Bill Text: NJ SR86 | 2022-2023 | Regular Session | Introduced
Bill Title: Urges President and Congress of United States to continue federal Public Service Loan Forgiveness Program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-19 - Introduced in the Senate, Referred to Senate Higher Education Committee [SR86 Detail]
Download: New_Jersey-2022-SR86-Introduced.html
Sponsored by:
Senator LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
SYNOPSIS
Urges President and Congress of United States to continue federal Public Service Loan Forgiveness Program.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution urging the President and the Congress of the United States to continue the federal Public Service Loan Forgiveness Program.
Whereas, The Public Service Loan Forgiveness (PSLF) Program, codified in federal statute at 20 U.S.C. s.1087e, was established in 2007 and was intended to encourage individuals to enter and continue careers in public service by offering the promise of student loan debt forgiveness for eligible public servants; and
Whereas, To be eligible for loan forgiveness under the PSLF program, an individual is required to: be working full-time for a federal, state, local, or tribal government or not-for-profit organization; not be in default on his or her loans; be a borrower of a loan received under the William D. Ford Federal Direct Loan Program; be repaying his or her loans through an income-driven repayment plan; and make 120 on-time monthly loan payments for the full amount due on his or her bill after October 1, 2007; and
Whereas, The most recent PSLF program data released by the Office of Federal Student Aid indicate that, as of December 31, 2019, a total of 1,565 unique borrowers have received a discharge under the PSLF program, with nearly $100 million being forgiven; and
Whereas, The President's Budget, as introduced for Fiscal Year 2021, includes a plan to completely eliminate the PSLF program, a proposal which, if enacted by Congress, would take away a valuable benefit for numerous public service employees; and
Whereas, While the PSLF program has experienced certain design and implementation issues in recent years, it plays a pivotal role in allowing and incentivizing individuals across the country to seek careers in critical public sector jobs, including teachers, military service members, police officers, firefighters, first responders, public sector attorneys, and providers of social services and medical services; and
Whereas, Eliminating the PSLF program entirely would not only deter many individuals from pursuing a desired career path in public service, but would also eradicate an important recruitment tool for public sector employers; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. This House respectfully urges the President and Congress of the United States to continue the Public Service Loan Forgiveness Program and to reject efforts to eliminate the program, as is currently proposed in the President's Budget for Fiscal Year 2021.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Secretary of the Senate to the President of the United States, the Majority and Minority Leaders of the
United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and every member of the congressional delegation from the State of New Jersey.
STATEMENT
This resolution urges the President and Congress of the United States to continue the federal Public Service Loan Forgiveness (PSLF) Program and opposes the proposal contained in President Donald Trump's Fiscal Year 2021 Budget, as introduced, to eliminate the program. If ultimately enacted by Congress, the move to eliminate the PSLF program would take away a valuable benefit for public service employees.
The PSLF program, codified in federal statute at 20 U.S.C. s.1087e, was established in 2007 and was intended to encourage individuals to enter and continue careers in public service by offering the promise of student loan debt forgiveness for eligible public servants. To be eligible for loan forgiveness under the PSLF program, an individual is required to: be working full-time for a federal, state, local, or tribal government or not-for-profit organization; not be in default on his or her loans; be a borrower of a loan received under the William D. Ford Federal Direct Loan Program; be repaying his or her loans through an income-driven repayment plan; and make 120 on-time monthly loan payments for the full amount due on his or her bill after October 1, 2007. The most recent PSLF program data released by the Office of Federal Student Aid indicate that, as of December 31, 2019, a total of 1,565 unique borrowers have received a discharge under the PSLF program, with approximately $100 million being forgiven.
The PSLF program plays a pivotal role in allowing and incentivizing individuals across the country to seek careers in critical public sector jobs, including teachers, military service members, public sector attorneys, and providers of social services and medical services. Eliminating the PSLF program entirely would not only deter many individuals from pursuing a desired career path in public service, but would also eradicate an important recruitment tool for public sector employers.
