Student Loan Earned Relief Act

Summary

Student Loan Earned Relief Act This bill revises the Public Service Loan Forgiveness (PSLF) program by providing for partial loan cancellation and providing statutory authority for certain limited waiver flexibilities. Specifically, the bill directs the Department of Education (ED) to cancel 50% of the principal and interest due on a borrower's Federal Direct Loans after the borrower makes 60 monthly loan payments while employed in a public service job. ED must cancel the remaining balance on these loans after the borrower makes an additional 60 monthly payments. The bill also provides statutory authority for the Limited PSLF Waiver, which was carried out by ED beginning on October 6, 2021, and ending on October 31, 2022. This waiver allowed borrowers to receive credit for certain past periods of repayment on loans that would otherwise not qualify for the PSLF program.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 September 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 29 September 2022

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• Introduced in House

  summary · EN · 29 September 2022

  Open at official source

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