Higher Education Act Loan Forgiveness

For those of us who are studying/graduating after concentrating in the field of applied science, technology, engineering or mathematics along with plenty of other fields that can be found at with the entire text of the amendment and extension the Higher Education Act of 1965 – more specifically pages 160 to 162.

I have quoted some of the text from the Act that shows that you are entitled to no more than $2,000 in loan forgiveness per academic or calendar year and a total amount of $10,000 over the years as long as you are a full time employee in one of the fields.

Just something useful to note as many of my classmates are reaching graduation this year along with those reaching it in the few years or even the recent graduates.

‘‘(1) IN GENERAL.—Subject to paragraph (2), for each school, academic, or calendar year of full-time employment in an area of national need described in subsection (b) that a borrower completes on or after the date of enactment of the Higher Education Opportunity Act, the Secretary shall forgive not more than $2,000 of the student loan obligation of the borrower that is outstanding after the completion of each such school, academic, or calendar year of employment, respectively.

‘‘(2) MAXIMUM AMOUNT.—The Secretary shall not forgive more than $10,000 in the aggregate for any borrower under this section, and no borrower shall receive loan forgiveness under this section for more than five years of service.

‘‘(14) STEM EMPLOYEES.—The individual is employed fulltime in applied sciences, technology, engineering, or mathematics.

Thanks to my buddy Joseph Sullivan for pointing this out to me earlier in the day (yes it’s 9 AM and I said earlier in the day).