A bill to encourage enlistment and service in the military Reserve Forces of the United States.

Amends the Higher Education Act of 1965 to direct the Secretary of Education to repay or cancel specified student loans for student borrowers who perform service as a member of the Selected Reserve of the Ready Reserve of an armed force. Requires institutions of higher education participating in the student loan program to give priority to individuals who are members of the Selected Reserve of the Ready Reserve of an armed force for loans made from the student loan fund. Includes in the definition of preference eligible an individual who has completed at least two years of service in the Selected Reserve.