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H.R. 2987: Teacher Loan Forgiveness Improvement Act of 2021


The text of the bill below is as of May 4, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 2987

IN THE HOUSE OF REPRESENTATIVES

May 4, 2021

introduced the following bill; which was referred to the Committee on Education and Labor

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 2021.

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.