Washington Week: Student Voices (O)

Loan forgiveness bills designed to help college students
Felicia Neahr
The Racquette (SUNY-Potsdam)
04/12/2007

(U-WIRE) POTSDAM, N.Y. — Congress has introduced three bills this session that would allow for loan interest forgiveness in an effort to help both recent college graduates and future students. This series of bills, introduced in both the House of Representatives and the Senate, target teachers and students of mathematics, engineering, science, and technology.

The first of these bills, introduced by Rep. Donna M. Christensen, would amend the current Higher Education Act of 1965 and allow for teacher loan forgiveness. This would make any student who borrowed on or after October 1, 1998 eligible for student loan forgiveness if they are currently "employed as a full-time teacher in a public elementary or secondary school in an economically disadvantaged or depressed and underserved rural area." they must also be certified to teach and not in default on the loan.

The second bill, introduced to the Senate by Sen. Edward M. Kennedy, would extend the Pell Grant program through 2012 and increase the maximum amount of Pell Grants. This bill also calls for interest rate cuts for undergraduate students borrowing under the Federal Family Education Loan or Direct Loan programs from 6.8% in July 2006 to 3.4% in July 2011. If passed, this bill would eliminate the three-year deferral limit on these loans if the borrowers were suffering from economic hardship.

The last of the bills designed to help college students targets science, technology, engineering, and mathematics students. This bill was introduced by Rep. Frank R. Wolf. If passed, this bill would direct the secretary of education to assume the obligation to pay up to $10,000 of interest for students who agree to serve for five years as teachers in the fields of science, technology, engineering, and mathematics, or for those who become mathematics, science, or engineering professionals. Eligible participants for this program would be based on need and the student's academic record and job performance.

Anyone who would like to follow-up on these bills and monitor their progress in Congress should visit thomas.loc.gov and search for "Stafford Loan."

[ Back to Student Voices ]