HR 4170 Deserves Your Support

We are all aware of how difficult it has been for college and university students to acquire their college education; it has become a must; and find ways to pay for it that do not commit them to an indentured life and that does not threaten society with a meltdown similar in magnitude to that of the mortgage collapse of 2008. Yet all is not grim. President Obama has made some very welcome moves that will result in making the burden of student loans easier to handle. But what is even better than that is HR 4170 the Student Loan Forgiveness Act of 2012.
This proposed law will do wonders to all students who are carrying student loans. Unfortunately most students are. 70% of Pace graduates are in debt. Nationally, as we have mentioned in an earlier post, 1.4 million borrowers owe over $100,000 each. That is unconscionable. Currently 11.8% of all US consumers have at least two open student loans on their credit cards. Don't despair. You have lots of company.
There is currently an effort in Congress to deal constructively with the potential ramifications of the inevitability of student debt . HR 4170 is a bill that has been making its way through the halls of Congress but that has not become law yet.Every single student who has a student loan owes it to herself as well as other students to sign a petition in support of this bill whose aim is to make it easier for students to carry the burden associated with their student debt.
HR 4170 makes four worthy proposals:

(1) 10/10
 Student monthly payments would be capped at 10% of discretionary income for 120 monthly payments after which the remaining balance will be forgiven

(2)Interest Rates
The interest rates for Federal student loans are currently set at 6.8%. The proposed law would cap these interest rates at 3.4%, a great win for student borrowers.

(3)Public Service Forgiveness
Loans will be subject to forgiveness when the borrower makes only 60 monthly payments instead of the current 120 payments that is required for Public Service Loan forgiveness.

(4) Refinance The proposed bill would allow students to seek consolidating private educational loans under a single Federal loan.

As should be obvious from the above 4 provisions HR 4170 is arguably the single most realistic bill to lessen the pain of carrying student loans and thus it is worthy of your support. To do so go to

http://signon.org/sign/support-the-student-loan