This document discusses the Student Loan Forgiveness Act (H.R. 4170), which would forgive student loan debt for those who have paid at least 10% of their income towards loans for 10 years. It also stopped interest rates from increasing in July 2012 and kept them at 3.4%. The document interviews several people about their views on the legislation. While most agree that capping interest rates is good, they also think taxpayers should not have to pay for irresponsible borrowing. Overall, the interviews suggest people want reform to help future generations deal with student loan debt.
2. H.R. 4170 also known as the Student Loan
Forgiveness act, makes it so if you are out of
college “those who … have paid at least 10 percent
of income for at least 10 years would be eligible for
forgiveness.”
This legislation stopped the interest rate to jump
to 6.8% in July and kept it at 3.4%.
6 month grace period after gradation to pay back
loans are no longer in affect.
Only for undergraduate students.
3. When asked if student loan debt should be forgiven after
filing for bankruptcy, the majority of people interviewed
said that they think they do not agree, that tax payers
shouldn’t have to flip the bill for possible irresponsibility.
Everyone I interviewed unanimously agreed that they like
how this bill wants to put a cap of 3.4% on the interest rate
so that people wont have to pay more later for the same
loan.
I asked if people would rather keep the old policies, and
again it was obvious that reform is wanted because
everyone agreed that they think that the new policies will
help people for generations to come.
5. What do you think?
What do you think the purpose of this legislation is?
What makes you literate in this?
What do these literacies do for this community(college
students)?
Do you think this bill is good or bad?
What do you want to happen with your student loans?
