An amendment numbered 21 printed in House Report 110-523 to allow community college students to have $10 forgiven from their student loans for every hour they dedicate to mentoring an at-risk child.

1. Adds SEC. 427. LOAN FORGIVENESS FOR VOLUNTEER MENTORING on page 346, line 20

   Adds a sectionPrinted page

   Inserted: SEC. 427. LOAN FORGIVENESS FOR VOLUNTEER MENTORING.

   Inserted: Part B of title IV is further amended by inserting after section 428L (as added by the preceding section) the following new section:

   Inserted: "SEC. 428M. LOAN FORGIVENESS FOR VOLUNTEER MENTORING.

   Inserted: "(a) Program Authorized.--

   Inserted: "(1) Loan forgiveness authorized.--The Secretary shall forgive, in accordance with this section, the student loan obligation of a borrower in the amount specified in subsection (c) who--

   Inserted: "(A) commits to volunteering as a mentor for a period of at least one school year as described in subsection (b);

   Inserted: "(B) attends a recognized community college; and

   Inserted: "(C) is not in default on a loan for which the borrower seeks forgiveness.

   Inserted: "(2) Method of loan forgiveness.--To provide loan forgiveness under paragraph (1), the Secretary is authorized to carry out a program-- "(A) through the holder of the loan, to assume the obligation to repay a qualified loan amount for a loan made, insured, or guaranteed under this part (other than an excepted PLUS loan (as such term is defined in section 493C(a))); and

   Inserted: "(B) to cancel a qualified loan amount for a loan made under part D of this title (other than such an excepted PLUS loan).

   Inserted: "(3) Regulations.--The Secretary is authorized to issue such regulations as may be necessary to carry out the provisions of this section.

   Inserted: "(b) Volunteer Mentoring.--For purposes of this section, an individual shall be treated as participating in a volunteer mentoring program if they commit to mentoring an at-risk child for a period of not less than one school year.

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   Inserted: "(c) Qualified Loan Amount.--At the end of each school, academic, or calendar year of volunteering as a mentor on or after the date of enactment of the College Opportunity and Affordability Act of 2007 as described in subsection (b), not to exceed 5 years, the Secretary shall forgive $10 of the student loan obligation of a borrower that is outstanding after the completion of each such school, academic, or calendar year of employment, for every hour of mentoring committed, not to exceed $10,000 in the aggregate for any borrower.

   Inserted: "(d) Priority.-- The Secretary shall grant loan forgiveness under this section on a first-come, first-served basis, and subject to the availability of appropriations.".

   Original wording

   Page 346, after line 20, insert the following new section (and redesignate the succeeding sections accordingly):

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As printed