National Service Implementation Act of 1993

Summary

National Service Implementation Act of 1993 - Amends the Higher Education Act of 1965 (HEA) to revise, expand, and accelerate implementation of loan forgiveness incentives for student borrowers who perform certain full-time, low-paid national community service (as a volunteer under the Peace Corps Act or the Domestic Volunteer Service Act of 1973, or comparable service with a tax-exempt organization). Establishes a loan forgiveness entitlement program for such borrowers under the Federal Family Education Loans (FFEL) program (formerly known as the guaranteed student loan or Stafford loan program). (Makes a current demonstration program for FFEL forgiveness for certain teachers and nurses inapplicable to such borrowers.) Makes such entitlement program applicable to such borrowers whether their borrowing occurred before or after the beginning of such program, and provides that such forgiveness shall be for an increasing portion of the total of Stafford (or FFEL) loans for the four academic years (15 percent for the first, 20 for the second, 25 for the third, and 30 for the fourth). Makes Perkins direct student loan cancellation provisions applicable to Perkins direct loan borrowers who perform the same full-time, low-paid national community service.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 January 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 January 1993

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• Introduced in Senate

  summary · EN · 27 January 1993

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