Affording Students A Path to Forgiveness Act or the ASAP Forgiveness Act
This bill requires the Department of Education to cancel up to $30,000 of interest and principal due on any eligible Federal Direct Loan that is in repayment status for a borrower who (1) has made 60 monthly payments on the loan pursuant to any authorized repayment plan, and (2) has been employed for 10 years after graduating from or leaving the institution of higher education (IHE) for which the loan was made to enable the borrower to enroll at the IHE.
To amend the Higher Education Act of 1965 to authorize a new student 
                       loan forgiveness program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Affording Students A Path to 
Forgiveness Act'' or the ``ASAP Forgiveness Act''.

SEC. 2. LOAN FORGIVENESS PROGRAM FOR EMPLOYMENT.

    Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) 
is amended by adding at the end the following:
    ``(r) Loan Forgiveness for Employment.--
            ``(1) In general.--The Secretary shall cancel not more than 
        $30,000 of interest and principal due, in accordance with 
        paragraph (2), on any eligible Federal Direct Loan that is in 
        repayment status on or after the date of enactment of this 
        subsection for a borrower who--
                    ``(A) has made not less than 60 monthly payments on 
                the eligible Federal Direct Loan pursuant to any 
                repayment plan authorized under this Act; and
                    ``(B) has been employed, on a full-time or part-
                time basis, for 10 years after graduating from, or 
                otherwise leaving, the institution of higher education 
                for which the loan was made to enable the borrower to 
                enroll.
            ``(2) Loan cancellation amount.--After the conclusion of 
        the employment period described in paragraph (1), the Secretary 
        shall cancel the obligation to repay not more than $30,000 of 
        principal and interest due as of the time of such cancellation, 
        on the eligible Federal Direct Loans made to the borrower under 
        this part.
            ``(3) Eligible federal direct loan.--In this subsection, 
        the term `eligible Federal Direct Loan' means a Federal Direct 
        Stafford Loan, Federal Direct PLUS Loan, or Federal Direct 
        Unsubsidized Stafford Loan, or a Federal Direct Consolidation 
        Loan.
            ``(4) Ineligibility for double benefits.--No borrower may, 
        for the same service, receive a reduction of loan obligations 
        under both this subsection and subsection (m) or section 428J, 
        428K, 428L, or 460.''.
                                 <all>
ASAP Forgiveness Act
A bill to amend the Higher Education Act of 1965 to authorize a new student loan forgiveness program.
ASAP Forgiveness Act
Affording Students A Path to Forgiveness Act
Sen. Whitehouse, Sheldon