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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 29, 2015.
Teacher Loan Repayment Act of 2015
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the financial aid programs for teachers.
Specifically, it terminates the authority of the Department of Education (ED) to: (1) award new grants under the Teacher Education Assistance for College and Higher Education (TEACH) Grant program and (2) enter new loan forgiveness agreements under the under the Teacher Loan Forgiveness program.
The bill authorizes and directs ED to administer a new loan repayment for teachers program. To qualify, a borrower must be a full-time teacher in a low-income school or location and meet other requirements. ED, on behalf of a qualified borrower, makes $250-$400 direct monthly payments on Federal Family Education Loan or Direct Loan program Subsidized, Unsubsidized, and, in certain circumstances, Consolidation Loans.
To remain eligible for loan repayment, a borrower must continue to be employed in the school or location of initial eligibility.
The total maximum loan repayment amount is $23,400 over six years. A borrower must repay the remaining principal and interest.
An individual who currently participates in the Teacher Loan Forgiveness program may continue participating in such program or enter the new loan repayment for teachers program.