; program name (1) Effective date The amendments made by subsections (a) and (b) shall take effect on the day that is 180 days after the date of enactment of this Act. (2) Program name The programs under section 428J and 460 of the Higher Education Act of 1965, as amended by subsections (a) and (b), shall be known as Educator Loan Forgiveness Programs . (d) Technical amendment Section 455(m)(4) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(m)(4) ) is amended by striking section 428J, 428K, 428L, or 460 and inserting section 428K or 428L . (e) Report to Congress Not later than 180 days after the date of enactment of this Act, and annually thereafter, the Secretary shall prepare and submit to Congress a report containing information about the impact of the amendments made under this section, which shall include data on the participation rate of eligible borrowers, the dollar amount of benefits to participants, and the performance of servicers. 7. Loan credit for educators (a) Loan credit for educators Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq. ) is amended by adding at the end the following: 461. Loan credit for eligible educators (a) Statement of purpose It is the purpose of this section to encourage individuals to enter and continue in the education profession. (b) Program authorized Beginning not later than 1 year after the date of enactment of the EDUCATORS for America Act , the Secretary shall carry out a program of applying monthly credits in accordance with subsection (c) for covered loans for any new borrower on or after October 1, 1998, who is an eligible educator or who has a covered loan on behalf of an eligible educator in accordance with subsection (d)(1)(B). (c) Qualified loan amounts (1) In general (A) Amount of credit For every eligible educator enrolled in an income contingent or income-based repayment plan (including plans under section 493C or section 455(d)(1)(D)), the Secretary shall apply a monthly credit for each month of covered service