A bill to amend the direct loan provisions of the Higher Education Act of 1965, and of the Education Amendments of 1972, to provide for pro rata cancellation of loans for service performed on a part-time basis or for less than a full year.

Permits loans made to students under the direct loan provisions of the Higher Education Act of 1965 or under provisions of the National Defense Education Act of 1958 to be cancelled according to specified schedules on the basis of certain teaching services performed on a part-time basis or for less than one year.