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Saturday, March 24, 2012

Rep. Introduces Legislation to Forgive Student Loan Debt

The student loan racket has topped $1 trillion dollars in outstanding loans. The cost of a crappy and worthless education has soared over the decades and graduating students are saddled with mountains of debt. Transferring the financial obligation of student debt to the taxpayers makes no sense.
Rep. Hansen Clarke (D-Michigan) introduced legislation to the House that would enable students to be forgiven from student loans. The bill, The Student Loan Forgiveness Act of 2012, would forgive the debt of student borrowers who make 10 years of payments (no more than 10 percent of one's discresionary income). The bill and would also cap interest rates and protect borrowers who suffer financial hardship, such as unemployment. Student loan debt, both private and public, has become an increasingly severe problem in recent years. In 2010, student loans, which now total more than $1 trillion, surpassed credit card debt in the United States.
Read the rest here
Common Dreams 

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