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New House Bill to Protect Student Loan Borrowers

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#1
walla299

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I found this article on Yahoo, and linked the source because Yahoo likes to change their links.

 

From the article:

 

 

Many well-intentioned graduates can't afford to pay off their student loans because of the sour economy. They are being sacked with debt and penalties that outweigh their best efforts to keep up. 

 

Unlike other forms of debt, in the case of student loans, basic consumer rights like bankruptcy protection don't apply to those who default. Instead, everyone from recent college graduates to the older underemployed who can't afford to pay is subject to garnished wages and other income in the name of paying for higher education with an increasingly high price tag. Unresolved student loan debt in the United States now surpasses $1 trillion.

That’s where the bill proposed by Rep. Frederica Wilson, D-Fla., the Student Borrowers Bill of Rights Act, H.R. 3892, comes in as a possible solution.

 

Yahoo article: http://news.yahoo.co...-202905125.html

 

Original source: http://www.takepart....-loan-borrowers

 

Text of the House Bill: https://www.govtrack...113/hr3892/text

 

This is one bill that really needs to become law since many are suffering under a load of debt these days due to the economy. So its probably time to start calling/emailing your representatives since this seems to be genuine.



#2
Hope

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I wonder if this would effect people who are on income based repayment or deferment. I also wonder how many people would choose to declare bankruptcy due to student loans. Or get a job in public service if possible. ^_^

There is currently a teacher loan forgiveness program which I guess is similar to what they are proposing for the public service loan forgiveness.



#3
walla299

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I wonder if this would effect people who are on income based repayment or deferment. I also wonder how many people would choose to declare bankruptcy due to student loans. Or get a job in public service if possible. ^_^

There is currently a teacher loan forgiveness program which I guess is similar to what they are proposing for the public service loan forgiveness.

 

The only drawback to those teaching programs is that you need a 4 year degree for a teaching certificate in many states, and there are many who have 2 year degrees or were in certificate programs that would benefit from this. There are too many who "fall through the cracks" and there are also those who went to school, got their degree, only to have their whole industry outsourced to the Pacific Rim. It happened to me. Our company happily shipped our jobs overseas and left us all to figure out what to do with the loans.



#4
FresnoJoe

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Praying~!






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