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(Washington, D.C.) – Last night, Congressman John P. Sarbanes (MD-03) introduced the Education for Public Service Act of 2007, which provides student loan forgiveness after 10 years, as opposed to the current 25 years, for individuals who follow careers in government or the non-profit sector. Congressman George Miller (D-CA), the chairman of the Education and Labor Committee, has agreed to include identical language in the College Cost Reduction Act of 2007, also known as the Higher Education Reauthorization Act, which he introduced this morning.
“With daunting student loan debt, there is not enough incentive for new graduates to choose a life of public service,” said Rep. Sarbanes, a member of the Education and Labor Committee. “We are seeing a trend where the best and brightest choose to enter the workforce in a place where they can be assured debt relief assistance or a salary that allows them to repay loans quickly. Today, public service is not that place. The Education for Public Service Act will make it easier for many graduates to pursue a career of service.”
“The College Cost Reduction Act not only makes college more affordable for students who are currently attending school, but also provides financial relief for college graduates facing hefty loan debt. By allowing loan forgiveness for public sector employees after 10 years of service, Rep. Sarbanes has been instrumental in ensuring that graduates’ career options are not limited by their debt,” said Rep. George Miller (D-CA), the chairman of the House Education and Labor Committee. “This bill rightfully encourages and rewards the vital public service members of our workforce – a critical step towards strengthening our nation’s middle class.”
Congressman Sarbanes’ Education for Public Service Act is endorsed by the American Bar Association, the Association of Law Schools, the American Federation of Government Employees, the National Association of Treasury Employees and the Partnership for Public Service. The Partnership for Public Service, a nonprofit, nonpartisan organization working to revitalize the federal government by inspiring a new generation to serve, released a statement of support:
“The Partnership for Public Service applauds Congressman Sarbanes for his work to promote careers in public service. Many young people today feel the burden of high educational debt which precludes them from seeing public service as a viable career choice. The Congressman’s efforts to forgive educational debt for individuals who have made a commitment to serving our country will help encourage future generations to consider public service.”
The College Cost Reduction Act will reauthorize the Higher Education Act, which expired in the 108th Congress and has not been reauthorized since. The Act will provide the single largest investment in higher education since the GI bill. It will do so at no new cost to taxpayers, by cutting excess subsidies paid by the federal government to lenders in the student loan industry.
The College Cost Reduction Act will be marked up by the full Education and Labor Committee on Wednesday, June 13 at 10am in the Rayburn House Office Building, room 2175.
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