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Congressman Introduces Exciting New Student Loan Bill

March 19, 2012 | Adam S. Minsky, Esq. Policy & Reform

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Rep. Hansen Clarke (D-MI) has introduced an exciting new bill in Congress. If passed, the Student Loan Forgiveness Act of 2012 would make a lot of changes to student loan law that could benefit millions of borrowers. Some of my favorite provisions:

  • Borrowers would be able to consolidate their federal student loans and private student loans into a single federal consolidation loan to take advantage of federal student loan benefits. Right now, Direct federal loanconsolidation is only available for federal student loans. This makes private student loans very problematic.
  • Borrowers would be eligible for an improved Income-Based Repayment plan, allowing for payments of no more than 10% of discretionary income (instead of 15%) and forgiveness of any remaining balance after 10 years of payments (instead of 25).
  • Borrowers who work in public service would be eligible for accelerated public service loan forgiveness after 5 years of qualifying payments (instead of 10).

The bill is certainly an exciting development, and it is encouraging to see that at least one member of Congress is taking the student debt crisis seriously. Of course, the reality is we have a divided, gridlocked Congress that can’t seem to get a whole lot done, even on universally important issues such as the debt ceiling or a national budget. However, if this bill (or one like it) will ever have a chance of passage, we need to spread the word and get people talking. So please share this news and pass it on to friends and family.

To read the full text of the bill, click here.

To sign a petition in support of the bill, click here.

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Policy & Reform

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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