National Guard and Reserve Student Loan Fairness Act

house

senate

president

Legislation Details

Amends the Higher Education Act of 1965 to provide loan forgiveness benefits for members of the reserve components of the Armed Forces.
Ensures that members performing duty other than active duty for more than 30 days receive credit toward public service loan forgiveness.
Establishes a calculation method for qualifying payments based on months of covered duty.
Defines “covered duty” to include various types of duty performed by reserve members, excluding active duty for more than 30 days.
Allows for the calculation of months of covered duty based on the number of days served, divided by twenty and rounded to the nearest whole number.
Sets a minimum requirement of 10 days of covered duty in a year to qualify for credit.
Removes the annual cap on the number of qualifying payments that can be credited to a borrower.
Provides exceptions to the requirement for corresponding monthly payments for qualifying payments beyond the twelfth payment in a year.

Amends the Higher Education Act of 1965 to provide loan forgiveness benefits for members of the reserve components of the Armed Forces.
Ensures that members performing duty other than active duty for more than 30 days receive credit toward public service loan forgiveness.
Establishes a calculation method for qualifying payments based on months of covered duty.
Defines “covered duty” to include various types of duty performed by reserve members, excluding active duty for more than 30 days.
Allows for the calculation of months of covered duty based on the number of days served, divided by twenty and rounded to the nearest whole number.
Sets a minimum requirement of 10 days of covered duty in a year to qualify for credit.
Removes the annual cap on the number of qualifying payments that can be credited to a borrower.
Provides exceptions to the requirement for corresponding monthly payments for qualifying payments beyond the twelfth payment in a year.