A bill to amend the Higher Education Act of 1965 to provide reduced rates of interest under the Guaranteed Student Loan Program to individuals who enter the teaching profession.

[AI summary unavailable — showing source text] Amends the Higher Education Act of 1965 to apply an interest rate of four percent (the current minimum rate is seven percent) on the unpaid balance of a guaranteed student loan of any borrower who has a deferment to serve as a full-time elementary or secondary teacher in a teacher shortage area. Applies this reduced rate from the end of such deferment until the end of the loan repayment period or until the person ceases full-time teaching, whichever occurs first. Excludes supplemental loans, PLUS loans, and consolidation loans from such treatment.…