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Support for STEM Teachers and Education Programs: Tax Relief and Loan Forgiveness

This act introduces a student loan forgiveness program for STEM teachers in high-poverty schools. Additionally, STEM teachers will benefit from increased tax deductions for educational supplies, and eligible employers hiring STEM interns and apprentices will receive tax credits. A mandatory minimum allocation of Federal Work-Study funds for STEM student employment is also established.
Key points
STEM teachers in high-poverty schools can receive student loan forgiveness in installments totaling 100% after 5 years of service.
STEM teachers can increase their educational supply deduction by additional STEM expenses (up to $250), allowing for a total deduction of up to $500.
Eligible employers hiring STEM interns and apprentices can receive tax credits up to $50,000 annually.
Colleges will be required to allocate at least 7% of granted Federal Work-Study funds to STEM student employment.
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Additional Information
STEM K to Career Act
Print number: HR 4727
Sponsor: Rep. Swalwell, Eric [D-CA-15]
Process start date: 2021-07-27