US House Representative Hansen Clarke from Michigan introduced HR 4170, or the Student Loan Forgiveness Act, on March 8th, a bill that is extremely important in this economy, especially to the Millennium Generation. If passed, the bill would forgive outstanding student loan debt to any person who makes consecutive payments of at least 10 percent of discretionary income for ten years. It also includes forgiveness options for going into public service or teaching.
This bill could not come at a better time and in many ways is extremely overdue given that student loan debt now exceeds credit card debt and is set to surpass 1 trillion in 2012. Today’s recent college graduates (myself included) are faced with the worst job market post World War II, an ever increasing cost of living, and the highest rate of student loan debt in history. Rent, gas, and food are all substantially more expensive than 25 years ago when our parents were graduating from college.
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