Books Magazine

Support The Student Loan Forgiveness Act of 2012

By Eriktiger

Here is something I feel strongly about…please take a moment to learn more and sign the petition!

Subject: Support The Student Loan Forgiveness Act of 2012

Total outstanding student loan debt in America is expected to exceed $1 TRILLION this year. Millions of hardworking, taxpaying, educated Americans are being crushed under the weight of the educational debts, while the economy continues to sputter. Support a REAL Economic Stimulus and Jobs Plan. Support The Student Loan Forgiveness Act of 2012

Will you sign this petition? Click here:

http://signon.org/sign/support-the-student-loan?source=s.em.cp&r_by=1105336

More details:
Make student loan repayment both simple and fair
o The bill would create a new “10-10 standard” for student loan forgiveness.
- If you make payments equal to 10% of your discretionary income for 10 years, your remaining federal student loan debt would be forgiven.
- If you have already been making payments on your student loans, your repayment period would likely be shorter than 10 years. The amount you have already paid on your student loans over the past decade would be credited toward meeting the requirement for forgiveness.
o The bill would ensure low interest rates on federal student loans by capping them at 3.4%.
o The bill would allow existing borrowers whose educational loan debt exceeds their income to break free from the crushing interest rates of private loans by converting their private loan debt into federal Direct Loans, then enrolling their new federal loans into the 10/10 program.
o The bill would reward graduates for entering public service professions like teaching and firefighting. It would also provide incentives for medical professionals to work in underserved communities. It would reduce the Public Service Loan Forgiveness requirement to 5 years from its current 10 years.
Jumpstart the economy and create jobs
o The bill would increase millions of Americans’ purchasing power by forgiving debt, reducing loan repayment burdens, and cutting fees and interest rates. This would free many of these Americans to invest, buy homes, and start businesses.
o The bill would create jobs by increasing consumer demand for goods and services.
Send a lifeline to student borrowers who have fallen on difficult times
o Many Americans who have fallen behind on payments due to illness, unemployment, or divorce face continually rising interest rates and compounding fees with no hope of escape.
-The bill seeks to ensure that no one will be pushed into poverty because of a stroke of bad luck.
-Americans who are behind on their payments would be eligible to enroll in the new program and bring their payments down to 10% of discretionary income.
Promote financial responsibility in higher education
o While current borrowers would be eligible for full forgiveness under the plan, future borrowers would be subject to a $45,520 cap on forgiveness (based on the average overall cost of a four-year degree at a public university). The aim is to incentivize students to be mindful of educational costs and for colleges and universities to control tuition increases.
o Provisions of the bill itself would be financed by projected savings from Iraq and Afghanistan Overseas Contingency Operations; the bill would not affect funding for existing student aid programs.
That’s why I signed a petition to Rep. John Kline (MN-2), The United States House of Representatives, and 2 others.

Will you sign this petition? Click here:

http://signon.org/sign/support-the-student-loan?source=s.em.cp&r_by=1105336

Thanks!


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Borrowed Inspiration for Your Week: Confessions of an A Student

    I haven’t had a chance to sped a lot of time talking about grad school on the blog. There are several reasons for this. I’m only taking one class right now so... Read more

    The 04 November 2013 by   Crossstitchyourheart
    BOOKS, CREATIVITY, SELF EXPRESSION
  • New Wearable Smart Devices

    Mr. Vineet Taneja, Country Head, IT & Mobile, Samsung India; Mr. Manu Sharma, Director, Mobile, Samsung India and renowned actor Freida Pinto with the... Read more

    The 30 March 2014 by   Jyoti Arora
    GADGETS, TECH
  • This Should Be the Last Article You Read On #CancelColbert

    Photo via William & Mary University Let me start this off with a short story: It was my sophomore at Arizona State University. I was still bright eyed,... Read more

    The 30 March 2014 by   Candornews
    ENTERTAINMENT, SOCIETY
  • Get Through the Morning

    Hi All,A new day and another new post, this one written with heavy arms and an even heavier heart. Since I have had my steroids I have had easier mornings; stil... Read more

    The 31 March 2014 by   Cass
    HEALTH, SELF EXPRESSION
  • Gwen Stefani Breakthrough OPI Nail Lacquer Finishes

    OPI joins celebrity partner Gwen Stefani in announcing seven new limited edition nail lacquers for 2014, featuring standout color in breakthrough finishes. Read more

    The 30 March 2014 by   A Beauty Feature
    FASHION, HAIR & BEAUTY, LIFESTYLE
  • Ways To Control and Reduce Your Obesity

    Obesity is one of the major reasons for many ailments like heart diseases, diabetes, back problems and many more. Obesity is a condition when excess body fats... Read more

    The 31 March 2014 by   Rojer
    HEALTH, HEALTHY LIVING
  • Four Things About Men and Women I’ve Learnt from Being Neither

    I think part of it is a family trait, of being treated as a safe person to talk to – several relatives have had similar experiences – but part of it is most... Read more

    The 30 March 2014 by   Cnlester
    LGBTQ, SEXUALITY

Add a comment