SERVICE Act

[AI summary unavailable — showing source text] Strengthening Efforts for Relief and Vital Incentives for Community Service and Engagement Act or the SERVICE Act This bill makes changes to the Public Service Loan Forgiveness (PSLF) program. Under the current PSLF program, the Department of Education (ED) must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job and, at the time of loan forgiveness, the borrower is employed in a public service job. Among other changes to the PSLF program, this bill  reduces from 120 to 96 the number of monthly payments required for loan forgiveness; expands qualifying monthly payments, deferments, and forbearances allowed under the PSLF program; removes the requirement that a borrower must be employed in a public service job at the time of loan forgiveness; establishes a reconsideration process for borrowers who have their initial PSLF application denied; and prohibits interest capitalization on loans after deferment or forbearance. The bill directs ED to (1) establish an online portal that provides borrowers with information on loans and the PSLF pro…