Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Teacher Education Assistance
Creating Hope for Our Future Act of 2008'', or the ''TEACH for Our
Future Act of 2008''.

SEC. 2. FFEL PROGRAM LOAN FORGIVENESS FOR TEACHERS.

Section 428J of the Higher Education Act of 1965 (20 U.S.C. 1078-
10) is amended--
(1) by amending subsection (b) to read as follows:
''(b) Program Authorized.--
''(1) In general.--The Secretary shall carry out a program,
through the holder of the loan, of assuming the obligation to
repay a qualified loan amount for a loan made under section 428
or 428H, in accordance with subsection (c), for any borrower--
''(A) who--
''(i) has been employed as a full-time
elementary school or secondary school teacher
for 5 consecutive complete school years at any
public school; or
''(ii) is a new borrower on or after
October 1, 1998, and who has been employed as a
full-time private school teacher for 5
consecutive complete school years--
''(I) in a school that qualifies
under section 465(a)(2)(A) for loan
cancellation for Perkins loan
recipients who teach in such schools;
and
''(II) if employed as an elementary
school or secondary school teacher, is
highly qualified as defined in section
9101 of the Elementary Secondary
Education Act of 1965, or meets the
requirements of subsection (g)(3); and
''(B) who is not in default on a loan for which the
borrower seeks forgiveness.
''(2) Special rule.--No borrower may obtain a reduction of
loan obligations under both this section and section 460.'';
(2) in subsection (c)--
(A) by amending paragraph (1) to read as follows:
''(1) In general.--Of the loan obligation on a loan made
under section 428 or 428H that is outstanding after the
completion of the fifth complete school year of teaching
described in subsection (b)(1)(A), the Secretary shall repay
not more than--
''(A) $25,000 in the aggregate for a borrower
described in subsection (b)(1)(A)(i); and
''(B) $5,000 in the aggregate for a borrower
described in subsection (b)(1)(A)(ii), except as
provided in paragraph (3) of this subsection.''; and
(B) in paragraph (3)--
(i) in the header, by inserting ''private
school'' before ''teachers'';
(ii) in subparagraph (A)(i), by striking
''subsection (b)'' and inserting ''subsection
(b)(1)(A)(ii)'';
(iii) in subparagraph (B)(i), by striking
''subsection (b)'' and inserting ''subsection
(b)(1)(A)(ii)''; and
(iv) in subparagraph (B)(iii), by striking
''public or'' before ''non-profit''; and
(3) in subsection (g)--
(A) in paragraph (1)(A), by striking ''(b)(1)(A)''
and inserting ''(b)(1)(A)(ii)(I)''; and
(B) in paragraph (3), by striking ''(b)(1)(B)'' and
inserting ''(b)(1)(A)(ii)(II)''.

SEC. 3. DIRECT LOAN PROGRAM LOAN FORGIVENESS FOR TEACHERS.

Section 460 of the Higher Education Act of 1965 (20 U.S.C. 1087j)
is amended--
(1) in subsection (b), by amending paragraph (1) to read as
follows:
''(1) In general.--The Secretary shall carry out a program
of canceling the obligation to repay a qualified loan amount in
accordance with subsection (c) for Federal Direct Stafford
Loans and Federal Direct Unsubsidized Stafford Loans made under
this part for any borrower--
''(A) who--
''(i) has been employed as a full-time
elementary school or secondary school teacher
for 5 consecutive complete school years at any
public school; or
''(ii) is a new borrower on or after
October 1, 1998, and who has been employed as a
full-time private school teacher for 5
consecutive complete school years--
''(I) in a school that qualifies
under section 465(a)(2)(A) for loan
cancellation for Perkins loan
recipients who teach in such schools;
and
''(II) if employed as an elementary
school or secondary school teacher, is
highly qualified as defined in section
9101 of the Elementary Secondary
Education Act of 1965, or meets the
requirements of subsection (g)(3); and
''(B) who is not in default on a loan for which the
borrower seeks forgiveness.'';
(2) in subsection (c)--
(A) by amending paragraph (1) to read as follows:
''(1) In general.--Of the loan obligation on a Federal
Direct Stafford Loan or a Federal Direct Unsubsidized Stafford
Loan that is outstanding after the completion of the fifth
complete school year of teaching described in subsection
(b)(1)(A), the Secretary shall cancel not more than--
''(A) $25,000 in the aggregate for a borrower
described in subsection (b)(1)(A)(i); and
''(B) $5,000 in the aggregate for a borrower
described in subsection (b)(1)(A)(ii), except as
provided in paragraph (3) of this subsection.''; and
(B) in paragraph (3)--
(i) in the header, by inserting ''private
school'' before ''teachers'';
(ii) in subparagraph (A)(i), by striking
''subsection (b)(1)'' and inserting
''subsection (b)(1)(A)(ii)'';
(iii) in subparagraph (B)(i), by striking
''subsection (b)(1)'' and inserting
''subsection (b)(1)(A)(ii)''; and
(iv) in subparagraph (B)(iii), by striking
''public or'' before ''non-profit''; and
(3) in subsection (g)--
(A) in paragraph (1)(A), by striking ''(b)(1)(A)''
and inserting ''(b)(1)(A)(ii)(I)''; and
(B) in paragraph (3), by striking ''(b)(1)(A)(ii)''
and inserting ''(b)(1)(A)(ii)(II)''.
Solution:
Teacher Education Assistance Creating Hope for Our Future Act of 2008 or the TEACH for Our Future Act of 2008 - Amends the Higher Education Act of 1965 to expand the loan forgiveness available to public elementary and secondary school teachers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs.

Makes inapplicable to public school teachers the requirements limiting loan forgiveness to: (1) new borrowers on or after October 1, 1998; and (2) highly qualified teachers in certain schools that serve a high proportion of disadvantaged students. Maintains the requirement that such teachers teach full-time for five consecutive complete school years before becoming eligible for loan forgiveness.

Raises to $25,000 the amount of the FFEL or DL outstanding that may be forgiven after a public school teacher's fifth complete school year of teaching.

Maintains current loan forgiveness eligibility requirements for private elementary and secondary school teachers.