117 S3827 IS: Teacher Loan Forgiveness Improvement Act of 2022 U.S. Senate 2022-03-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 3827IN THE SENATE OF THE UNITED STATESMarch 14, 2022Mr. Whitehouse introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and PensionsA BILLTo 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 2022.

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.