PSLF Payment Completion Fairness Act

Public Service Loan Forgiveness Payment Completion Fairness Act or the PSLF Payment Completion Fairness Act

This bill removes the requirement that a borrower must be employed in a public service job at the time of loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.

Under the current PSLF program, the Department of Education must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job and, at the time of loan forgiveness, the borrower is employed in a public service job. This bill removes the requirement that the borrower must be working in a public service job at the time of loan forgiveness.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1331 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 1331

 To ensure that borrowers who have performed qualifying public service 
           are eligible for Public Service Loan Forgiveness.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 27, 2023

Mr. Menendez (for himself and Mr. Braun) introduced the following bill; 
     which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To ensure that borrowers who have performed qualifying public service 
           are eligible for Public Service Loan Forgiveness.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Public Service Loan Forgiveness 
Payment Completion Fairness Act'' or the ``PSLF Payment Completion 
Fairness Act''.

SEC. 2. PUBLIC SERVICE LOAN FORGIVENESS.

    Section 455(m)(1)(B) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(m)(1)(B)) is amended by striking ``(i) is employed'' and all that 
follows through ``(ii) has been'' and inserting ``has been''.
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