H.R. 4973: Fulbright Teacher’s Loan Forgiveness Act

This bill, known as the Fulbright Teacher’s Loan Forgiveness Act, aims to amend the Higher Education Act of 1965. Its main purpose is to expand the eligibility for federal student loan forgiveness for borrowers who participate in specific Fulbright programs.

Key Provisions

The bill introduces the following important changes:

• Loan Forgiveness for Fulbright Participants: It specifies that participation in either the Fulbright Teacher Exchange Program or the Fulbright English Teaching Assistant Program will be recognized as qualifying employment for loan cancellation under the public service loan forgiveness program.

Impact on Borrowers

With this amendment, teachers and educators who take part in these Fulbright programs may qualify to have a portion of their federal student loans forgiven. This recognition helps teachers who work abroad or assist with English education in other countries align their Fulbright service with the requirements for public service loan forgiveness.

Conditions for Loan Forgiveness

To benefit from this provision, individuals must meet the existing criteria for public service employment as outlined in the Higher Education Act. This includes:

• Working in a qualifying public service job.
• Making a certain number of qualifying loan payments.

Legislative Process

The bill was introduced in the House of Representatives and referred to the Committee on Education and Workforce for further consideration. It is part of an ongoing effort to support educators and alleviate student debt burdens.

Relevant Companies

None found.