Student Loan Forgiveness Act of 2012
Signatures are being collected for the Student Loan Forgiveness Act of 2012.
Brief Overview: The act would create an option for people with student loans to pay 10% of their discretionary income for 10 years, after which the remaining balance would be forgiven. The reasoning is that this particular population, on average, tends to be working, paying taxes, and educated citizens who are more likely to be active in their community or government. Ten years of repayment would pay back a significant amount of the loan owed (in some cases, it would be paid in its entirety). Furthermore, alleviating the student loan debt or creating a clear limit on the amount of discretionary income that has to be devoted to repayment will also allow this particular group to more readily contribute to the growth of the economy.