Teacher Loan Repayment Act of 2015
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 29, 2015)
Teacher Loan Repayment Act of 2015
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the financial aid programs for teachers.
Specifically, it terminates the authority of the Department of Education (ED) to: (1) award new grants under the Teacher Education Assistance for College and Higher Education (TEACH) Grant program and (2) enter new loan forgiveness agreements under the under the Teacher Loan Forgiveness program.
The bill authorizes and directs ED to administer a new loan repayment for teachers program. To qualify, a borrower must be a full-time teacher in a low-income school or location and meet other requirements. ED, on behalf of a qualified borrower, makes $250-$400 direct monthly payments on Federal Family Education Loan or Direct Loan program Subsidized, Unsubsidized, and, in certain circumstances, Consolidation Loans.
To remain eligible for loan repayment, a borrower must continue to be employed in the school or location of initial eligibility.
The total maximum loan repayment amount is $23,400 over six years. A borrower must repay the remaining principal and interest.
An individual who currently participates in the Teacher Loan Forgiveness program may continue participating in such program or enter the new loan repayment for teachers program.
What just happenedNov 16, 2015
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseJul 29, 2015
- Nov 16, 2015Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Jul 29, 2015IntroReferralH11100
Referred to the House Committee on Education and the Workforce.
Education and the Workforce Committee - Jul 29, 2015IntroReferralIntro-H
Introduced in House
- Jul 29, 2015IntroReferral1000
Introduced in House