Stabenow bill would speed up student loan forgiveness for teachers

GRAND RAPIDS, Mich. (WOOD) — A new bill introduced last week by Sen. Debbie Stabenow would help teachers pay off their student loan debt faster.

The Michigan Democrat introduced the Teacher Debt Relief Act that would allow teachers to enroll in both the Teacher Loan Forgiveness Program and the Public Service Loan Forgiveness Program simultaneously. Currently, federal law allows a teacher to only enroll in one of the programs at the same time.

Michigan has experienced a severe teacher shortage in recent years. Stabenow and her team believe this financial incentive will draw more teachers to the field and encourage others to stay in the classroom.

“We want the best of the best for our children in our classrooms. This legislation sends a strong message that we value the hard work of our teachers and understand the challenges they face in the classroom and in their school districts every day,” Stabenow said in a statement. “This bill will keep talented teachers in the classroom and provide greater stability for our local school districts.”

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By allowing teachers to enroll in both programs simultaneously, teachers can get more debt forgiven at a faster rate.

Currently, the Public Service Loan Forgiveness Program forgives teachers’ federally-held loans after they have made 120 monthly payments. The Teacher Loan Forgiveness Program forgives up to $5,000 of loans for teachers who work for at least five years and up to $17,500 for educators who teach special education, teach secondary math or science, or work in a low-income school.

Marc Egan, the director of government relations for the National Education Association, believes not only that the bill would help ease the teacher shortage but also that educators deserve more support for the outsized role they play in shaping future generations.

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“At a time where our nation is experiencing widespread and severe educator shortages, we cannot have burdensome laws that perpetuate the difficulty to pursue a career in education. NEA is proud to support the Teacher Debt Relief Act. We applaud Sen. Stabenow and (U.S. Rep. Jahana Hayes, D-Connecticut) for championing this bill that will allow teachers to get on-time student debt relief that they well deserve,” Egan stated.

The bill has been referred to the Senate Committee for Health, Education, Labor and Pensions for further discussion.

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