Support Educators and Reinvest in Valuable Education Act or the SERVE Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to increase, from $5,000 to $17,500, the amount of loan forgiveness available under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs to highly qualified teachers who have been employed at a low income school in the same local educational agency (LEA) for five consecutive complete school years.
Requires those low income schools to be schools: (1) at which more than 30% of the students are impoverished, and (2) located within the school district of an LEA that is eligible for school improvement funds under title I of the Elementary and Secondary Education Act of 1965.
Excepts PLUS loans under the FFEL and DL programs that are provided to the parents of dependent undergraduate students from that loan forgiveness program.
Includes consolidation loans in that loan forgiveness program, but only to the extent they are used to repay eligible FFELs or DLs.