the repayment of a loan made, insured, or guaranteed under this title. (B) For purposes of this paragraph, the term student includes former students. . IV Right to effective loan cancellation for borrowers engaged in public service careers 401. Extension of loan cancellation for borrowers employed in public service jobs for 5 years Section 455(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) is amended by adding at the end the following new paragraph: (5) Loan cancellation after 5 years The Secretary shall also cancel 50 percent of the balance of interest and principal due on any eligible Federal Direct Loan not in default for borrowers employed in a public service job for 5 years during the repayment of such loans— (A) by applying paragraph (1)(A)— (i) by substituting 60 for 120 each place it appears