Senate bill would erase all federal student debt for teachers at high-need schools

What does this do?

S 4567 would cancel 100 percent of remaining federal student loan balances, including interest and fees, for qualifying educators who complete 5 years of service at high-need schools or eligible early childhood programs. The government would also cover the educator's minimum monthly loan payment during every month they are actively working in a qualifying position, including summer breaks. The 5 years of service do not need to be consecutive, and prior service can count toward the requirement.

Who does it affect?

The bill primarily affects teachers, school principals, early childhood educators, child care center directors, and family child care providers who carry federal student loan debt. Parents who took out federal PLUS loans on behalf of a child who becomes a qualifying educator are also eligible.

Why does it matter?

Schools, child care programs, and local education agencies in lower-income communities would take on a role in verifying workers' service records. The bill has been referred to committee in the Senate and has not yet been voted on.

What does it cost, and who pays?

• Federal government pays monthly loan costs
• Full loan balance wiped by federal government
• Includes interest and fees

Where does it stand?