H.R. 10477, known as the "SERVICE Act," aims to improve the Public Service Loan Forgiveness (PSLF) program and reduce interest rates under the Higher Education Act of 1965. The bill proposes changes like decreasing the required monthly payments from 120 to 96 for loan forgiveness and allowing...
Simple Explanation
H.R. 10477 wants to make it easier for people working in public service, like teachers and nurses, to pay back their student loans. It tries to help them by lowering the number of payments needed for loan forgiveness and making it simpler to keep track of their payments online.