1. Short title This Act may be cited as the Loan Forgiveness for Educators Act . 2. Loan forgiveness and cancellation for educators (a) Enhanced teacher loan forgiveness under the FFEL program Section 428J of the Higher Education Act of 1965 ( 20 U.S.C. 1078–10 ) is amended to read as follows: 428J. Loan forgiveness for educators (a) Purpose It is the purpose of this section to enhance student access to a well-prepared, diverse, and stable educator workforce by eliminating debt burdens for educators in return for service teaching and leading in high need schools or early childhood education programs. (b) Program authorized Not later than 270 days after the date of enactment of the Loan Forgiveness for Educators Act , the Secretary shall carry out a program, through the holder of the loan, of assuming, as required under subsection (c), the obligation to repay a covered loan for qualifying educators engaged in qualifying service. A qualifying educator may apply for the program under this section after the Secretary has begun carrying out the program. (c) Forgiveness of covered loans (1) Forgiveness of loans upon completion of qualifying service (A) In General For each qualifying educator who has completed 5 years of qualifying service (including any qualifying service, as defined under this section as in effect after the date of implementation of the Loan Forgiveness for Educators Act , that may have been completed or performed before or after such date of implementation, or a combination of qualifying service), the Secretary shall assume the obligation to repay an amount equal to 100 percent of the aggregate of the loan obligations (including interest and fees) on all covered loans that are outstanding as of the date of completion of such fifth year of qualifying service. (B) Timing The years of qualifying service required under subparagraph (A) may be consecutive or nonconsecutive, and the qualifying educator may elect which years of qualifying service to use for purposes of subparagraph (A). (2) Monthly loan