Makes eligible for such student loan forgiveness any new borrower on or after October 1, 1998, who is: (1) employed as a full-time teacher in a public elementary or secondary school in an economically disadvantaged or depressed and underserved rural area; (2) state-certified or state-licensed to teach, and in compliance with state or local accountability standards; and (3) not in default on the loan.
Directs the Secretary to establish a formula that ensures fairness and equality for applicants in the selection of borrowers for such loan repayment under this section, based on the amount available.
Limits the portion of the outstanding loan obligation which the Secretary may repay to 15% for the first or second year of such service, 20% for the third or fourth year, and 30% for the fifth year.
Introduced in House
Introduced in House
Referred to the House Committee on Education and Labor.
Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
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