U.S. Congress - H.R.4170 Student Loan Forgiveness Act of 2012
H.R.4170 - Student Loan Forgiveness Act of 2012
To increase purchasing power, strengthen economic recovery, and restore fairness in financing higher education in the United States through student loan forgiveness, caps on interest rates on Federal student loans, and refinancing opportunities for private borrowers, and for other purposes. view all titles (2)
All Bill Titles
- Official: To increase purchasing power, strengthen economic recovery, and restore fairness in financing higher education in the United States through student loan forgiveness, caps on interest rates on Federal student loans, and refinancing opportunities for private borrowers, and for other purposes. as introduced.
- Short: Student Loan Forgiveness Act of 2012 as introduced.
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- Past Seven Days: 375
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Official Summary
3/8/2012--Introduced.Student Loan Forgiveness Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a 10/10 Loan Repayment Plan that allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to limit their monthly paymenOfficial Summary
3/8/2012--Introduced.Student Loan Forgiveness Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a 10/10 Loan Repayment Plan that allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to limit their monthly payment on such loans to one-twelfth of 10% of the amount by which their adjusted gross income and that of their spouse (if applicable) exceeds 150% of the federal poverty level. Requires the Secretary of Education to determine a borrower's repayment obligation under that plan on a case-by-case basis if the repayment formula would result in the borrower paying nothing and the borrower is not in deferment due to an economic hardship. Establishes a 10/10 Loan Forgiveness Program that provides FFEL and DL forgiveness to borrowers who, after the date that is 10 years before the date of this Act's enactment, have made 120 monthly payments under the 10/10 Loan Repayment Plan or under another repayment plan that required them to make payments at least as large as those they would have made under the 10/10 Loan Repayment Plan. Credits the months during which an individual is in deferment due to an economic hardship as months for which payment was made for purposes of the 10/10 Loan Forgiveness Program. Caps the amount of loan forgiveness that the program will provide to individuals who become new borrowers after this Act's enactment. Caps the interest rate on new DLs at 3.4% Amends the public service employee loan forgiveness program to forgive the DLs of participants who have made 60 (currently, 120) monthly payments on such loans pursuant to specified repayment plans. Includes primary care physicians in medically underserved areas in the public service employee loan forgiveness program. Allows certain borrowers to consolidate their private education loans as Direct Consolidation Loans, provided the private loans were made on or before the date of this Act's enactment. Limits such borrowers to those who:(1) were students eligible for unsubsidized Stafford loans or PLUS loans under the FFEL or DL programs for their enrollment at an institution of higher education, or would have been had they been enrolled on at least a half-time basis;
(2) borrowed at least one private education loan for such enrollment; and
(3) have an average adjusted gross income that does not exceed their total education debt. Caps the interest rate on those Direct Consolidation Loans at 3.4% Requires borrowers to apply for such loans within one year of this Act's enactment. Funds this Act's programs from funds available for Overseas Contingency Operations.
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Latest Letters to Congress
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H.R.4170 Student Loan Forgiveness Act of 2012
olayak
March 25, 2013
I am writing as your constituent in the 14th Congressional district of New York. I support H.R.4170 - Student Loan Forgiveness Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Katherine Compitus -
H.R.4170 Student Loan Forgiveness Act of 2012
kabner0908
March 19, 2013
I'm tracking H.R.4170 - Student Loan Forgiveness Act of 2012 using OpenCongress.org, the free public resource website for government transparency and accountability.
84% of users on OpenCongress.org, a free, non-partisan resource, support H.R.4170.
H.R.4170 has been viewed 85,563 times on OpenCongress.org, a free, non-partisan resource.
Sincerely,
Kandice Abner -
H.R.4170 Student Loan Forgiveness Act of 2012
lyraloowho
March 06, 2013
I am writing as your constituent in the 2nd Congressional district of Tennessee. I am writing as your constituent in the 2nd Congressional district of Tennessee. I am writing as your constituent in the 2nd Congressional district of Tennessee. I support H.R.4170 - Student Loan Forgiveness Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Wendi Johnson
Sincerely,
Wendi Johnson
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