H.R. 3359 · 114th Congress
Teacher Loan Repayment Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KilmerSponsor6 cosponsors · 4 D, 2 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the financial aid programs for teachers.
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Teacher Loan Repayment Act of 2015
Latest action (Nov 16, 2015): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Jul 29, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.