H.R. 2992: EDUCATORS for America Act

The bill establishes an education careers opportunity program to provide individuals from underrepresented backgrounds with education and training to become educators.

Further, the bill revises the Teacher Education Assistance for College and Higher Education (TEACH) grant program to raise the maximum amount for TEACH grants.

The bill also expands loan forgiveness for educators by revising the Teacher Loan Forgiveness Program, including by

• renaming the program as the Educator Loan Forgiveness Programs,
• making additional loan types eligible for benefits under the program (e.g., parent PLUS loans), and
• expanding program eligibility to early childhood educators and program directors serving in early childhood education programs and school leaders serving in public high-need schools.

Next, the bill requires the Department of Education (ED) to (1) make monthly student loan payments on behalf of the educator during qualifying service (i.e., employment as a full-time qualifying educator in a high-need school or an early childhood education program), and (2) provide complete loan forgiveness after five years of qualifying service.

ED must also carry out a program to provide loan credits to eligible educator borrowers enrolled in income-contingent or income-based repayment plans.