1.This Act may be cited as the
Energy Education Loan Forgiveness Act
of 2010
.
2.Energy Education
Loan ForgivenessPart B of
title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.) is
amended by inserting after section 428L the following new section:
428M.Energy
Education Loan Forgiveness
(a)The
purposes of this section are—
(1)to encourage individuals to enter and
continue in advanced energy professions; and
(2)to reward such
individuals for their service in advanced energy professions by reducing the
burden of student loan debt.
(b)
(1)Loan forgiveness
authorizedThe Secretary is authorized to forgive, in accordance
with this section, the student loan obligation of a borrower, in the amount
specified in
subsection (c), who—
(A)has been employed for at least one calendar
year after the date of enactment of the Energy Education Loan Forgiveness Act of
2010 as a full-time skilled energy worker trained in an industry
that focuses on advanced energy (as defined in
subsection (f)); and
(B)is not in default
on a loan for which the borrower seeks forgiveness.
(2)Method of loan
forgivenessTo provide loan forgiveness under
paragraph (1), the Secretary is
authorized to carry out a program—
(A)through the holder
of the loan, to assume the obligation to repay a qualified loan amount for a
loan made, insured, or guaranteed under this part (other than an excepted PLUS
loan (as such term is defined in section 493C(a))); and
(B)to cancel a
qualified loan amount for a loan made under part D or part E of this title
(other than such an excepted PLUS loan).
(c)The Secretary shall, from funds appropriated under
subsection (h), forgive the loan
obligation of a borrower in accordance with this section and in the following
increments:
(1)After the first calendar year of employment
described in
subsection (b)(1), not more than
$2,000 of the loan obligation of the borrower that is outstanding after the
completion of such calendar year.
(2)After the second such year of employment,
not more than $2,500 of the loan obligation of the borrower that is outstanding
after the completion of such year.
(3)After the third such year of employment,
not more than $3,000 of the loan obligation of the borrower that is outstanding
after the completion of such year.
(4)After the fourth such year of employment,
not more than $4,500 of the loan obligation of the borrower that is outstanding
after the completion of such year.
(5)After the fifth such year of employment,
not more than $5,000 of the loan obligation of the borrower that is outstanding
after the completion of such year.
(d)The
Secretary shall grant loan forgiveness under this section on a first-come,
first-served basis, and subject to the availability of appropriations.
(e)Ineligibility
for double benefitsNo borrower may, for the same service,
receive a reduction of loan obligations under both this section and section
428K or 455(m).
(f)In this section:
(1)The term
advanced energy shall have the meaning given such term by the
Secretary pursuant to
subsection (g).
(2)Industry that
focuses on advanced energyThe term industry that focuses on
advanced energy means an industry the primary purpose of which is to
develop, produce, and distribute advanced energy (as defined by the Secretary
in accordance with
subsection (g)), and includes the
following industries:
(A)Alternative
energy, including wind and solar energy.
(B)Nuclear
energy.
(C)Energy efficient
construction, retrofitting, and design.
(D)Sustainable energy
technologies, including chemical technology, nanotechnology, and electrical
technology.
(E)Water and energy
conservation.
(F)Recycling and
waste reduction.
(G)Advanced
agriculture and farming.
(H)Carbon
sequestration and storage.
(I)Natural gas drilling.
(J)Clean coal
production.
(3)The term skilled energy worker shall have the
meaning given such term by the Secretary pursuant to
subsection (g).
(g)
(1)The Secretary is authorized to issue such regulations as
may be necessary to carry out this section.
(2)Consultation
with Secretary of EnergyThe Secretary shall coordinate with the
Secretary of Energy to promulgate regulations to define, for the purpose of
awarding loan forgiveness under this section, the term advanced
energy, the term skilled energy worker, and each of the
categories of industries that focus on advanced energy that are listed under
subsection (f)(2).
(h)Authorization of
appropriationsThere are authorized to be appropriated to carry
out this section such sums as may be necessary for fiscal year 2011 and each of
the 5 succeeding fiscal
years.
.