Requires the Secretary of Education, depending on the duration of such public service employment, to assume certain portions of such borrowers' obligations to repay specified types of Federal student loans.
Makes eligible for such program: (1) highly qualified teachers in low-income communities and of mathematics, science, and bilingual and special education; (2) early childhood educators; (3) nurses; (4) child welfare workers; (5) nutrition professionals; (6) infant and toddler specialists; and (6) other highly-qualified workers who serve low-income or needy communities and who are in public service professions that suffer from a critical lack of qualified personnel.
Revises provisions for income-related repayment. Changes those for guaranteed student loan from income-sensitive to income-contingent, thus making them consistent with those for direct student loan provisions. Releases qualified public service employees from income-contingent repayment obligations after a maximum of 15 years. (Other borrowers must repay over a maximum 25-year period.)