Loan Forgiveness for Educators Act
This bill expands loan forgiveness for educators by revising the Teacher Loan Forgiveness Program. The program provides loan forgiveness (up to $17,500) for teachers who are highly qualified, teach full-time in a low-income elementary or secondary school or educational service agency, and complete five years of consecutive service.
Specifically, the bill renames the program as the Educator Loan Forgiveness Programs.
Additionally, the bill expands the program by making additional loan types eligible for benefits under the program (e.g., parent PLUS loans).
Further, the bill expands program eligibility to early childhood educators and program directors serving in early childhood education programs and school leaders serving in public high-need schools.
The bill requires the Department of Education to