H.R. 2987 — Introduced in House

I 117th CONGRESS 1st Session H. R. 2987 IN THE HOUSE OF REPRESENTATIVES May 4, 2021Mrs. Luria introduced the following bill; which was referred to the Committee on Education and Labor A BILL To increase the amount of loan forgiveness available to teachers. 1. Short title This Act may be cited as the Teacher Loan Forgiveness Improvement Act of 2021. 2. Increased loan forgiveness for teachers Section 428J(c) of the Higher Education Act of 1965 (20 U.S.C. 1078–10(c)) is amended— (1) in paragraph (1), by striking $5,000 and inserting $15,000; and (2) in paragraph (3), by striking $17,500 and inserting $30,000. 3. Increased loan cancellation for teachers Section 460(c) of the Higher Education Act of 1965 (20 U.S.C. 1087j(c)) is amended— (1) in paragraph (1), by striking $5,000 and inserting $15,000; and (2) in paragraph (3), by striking $17,500 and inserting $30,000. 4. Application of amendments The amendments made by this Act shall apply with respect to any borrower who completes the fifth complete school year of teaching required for loan forgiveness under section 428J(b) of the Higher Education Act of 1965 (20 U.S.C. 1078–10(b)), or for loan cancellation under section 460(b) of such Act (20 U.S.C. 1087j(b)), on or after the date of enactment of this Act.