FACT SHEET: "Help Americans Manage Student Loan Debt" | The White House
Rep. Hansen Clarke introduces The Student Loan Forgiveness Act of 2012 (H.R. 4170) | Congressman Hansen Clarke
Some
highlights include capping rates at 3.4%, 10 years of payments of 10%
of discretionary income, reduce public service forgiveness to 5 years.
Also, this proposal would retroactively apply for those who have made
payments before enactment, effectively wiping out anything that remains
for many long term payers. Most importantly when a catchy slogan is
added to help sell it, the 10-10 Plan, I think it's a more serious
proposal than others give credit.
I'm doubtful anything will happen in this session or even the next one,
but it's unlikely to go away as the problem grows. What may be the
biggest obstacle to a traditional bailout or Hansen Clarke's legislation
is getting politicians to recognize there is a problem in the first
place. For more than a generation politicians, teachers and parents have
been pounding the drums about the importance of a college education.
Introducing and passing this sort of legislation would serve as an
admission that so many people were wrong for so long, and that's the
last thing anyone wants to admit.
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