[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1468]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2084. Mr. BLUMENTHAL submitted an amendment intended to be 
proposed by him to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

               TITLE __--PUBLIC SERVICE LOAN FORGIVENESS

     SEC. __. PUBLIC SERVICE LOAN FORGIVENESS.

       Section 455(m) of the Higher Education Act of 1965 (20 
     U.S.C. 1087e(m)) is amended--
       (1) in paragraph (1), in the matter preceding subparagraph 
     (A), by inserting ``, except as provided in paragraph (5),'' 
     after ``on any eligible Federal Direct Loan not in default''; 
     and
       (2) by adding at the end the following:
       ``(5) Loan cancellation for new loans.--
       ``(A) In general.--Beginning after the date of enactment of 
     the Economic Growth, Regulatory Relief, and Consumer 
     Protection Act, after the conclusion of each employment 
     period in a public service job, as described in subparagraph 
     (B), the Secretary shall cancel the percent specified in such 
     subparagraph of the total amount due on any eligible Federal 
     Direct Loan made after the date of enactment of the Economic 
     Growth, Regulatory Relief, and Consumer Protection Act for a 
     borrower who is employed in such public service job and 
     submits an employment certification form described in 
     subparagraph (C).
       ``(B) Percent amount.--The percent of a loan that shall be 
     canceled under subparagraph (A) is as follows:
       ``(i) In the case of a borrower who completes 2 years of 
     employment in a public service job, 15 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(ii) In the case of a borrower who completes 4 years of 
     employment in a public service job, 15 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(iii) In the case of a borrower who completes 6 years of 
     employment in a public service job, 20 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(iv) In the case of a borrower who completes 8 years of 
     employment in a public service job, 20 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(v) In the case of a borrower who completes 10 years of 
     employment in a public service job, 30 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(C) Employment certification form.--
       ``(i) In general.--In order to receive loan cancellation 
     under this paragraph, a borrower shall submit to the 
     Secretary an employment certification form that is developed 
     by the Secretary and includes self-certification of 
     employment and a separate part for employer certification 
     that indicates the dates of employment.
       ``(ii) Deferment.--If a borrower submits to the Secretary 
     the employment certification form described in clause (i), 
     during the period in which the borrower is employed in a 
     public service job for which loan cancellation is eligible 
     under this paragraph, the borrower's eligible Federal Direct 
     Loan shall be placed in deferment.
       ``(D) Interest canceled.--If a portion of a loan is 
     canceled under this paragraph for any year, the entire amount 
     of interest on such loan that accrues for such year shall be 
     canceled.''.
                                 ______