S. 4466 would authorize appropriations over the 2023-2027 period to fund the United States Peace Corps. The bill also would expand volunteer and employee benefits.
The bill also would raise the benefit amount under the Federal Employees’ Compensation Act (FECA) program for Peace Corps volunteers. Those benefits are paid from mandatory appropriations. S. 4466 also would modify the terms of federal direct student loans by suspending student loan payments and interest accrual for volunteers during term of service, and by allowing any Peace Corps time served for past and future volunteers count toward loan forgiveness programs available to the borrower. The cost of modifying existing and future federal student loans is classified as direct spending.