PSLF Payment Completion Fairness Act

Bill: 118-s-1331
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2023-04-27
Policy area: Education
Subjects: Government lending and loan guarantees

Higher education

Student aid and college costs
Latest action: action_date: 2024-04-10
text: Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy. Hearings held.

Summaries:
action_date: 2023-04-27
action_desc: Introduced in Senate
text: <p><strong>Public Service Loan Forgiveness Payment Completion Fairness Act or the PSLF Payment Completion Fairness Act</strong></p> <p>This bill removes the requirement that a borrower must be employed in a public service job at the time of loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.</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 removes the requirement that the borrower must be working in a public service job at the time of loan forgiveness.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1331 IN THE SENATE OF THE UNITED STATES April 27, 2023 Mr. Menendez (for himself and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To ensure that borrowers who have performed qualifying public service are eligible for Public Service Loan Forgiveness.

1. Short title This Act may be cited as the Public Service Loan Forgiveness Payment Completion Fairness Act or the PSLF Payment Completion Fairness Act . 2. Public Service Loan Forgiveness Section 455(m)(1)(B) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m)(1)(B) ) is amended by striking (i) is employed and all that follows through (ii) has been and inserting has been .