United States 117th Congress Status: In Committee 10 D cosponsors

HR 4724 — Strengthening Loan Forgiveness for Public Servants Act

Last action — Referred to the House Committee on Education and Labor.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Strengthening Loan Forgiveness for Public Servants Act This bill revises the Public Service Loan Forgiveness (PSLF) program to provide for partial loan cancellation based on the length of public service employment. Specifically, the bill directs the Department of Education (ED) to cancel 15%, 15%, 20%, 20%, and 30% of the amount a borrower owes after 2, 4, 6, 8, and 10 years of public service employment, respectively, on Federal Direct Loans made after the bill's enactment. Under the current PSLF program, ED 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.

Bill Text

How this bill changes current law

7 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill introduces a loan forgiveness program for borrowers employed in public service jobs, allowing for cancellation of a percentage of their Federal Direct Loans.

  • 20 U.S.C. 1087e(m)

    ``(5) Loan cancellation for new loans.--...''

    New provisions establish a loan cancellation system for Federal Direct Loans based on employment duration in public service.

  • 20 U.S.C. 1087e(m)(1)

    on any eligible Federal Direct Loan not in default → on any eligible Federal Direct Loan not in default, except as provided in paragraph (5),

    Clarifies that the previous loan forgiveness is not applicable if a borrower qualifies for cancellation under the new provisions of paragraph (5).

  • 20 U.S.C. 1087e(m)(5)(A)

    Beginning after the date of enactment of the Strengthening Loan Forgiveness for Public Servants Act, after the conclusion of each employment period in a public service job, as described in subparagraph (B), the Secretary shall cancel the percent specified in such subparagraph of the total amount due on any eligible Federal Direct Loan made after the date of enactment of the Strengthening Loan Forgiveness for Public Servants Act for a borrower who is employed in such public service job and submits an employment certification form described in subparagraph (C).

    Establishes the terms for canceling a percentage of loan amounts for new borrowers who work in public service.

  • 20 U.S.C. 1087e(m)(5)(B)

    The percent of a loan that shall be canceled under subparagraph (A) is as follows: (i) In the case of a borrower who completes 2 years of employment in a public service job, 15 percent of the total amount due... (v) In the case of a borrower who completes 10 years of employment in a public service job, 30 percent of the total amount due...

    Details specific cancellation percentages for borrowers based on their years of service in public service jobs.

  • 20 U.S.C. 1087e(m)(5)(C)

    In order to receive loan cancellation under this paragraph, a borrower shall submit to the Secretary an employment certification form that is developed by the Secretary and includes self-certification of employment and a separate part for employer certification that indicates the dates of employment.

    Imposes a new requirement for borrowers to certify their employment to receive loan cancellation.

  • 20 U.S.C. 1087e(m)(5)(C)(ii)

    If a borrower submits to the Secretary the employment certification form described in clause (i), during the period in which the borrower is employed in a public service job for which loan cancellation is eligible under this paragraph, the borrower's eligible Federal Direct Loan shall be placed in deferment.

    Provides for deferment of loans for borrowers while they are employed in qualifying public service jobs.

  • 20 U.S.C. 1087e(m)(5)(D)

    If a portion of a loan is canceled under this paragraph for any year, the entire amount of interest on such loan that accrues for such year shall be canceled.

    Ensures that interest accrued on canceled portions of loans is also canceled, benefiting borrowers.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Education and Labor.

Sponsors

Sponsorship breakdown

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1 sponsors · 9 co-sponsors · 537 not signed on

Sponsors (1)

Co-sponsors (9)

Not signed on (537)

537 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
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Frequently asked questions

What does HR 4724 do?
Strengthening Loan Forgiveness for Public Servants Act This bill revises the Public Service Loan Forgiveness (PSLF) program to provide for partial loan cancellation based on the length of public service employment. Specifically, the bill directs the Department of Education (ED) to cancel 15%, 15%, 20%, 20%, and 30% of the amount a borrower owes after 2, 4, 6, 8, and 10 years of public service employment, respectively, on Federal Direct Loans made after the bill's enactment. Under the current PSLF program, ED 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.
Who sponsors HR 4724?
HR 4724 is sponsored by Boyle, Brendan F. (Democratic), DeGette, Diana (Democratic), Garamendi, John (Democratic), Hayes, Jahana (Democratic), Norton, Eleanor Holmes (Democratic), Moulton, Seth (Democratic), Pingree, Chellie (Democratic), Rush, Bobby L. (Democratic), DelBene, Suzan K. (Democratic), and Swalwell, Eric (Democratic).
What is the current status of HR 4724?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4724?
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