Valued Member
CluelessCredit
Posts: 28
Registered: ‎07-29-2010
Student Loan Forgiveness Act of 2012
[ Edited ]

Forgive me if this is not in accordance with the rules, but I thought many people in this forum would like to know about a bill that has been proposed before congress.

 

The Student Loan Forgiveness Act of 2012

 

I'll summarize some of the points: (lots of info taken from http://www.huffingtonpost.com/rep-hansen-clarke/student-loan-forgiveness_b_1454241.html )

 

 

1) The bill provides full loan forgiveness for current borrowers who have paid the equivalent of 10 percent of their discretionary income for 10 years or who are able to do so over the coming years. (so after 120 payments on the loan forgiveness is possible)

 

2) caps interest rates on federal student loans at 3.4 percent

 

3) allows many people to convert private loans into federal loans

 

4) unemployment and/or illness would be eligible to enroll in the new program

 

5) max loan forgiveness amount: $45,520 (new borrowers) 

                                                              full loan amount (current borrowers) ***thanks to SyntheticMemories for info

 

 

To lend your support (or not) visit: http://hr4170.com/   Also, if you would like to send a letter to your congressman:

-go to opencongress.org

-click "Bills" button

-click "Most Viewed" button

-select H.R. 4170 Student Loan Forgiveness Act of 2012

-in the top right portion of the window you have the right to oppose or support

 

*once you enter your zip code it will automatically select the correct congressman and provide a generated document that you can mail with the click of a button for free.

 

Just for information sake,

 

Clueless


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