; and (ii) pays such employees at a rate not less than the minimum wage prescribed by the State in which the business entity is located. . 3. Loan cancellation for entrepreneurs Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) is further amended by adding at the end the following: 460A. Loan cancellation for entrepreneurs (a) Program authorized The Secretary is authorized to carry out a program of canceling the obligation to repay a qualified loan amount in accordance with subsection (b) for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans made under this part for any borrower who— (1) for not less than a 3-year period ending on the date of application under this section, has carried out a qualified HUBZone small business concern listed under section 3(p)(5)(B) of the Small Business Act, which has been registered as business in a State