HR 6144 IHCommentsClose CommentsPermalink

To amend the Higher Education Act of 1965 to expand teacher loan forgiveness.CommentsClose CommentsPermalink

May 22, 2008

Mr. BACA introduced the following bill; which was referred to the Committee on Education and LaborCommentsClose CommentsPermalink

To amend the Higher Education Act of 1965 to expand teacher loan forgiveness.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Teacher Education Assistance Creating Hope for Our Future Act of 2008', or the `TEACH for Our Future Act of 2008'.CommentsClose CommentsPermalink

SEC. 2. FFEL PROGRAM LOAN FORGIVENESS FOR TEACHERS.

Section 428J of the Higher Education Act of 1965 (20 U.S.C. 1078-10) is amended--CommentsClose CommentsPermalink





(1) by amending subsection (b) to read as follows:CommentsClose CommentsPermalink





`(b) Program Authorized-CommentsClose CommentsPermalink





`(1) IN GENERAL- The Secretary shall carry out a program, through the holder of the loan, of assuming the obligation to repay a qualified loan amount for a loan made under section 428 or 428H, in accordance with subsection (c), for any borrower--CommentsClose CommentsPermalink





`(A) who--CommentsClose CommentsPermalink





`(i) has been employed as a full-time elementary school or secondary school teacher for 5 consecutive complete school years at any public school; orCommentsClose CommentsPermalink





`(ii) is a new borrower on or after October 1, 1998, and who has been employed as a full-time private school teacher for 5 consecutive complete school years--CommentsClose CommentsPermalink





`(I) in a school that qualifies under section 465(a)(2)(A) for loan cancellation for Perkins loan recipients who teach in such schools; andCommentsClose CommentsPermalink





`(II) if employed as an elementary school or secondary school teacher, is highly qualified as defined in section 9101 of the Elementary Secondary Education Act of 1965, or meets the requirements of subsection (g)(3); andCommentsClose CommentsPermalink





`(B) who is not in default on a loan for which the borrower seeks forgiveness.CommentsClose CommentsPermalink





`(2) SPECIAL RULE- No borrower may obtain a reduction of loan obligations under both this section and section 460.';CommentsClose CommentsPermalink





(2) in subsection (c)--CommentsClose CommentsPermalink





(A) by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink





`(1) IN GENERAL- Of the loan obligation on a loan made under section 428 or 428H that is outstanding after the completion of the fifth complete school year of teaching described in subsection (b)(1)(A), the Secretary shall repay not more than--CommentsClose CommentsPermalink





`(A) $25,000 in the aggregate for a borrower described in subsection (b)(1)(A)(i); andCommentsClose CommentsPermalink





`(B) $5,000 in the aggregate for a borrower described in subsection (b)(1)(A)(ii), except as provided in paragraph (3) of this subsection.'; andCommentsClose CommentsPermalink





(B) in paragraph (3)--CommentsClose CommentsPermalink





(i) in the header, by inserting `PRIVATE SCHOOL' before `TEACHERS';CommentsClose CommentsPermalink





(ii) in subparagraph (A)(i), by striking `subsection (b)' and inserting `subsection (b)(1)(A)(ii)';CommentsClose CommentsPermalink





(iii) in subparagraph (B)(i), by striking `subsection (b)' and inserting `subsection (b)(1)(A)(ii)'; andCommentsClose CommentsPermalink





(iv) in subparagraph (B)(iii), by striking `public or' before `non-profit'; andCommentsClose CommentsPermalink





(3) in subsection (g)--CommentsClose CommentsPermalink





(A) in paragraph (1)(A), by striking `(b)(1)(A)' and inserting `(b)(1)(A)(ii)(I)'; andCommentsClose CommentsPermalink





(B) in paragraph (3), by striking `(b)(1)(B)' and inserting `(b)(1)(A)(ii)(II)'.CommentsClose CommentsPermalink

SEC. 3. DIRECT LOAN PROGRAM LOAN FORGIVENESS FOR TEACHERS.

Section 460 of the Higher Education Act of 1965 (20 U.S.C. 1087j) is amended--CommentsClose CommentsPermalink





(1) in subsection (b), by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink





`(1) IN GENERAL- The Secretary shall carry out a program of canceling the obligation to repay a qualified loan amount in accordance with subsection (c) for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans made under this part for any borrower--CommentsClose CommentsPermalink





`(A) who--CommentsClose CommentsPermalink





`(i) has been employed as a full-time elementary school or secondary school teacher for 5 consecutive complete school years at any public school; orCommentsClose CommentsPermalink





`(ii) is a new borrower on or after October 1, 1998, and who has been employed as a full-time private school teacher for 5 consecutive complete school years--CommentsClose CommentsPermalink





`(I) in a school that qualifies under section 465(a)(2)(A) for loan cancellation for Perkins loan recipients who teach in such schools; andCommentsClose CommentsPermalink





`(II) if employed as an elementary school or secondary school teacher, is highly qualified as defined in section 9101 of the Elementary Secondary Education Act of 1965, or meets the requirements of subsection (g)(3); andCommentsClose CommentsPermalink





`(B) who is not in default on a loan for which the borrower seeks forgiveness.';CommentsClose CommentsPermalink





(2) in subsection (c)--CommentsClose CommentsPermalink





(A) by amending paragraph (1) to read as follows:CommentsClose CommentsPermalink





`(1) IN GENERAL- Of the loan obligation on a Federal Direct Stafford Loan or a Federal Direct Unsubsidized Stafford Loan that is outstanding after the completion of the fifth complete school year of teaching described in subsection (b)(1)(A), the Secretary shall cancel not more than--CommentsClose CommentsPermalink





`(A) $25,000 in the aggregate for a borrower described in subsection (b)(1)(A)(i); andCommentsClose CommentsPermalink





`(B) $5,000 in the aggregate for a borrower described in subsection (b)(1)(A)(ii), except as provided in paragraph (3) of this subsection.'; andCommentsClose CommentsPermalink





(B) in paragraph (3)--CommentsClose CommentsPermalink





(i) in the header, by inserting `PRIVATE SCHOOL' before `TEACHERS';CommentsClose CommentsPermalink





(ii) in subparagraph (A)(i), by striking `subsection (b)(1)' and inserting `subsection (b)(1)(A)(ii)';CommentsClose CommentsPermalink





(iii) in subparagraph (B)(i), by striking `subsection (b)(1)' and inserting `subsection (b)(1)(A)(ii)'; andCommentsClose CommentsPermalink





(iv) in subparagraph (B)(iii), by striking `public or' before `non-profit'; andCommentsClose CommentsPermalink





(3) in subsection (g)--CommentsClose CommentsPermalink





(A) in paragraph (1)(A), by striking `(b)(1)(A)' and inserting `(b)(1)(A)(ii)(I)'; andCommentsClose CommentsPermalink





(B) in paragraph (3), by striking `(b)(1)(A)(ii)' and inserting `(b)(1)(A)(ii)(II)'.CommentsClose CommentsPermalink