S. 3827 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3827 IN THE SENATE OF THE UNITED STATES March 14, 2022Mr. Whitehouse introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions 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 2022. 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.