S.Amdt. 2084

SA 2084. Mr. BLUMENTHAL submitted an amendment intended to be
proposed by him to the bill S. 2155, to promote economic growth,
provide tailored regulatory relief, and enhance consumer protections,
and for other purposes; which was ordered to lie on the table; as
follows:

At the end, add the following:

TITLE __--PUBLIC SERVICE LOAN FORGIVENESS

SEC. __. PUBLIC SERVICE LOAN FORGIVENESS.

Section 455(m) of the Higher Education Act of 1965 (20
U.S.C. 1087e(m)) is amended--
(1) in paragraph (1), in the matter preceding subparagraph
(A), by inserting ``, except as provided in paragraph (5),''
after ``on any eligible Federal Direct Loan not in default'';
and
(2) by adding at the end the following:
``(5) Loan cancellation for new loans.--
``(A) In general.--Beginning after the date of enactment of
the Economic Growth, Regulatory Relief, and Consumer
Protection Act, after the conclusion of each employment
period in a public service job, as described in subparagraph
(B), the Secretary shall cancel the percent specified in such
subparagraph of the total amount due on any eligible Federal
Direct Loan made after the date of enactment of the Economic
Growth, Regulatory Relief, and Consumer Protection Act for a
borrower who is employed in such public service job and
submits an employment certification form described in
subparagraph (C).
``(B) Percent amount.--The percent of a loan that shall be
canceled under subparagraph (A) is as follows:
``(i) In the case of a borrower who completes 2 years of
employment in a public service job, 15 percent of the total
amount due on the eligible Federal Direct Loan on the date
the borrower commenced employment in such public service job.
``(ii) In the case of a borrower who completes 4 years of
employment in a public service job, 15 percent of the total
amount due on the eligible Federal Direct Loan on the date
the borrower commenced employment in such public service job.
``(iii) In the case of a borrower who completes 6 years of
employment in a public service job, 20 percent of the total
amount due on the eligible Federal Direct Loan on the date
the borrower commenced employment in such public service job.
``(iv) In the case of a borrower who completes 8 years of
employment in a public service job, 20 percent of the total
amount due on the eligible Federal Direct Loan on the date
the borrower commenced employment in such public service job.
``(v) In the case of a borrower who completes 10 years of
employment in a public service job, 30 percent of the total
amount due on the eligible Federal Direct Loan on the date
the borrower commenced employment in such public service job.
``(C) Employment certification form.--
``(i) In general.--In order to receive loan cancellation
under this paragraph, a borrower shall submit to the
Secretary an employment certification form that is developed
by the Secretary and includes self-certification of
employment and a separate part for employer certification
that indicates the dates of employment.
``(ii) Deferment.--If a borrower submits to the Secretary
the employment certification form described in clause (i),
during the period in which the borrower is employed in a
public service job for which loan cancellation is eligible
under this paragraph, the borrower's eligible Federal Direct
Loan shall be placed in deferment.
``(D) Interest canceled.--If a portion of a loan is
canceled under this paragraph for any year, the entire amount
of interest on such loan that accrues for such year shall be
canceled.''.
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