cancellation of loans for teachers

cancellation of loans for teachers Sec. 465. (a) Section 205(b) (3) of the National Defense Education Act of 1958 is amended— (1) by inserting “total” before “amount” and by striking out “, which was unpaid on the first day of such service”; (2) by inserting “or its equivalent (as determined under regulations of the Commissioner)” after “academic year”; and (3) by inserting before the semicolon at the end thereof a comma and the following: “except that (A) such rate shall be 15 per centum for each complete academic year or its equivalent (as determined under regulations of the Commissioner) of service as a full-time teacher in a public or other nonprofit elementary or secondary school which is in the school district of a local educational agency which is eligible in such year for assistance pursuant to title II of Public Law 874, Eighty-first Congress, as amended, and which for purposes of this clause and for that year has been determined by the Commissioner, pursuant to regulations and after consultation with the State educational agency of the State in which the school is located, to be a school in which (here is a high concentration of students from low-income families, except that the Commissioner shall not make such determination with respect to more than 25 per centum of the total of the public and other nonprofit elementary and secondary schools in any one State for any one year, and (B) for the purposes of any cancellation pursuant, to clause (A), an additional 50 per centum of any such loan (plus interest) may be cancelled but nothing in this paragraph shall authorize refunding any payment”. (b) The amendments made by clauses (1) and (3) of subsection (a) shall apply with respect to service performed during academic years beginning after the date of enactment of this Act, whether the loan was made before or after such enactment. The amendment made by clause (2) of subsection (a) shall apply with respect to service performed during academic years beginning after the enactment of the National Defense Education Act Amendments, 1964, Public Law 88–665, whether or not the loan was made before or after such enactment.