The Student Loan Forgiveness Act of 2012

[antidope]

I remember that thread a couple weeks back about how much do NTers owe in student loans and I came across this.

On Tuesday, U.S. Rep. Hansen Clarke (D-Mich.) joined students from a classroom in Detroit to discuss his plan to ease student loan debt. Taking advantage of Google's video conferencing service Google+ Hangout, Clarke explained the details of his Student Loan Forgiveness Act of 2012 to a physical audience at Wayne State University, as well as a virtual one comprising students from across Michigan and the country.

H.R. 4170 would forgive student loan debt for those who have paid 10 percent of their discretionary income toward their loans for 10 years and would cap interest on federal student loans at the current rate of 3.4 percent. Individuals who go into teaching, public service or practice medicine in underserved areas would have their debt forgiven after only five years.

"Everyone tells us to go to school and work hard and we'll be rewarded for our dedication," Clarke said Tuesday. "But the promise of a dream can turn into a nightmare for so many people."

Angie Rider, who attended the Wayne State session, is feeling that nightmare.

"Its always the overarching theme of my life, all my student loan debt," Rider said. "It's trapped me ... it feels helpless and hopeless."

Rider is a teacher at an elementary school in the Brightmoor neighborhood of Detroit. She said 30 percent of her income goes to paying her student loans, and she still owes nearly $100,000 after five years of payments, which she makes on time each month.

"I've wanted to be a teacher for so long I can't even remember," she said. "I have my Bachelor's degree and my Master's degree, which is supposed to help you become a great teacher, [but] you dont get paid enough to pay off what it costs you."

Rider estimates she won't have paid off her debt for more than 20 years. She said the debt has stopped her and her boyfriend from thinking about buying a home or getting married.

Nationally, student loan debt now exceeds credit card debt at a staggering $1 trillion.

Clarke said he'd witnessed people still paying off debt from their social security checks -- something that motivated him to propose his bill. Nationwide, people over the age of 60 owe about $36 billion in student loans.

Clarke's bill, which currently has five other sponsors, is aimed at helping current and future student borrowers. If it passes, people who take out student loans could see their debt forgiven up to $45,520, equal to the average cost of a four year degree at a public university.

An online petition in favor of the bill has nearly 500,000 signatures. Clarke encouraged students to get their peers involved and tell lawmakers their stories.

"You really can't have freedom when you're eyeballs deep in debt," he said. "I intend [this bill] to be a call to action."

CORRECTION: An earlier version of this story had an incorrect link to an online petition for the Student Loan Forgiveness Act of 2012 and misstated the number of signatures obtained. The story has been changed to link to the correct petition.

A link to where you can sign the petition . 




Summary of what the bill does

I signed.

 

[crcballer55]

Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.

 

[mojodmonky1]

Originally Posted by crcballer55

Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.

if i had the Rock clapping .gif I would insert it here.

Of course the petition has 500K signatures.  Who doesnt want a free handout?

This is BS for people like myself who busted their butt working for their money and made every effort to pay as much as I possibly could each month to payoff my loans.  Does this bill offer any sort of compensation for those who paid more than 10% of their discretionary income so that they could payoff their loans early?

  

 

[alex23]

i went to wayne state....true story

 

[ricky409]

All for it.

Its easy to say they shouldn't get loans, but how else can they get into certain professions?

You think you can get a job as a teacher without those degrees?

 

[antidope]

Originally Posted by Mojodmonky1

Originally Posted by crcballer55

Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.

if i had the Rock clapping .gif I would insert it here.

Of course the petition has 500K signatures.  Who doesnt want a free handout?

This is BS for people like myself who busted their butt working for their money and made every effort to pay as much as I possibly could each month to payoff my loans.  Does this bill offer any sort of compensation for those who paid more than 10% of their discretionary income so that they could payoff their loans early?

  

. I agree with you, I would be in agreement with anything that alleviated the pressure off students who are in debt and in a perfect world also gave something back to people like you who handled their business. To be clear I'm not looking for a handout either, I make my student loan payments on time and will continue to so even if this bill doesn't pass, I just feel the pain of those who aren't able to do so.

 

[GTA 809]

Best first response ever?
The something for nothing mentality is so strong in this country but sadly this is only one of many examples.

 

[Shanegerous]

I don't think it should matter what field you go into, this should apply for anybody with a degree and debt. 

 

[ohboydanny]

My state already offers loan forgiveness for teachers but you have to teach in the crappiest system for 5 years. I'd much rather pay it back outta my pockets.

 

[crcballer55]

Originally Posted by ricky409

All for it.

Its easy to say they shouldn't get loans, but how else can they get into certain professions?

You think you can get a job as a teacher without those degrees?

Just because you want to be in a certain profession doesn't mean you need to go $100,000 into debt to do so. My wife is a teacher with a Masters. She got a $100K education without any debt through numerous scholarships while working her butt off. She still works over 80 hours a week and we were able to pay for her teaching credential and Masters in cash while she tutored on the side to do so.
The problem with education now is we feel like it's worth it no matter how much it costs. Go onto any college campus and you'll see a good portion of the population partying on any given night while complaining about being broke. What happened to the time when it was normal for students to work a part time job to help pay for school instead of taking out loans to pay for everything?

 

[703 hwy]

I got friends who went out of state to hood colleges, i'm just smh-ing like why??

 

[josednk1068]

crcballer, just came in to say you are preaching the truth. Had to work almost full time myself to cover some of my schooling, the other half came from loans that I slowly paying back now. I can speak for what I saw while in school, where a lot of students took out loans to pay for school and buy the newest gear, only later to drop out of their classes. This didn't happen with all my classmates but I saw it happen a lot.

 

[dipsetgeneral]

I signed.

 

[cj003]

Originally Posted by crcballer55

Originally Posted by ricky409

All for it.



Its easy to say they shouldn't get loans, but how else can they get into certain professions?



You think you can get a job as a teacher without those degrees?

Just because you want to be in a certain profession doesn't mean you need to go $100,000 into debt to do so. My wife is a teacher with a Masters. She got a $100K education without any debt through numerous scholarships while working her butt off. She still works over 80 hours a week and we were able to pay for her teaching credential and Masters in cash while she tutored on the side to do so.
The problem with education now is we feel like it's worth it no matter how much it costs. Go onto any college campus and you'll see a good portion of the population partying on any given night while complaining about being broke. What happened to the time when it was normal for students to work a part time job to help pay for school instead of taking out loans to pay for everything?

I'm in law school. A part time job wouldn't even cover the interest on my loans. Zero chance I could work enough to pay and go to school. I signed.....Now I knew what I signed up for, and if I have to pay it all, i'll pay it all. The problem I have is my school throws money away like it grows on trees. Schools could lower tuition w/ smarter spending and we wouldn't have bills like this.

 

[thenewjs23]

Originally Posted by Antidope

Originally Posted by Mojodmonky1

Originally Posted by crcballer55

Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.

if i had the Rock clapping .gif I would insert it here.

Of course the petition has 500K signatures.  Who doesnt want a free handout?

This is BS for people like myself who busted their butt working for their money and made every effort to pay as much as I possibly could each month to payoff my loans.  Does this bill offer any sort of compensation for those who paid more than 10% of their discretionary income so that they could payoff their loans early?

  

. I agree with you, I would be in agreement with anything that alleviated the pressure off students who are in debt and in a perfect world also gave something back to people like you who handled their business. To be clear I'm not looking for a handout either, I make my student loan payments on time and will continue to so even if this bill doesn't pass, I just feel the pain of those who aren't able to do so.

Sounds like black folks and their "40 acres and a mule". Their have been a bunch of graduates that have paid off their loans. I guess they too should all be compensated because the paid their DEBT. This will allow those who cant go to school a chance to do it. 
Gets off high horse!!!

 

[cj863]

Originally Posted by thenewjs23

Originally Posted by Antidope

Originally Posted by Mojodmonky1

if i had the Rock clapping .gif I would insert it here.

Of course the petition has 500K signatures.  Who doesnt want a free handout?

This is BS for people like myself who busted their butt working for their money and made every effort to pay as much as I possibly could each month to payoff my loans.  Does this bill offer an you, I would be in agreement with anything that alleviated the pressure off students who are in debt and in a perfect world also gave something back to people like you who handled their business. To be clear I'm not looking for a handout either, I make my student loan payments on time and will continue to so even if this bill doesn't pass, I just feel the pain of those who aren't able to do so.

Sounds like black folks and their "40 acres and a mule". Their have been a bunch of graduates that have paid off their loans. I guess they too should all be compensated because the paid their DEBT. This will allow those who cant go to school a chance to do it. 
Gets off high horse!!!

 Does it get more ignorant than this?

 

[ricky409]

Originally Posted by CJ003

Originally Posted by crcballer55

Originally Posted by ricky409

All for it.



Its easy to say they shouldn't get loans, but how else can they get into certain professions?



You think you can get a job as a teacher without those degrees?

Just because you want to be in a certain profession doesn't mean you need to go $100,000 into debt to do so. My wife is a teacher with a Masters. She got a $100K education without any debt through numerous scholarships while working her butt off. She still works over 80 hours a week and we were able to pay for her teaching credential and Masters in cash while she tutored on the side to do so.
The problem with education now is we feel like it's worth it no matter how much it costs. Go onto any college campus and you'll see a good portion of the population partying on any given night while complaining about being broke. What happened to the time when it was normal for students to work a part time job to help pay for school instead of taking out loans to pay for everything?

I'm in law school. A part time job wouldn't even cover the interest on my loans. Zero chance I could work enough to pay and go to school. I signed.....Now I knew what I signed up for, and if I have to pay it all, i'll pay it all. The problem I have is my school throws money away like it grows on trees. Schools could lower tuition w/ smarter spending and we wouldn't have bills like this.

there it is. 
you know what it is.... doesnt mean it isnt ridiculous. 

 

[oidreez]

I'm all for a bill that helps with student loans. I think this whole billion dollars in student loan debt is ridiculous

 

[Smorgasbordgie]

I definitely signed. I'll be keeping up with this issue.

 

[peter80warrick]

I am against this 100%. A lot of people bring it upon themselves by going to either out of state or private schools. They also get degrees that do not equal high paying jobs. Why in your right mind would you send 100k plus on a degree that you know the ROI is only 30k a year. I applaud people who want to be teachers but to be a teacher you do not need to go to a Stanford, hit your local community college for 2 year and then go to a state school.

 

[ricky409]

Originally Posted by peter80warrick

I am against this 100%. A lot of people bring it upon themselves by going to either out of state or private schools. They also get degrees that do not equal high paying jobs. Why in your right mind would you send 100k plus on a degree that you know the ROI is only 30k a year. I applaud people who want to be teachers but to be a teacher you do not need to go to a Stanford, hit your local community college for 2 year and then go to a state school.

come on now, famb...
you cannot be cereal w/ that last statement.

 

[GTA 809]

I don't see anything wrong with that last statement. Why do you feel differen? Please respond.

 

[jt air jt]

I signed.

 

[vendetta]

The only part I agree with is capping the interest rate. Other than that there's no reason to bail people out for their own decisions.

 

[oidreez]

what about lawyers, doctors, engineers etc? it's always easy to tell someone "well they should have went to a community college first"