduced in Senate
text: <p><b>Teacher Loan Forgiveness Improvement Act of </b><strong>2022</strong></p> <p>This bill modifies the Teacher Loan Forgiveness program by increasing the amount of loan forgiveness available for certain qualified teachers who have federal student loans. The program provides loan forgiveness for teachers who are highly qualified, teach full-time in a low-income school or educational service agency, and complete five years of consecutive service.</p> <p>Specifically, the bill increases from $5,000 to $15,000 the amount of available loan forgiveness for an elementary or secondary school teacher in any subject.</p> <p>It also increases from $17,500 to $30,000 the amount of available loan forgiveness for a secondary school math or science teacher and for a special education teacher.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3827 IN THE SENATE OF THE UNITED STATES March 14, 2022 Mr. Whitehouse introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To increase the amount of loan forgiveness available to teachers.

1. Short title This Act may be cited as the Teacher Loan Forgiveness Improvement Act of 2022 . 2. Increased loan forgiveness for teachers Section 428J(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1078–10(c) ) is amended— (1) in paragraph (1), by striking $5,000 and inserting $15,000 ; and (2) in paragraph (3), by striking $17,500 and inserting $30,000 . 3. Increased loan cancellation for teachers Section 460(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1087j(c) ) is amended— (1) in paragraph (1), by striking $5,000 and inserting $15,000 ; and (2) in paragraph (3), by striking $17,500 and inserting $30,000 . 4. Application of amendments The amendments made by this Act shall apply with respect to any borrower who completes the fifth complete school year of teaching required for loan forgiveness under section 428J(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1078–10(b) ), or for loan cancellation under section 460(b) of such Act ( 20 U.S.C. 1087j(b) ), on or after the date of enactment of this Act.