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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Displaying 1-30 of 64 total comments.

  • libbypw 03/11/2012 3:50am
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    + 10

    What a load of socialist dreck and legal double talk intended to obfuscate readers. Why in the world would the Overseas Contingency Operations be responsible for students loans?

    Restore fairness? WTH? What fairness is he refering to? The socialist notion that the government ‘owes’ higher education to the masses?

    “Higher education should be viewed as a public good benefitting our country rather than as a commodity solely benefitting individual students.”
    This premise is socialistic and unamerican.

    If the unions and socialists weren’t involved, then a person wouldn’t need a master to teach a kindergartener and the expenses would have spiraled across the board.

    All that and the bimbo with a masters that my son had in second grade did not smarts to understand how to figure out the perimeter of a square nor the sense to see she was wrong when it was gently pointed out to her.

  • Comm_reply
    ressy 03/14/2012 11:46pm

    What a load of socialist dreck and legal double talk intended to obfuscate readers. Why in the world would the Overseas Contingency Operations be responsible for students loans?

    I’m not sure yet what I think about most of this bill, and I’d say I’m usually pretty cynical about the entire GWOT/OCO concept… but, section 7 makes no sense to me either, just the same. Kudos for focusing on the actual content and pointing that out. What’s up with that?

    And for anyone also thrown off by the shifting terminology:

    ‘Global War On Terror’ Is Given New Name

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    ressy 03/15/2012 12:05am

    Why in the world would the Overseas Contingency Operations be responsible for students loans?

    This confused me too. Aside from everyone’s various opinions on either student loans or the war on terror, why would the bill be written this way? It seems very odd to me.

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    Websurfer 03/24/2012 6:15pm

    That is where the funds are coming from.

  • Spam Comment

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    SFletcher 07/12/2012 3:56pm

    The fact that 8 people find this comment useful is so sad.

  • AndyFiorello 03/13/2012 8:58pm
    Link Reply
    + 23

    As a student who currently has about $80,000 in private student loan debt with an interest rate rivaling most credit cards, I fully support this bill. I could not get into my chosen career field when I graduated in 2009 and I was told I was overqualified to do menial work by managers at countless fast food and retail chains, because of my Bachelors Degree, so my debt doubled with forbearances and lack of payment.

    I now work part time in a job with a schedule that constantly changes, leaving me without the ability to get a second job. I live at home with an income that I wouldn’t be able to support myself with even if I didn’t have this mountain of debt.

    I was duped, like millions of other students, into believing that college would pave the way to a better future. All I got was a mound of debt I can’t get rid of, and piece of nice parchment paper that represents 4 wasted years of my life. So I support this bill, and the chance I might finally be able to get my future back.

  • Comm_reply
    Flash 03/21/2012 9:38am
    Link Reply
    + 11

    If you have a problem with being “duped”, go after the folks who duped you. I didnt dupe you.

    I paid my student loans back, and it was not easy.

    Your future is yours, stop feeling sorry for yourself and make it happen instead of looking for a handout and someone else to bail you out.

    What has happened to this country? It is truely sad to see.

  • Comm_reply
    StrawberryFields 03/21/2012 10:48pm

    It depends on what year and how much financial support you had going to school. Tuition has quadrupled. I didn’t get a degree in underwater basket weaving, I got a degree in Nursing, a degree that I thought would be easy to pay back, and no my parents didn’t pay my rent, food, or my school tuition. I am told due to budget cuts and experienced nurses coming out of retirement, no one wants new grads, it could cost up to 30k to train a new nurse. I only borrowed 50k and due to interest it has ballooned to 75k… something HAS to be done.

    Before you jump the gun and say that you do not support this bill.. check the average tuition for 2009-2012 bet it wasn’t what you had to pay in the past. And how is this bill going after you? … Nothing will effect you if it passes.

    You are right about one thing though, the future is ours, and it has to change or else student loans will be the next debt bomb.

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    BacktoBasics 03/23/2012 12:35pm

    One thing that really concerns me about this bill is that it seems as though Universities are being mismanaged – why else is tuition spiraling out of control? Tuition is increasing much faster than wages…but why? These are the questions that need to be answered.

    By coming up with a bill to forgive student debt it seems as though we are giving Universities a green light to overprice education without consequences. These institutions already seem to be spending black holes. What will happen once they know they can increase tuition as much as they want without scaring off potential students because students no longer need to worry about the cost because in the end they can stick it to the government.

    In the end, the problem that needs to be addressed is tuition cost and ironically, since our Universities are not government run, this needs to be pushed by alumni, current students, parents and future students – ie. the people and not the government.

  • Comm_reply
    Websurfer 03/24/2012 6:03pm

    Did you even read the bill? It only forgives $45,520 for NEW borrowers. Schools shouldn’t see this as a chance to exploit their tuition upon students, since the student loan debt bomb is about to go off.

    In 10 years (say $350 a month for 10 years) you basically paid $42,000 debt repayments. So in essence it’s more so a “breathing room bill”, for those of us who took out loans, to invest in our retirements, start a family, buy a home, etc…things that boost the economy.

    Sallie Mae and other private loan lenders will be happy because they’ll receive their money from the gov’t during consolidation. So the Republicans should be happy with this.

  • Comm_reply
    AndyFiorello 03/31/2012 11:30am

    I agree with you, BacktoBasics, the increase in tuition is quite a problem and the government should step in to better regulate the schools. Another problem I see though, is also the rise of many schools encouraging students to go with private lenders like Sallie Mae. I currently have most of my loans through them because they were supported by DeVry. I was told I could consolidate my loans after I graduate, and there would be a number of repayment options so that I wouldn’t need to worry. However, those options went away not long before my graduation date.

    Sallie Mae no longer offers consolidation, and they don’t have many refinancing options either. Since they aren’t backed by the government, they don’t have to offer IBR repayment or forgiveness. However they will give me a forbearance, with a $150 fee, so that the interest can capitalize and increase my balance. Also they have the same protections from bankruptcy that the fed loans have, so I’m stuck with them.

  • Comm_reply
    azsungal77 04/18/2012 2:20pm

    Hmm, they spend money just like the government. All it has done is make the people more dependent on government from a financial crisis they created.

  • Comm_reply
    ebrianna 08/19/2012 11:04am

    I agree that tuition prices need to be addressed; the cost of tuition has risen over %800 since 1980. However, the immediate problem is the economy, and some economists are saying that we are in a depression. Money spent repaying debts does not contribute to the GDP, meaning no new products are being purchased. There’s about 1 trillion dollars of student debt that isn’t going to be spent on new products and services. With an already struggling economy, that is the issue that needs to be addressed first.

    Addressing the tuition cost is another issue. One idea is that the government would cut off federal funded student aid from a school if they can’t justify tuition rises. That makes sense, but it could ultimately just hurt the students. I think schools should allow students a more active role in the spending of their tuition money. A student government could represent the students’s best interests to the school. Of course, the government couldn’t implement this.

  • Comm_reply
    toray99 01/01/2013 12:37pm

    Then start going after professor salaries. Colleges that keep building new wings all the time.

  • Comm_reply
    AndyFiorello 03/27/2012 1:29am

    It was society that duped me, though I see it was not with malicious intent. In better economic times, I doubt a bill like this would be needed. If the housing bubble had not burst and put us into the current recession we are in, I know I myself would not have been competing with experienced programmers for the same low paying entry level jobs that I was qualified for.

    I don’t feel sorry for myself, I know what I did was the right thing, it was just not the right thing for the current times. Hindsight is 20-20, and if I knew then what I do now, I would have not gone to college, I’d have gotten a job and saved my money, possibly to pursue the career I wanted after things picked back up. I support this bill because I don’t think I, or anyone else seeking to better themselves, should be punished as we are for doing so.

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    nokonwod 04/25/2012 12:40pm

    I am unsure about Andy, but the US Government Duped me. I was completely and totally convinced that I would need that piece of paper to succeed. And my parents and myself were literally advised that this was the best and only way to have a future. They even brought representatives right into the high schools to help you sign your life away. Lowered payments were not an option for us when we could not get the jobs to make the pay. The government failed to support industry in the US costing many jobs that we were promised would be there. I do not regret my decision to attend school, only my decision to borrow to do so. I don’t run up credit cards and buy homes I can’t afford and yet those folks get forgiveness by the government – I am asking the government to provide a little help for me – so I can have a chance at helping my own children succeed.

  • Comm_reply
    lightshine 09/10/2012 7:06pm

    Flash: whatever happened to you to make you so mean? Are you suggesting that these borrowers live on the street and give all their money to the Sallie Mae Corporation or whomever they borrowed from? What’s wrong with you? People making part-time or half-time income cannot give $500-$1,000 per month to Sallie Mae.

    Don’t worry, Andy, things will get better, and there are many of us in your situation. Congress is even starting to wake up. My significant graduated a couple of years ago, as an older student, and now works half-time.

    By the way, Flash, it’s not “truely,” it’s “truly.”

  • Comm_reply
    pernition 11/16/2012 4:34am

    Dearest Flash, your remark is infantile regurgitation in the plain style of sucker simple. You suggested to whomever claimed to be duped, they should go on ahead and pursue those who had done the duping.

    Think really really really hard for a minute and try your darnedest to imagine a hybrid game play of the classic “Ten Thousand Puzzle Piece Dominoes Chutes & Ladders Monopoly Train Set.” Once you understand that game theory, you’ll quickly adjust your mind so long as logic and reason carry some weight with you.

  • Comm_reply
    NGoyette 11/27/2012 12:02am

    Truly has no e in it. It is difficult to pay student loans back however, I support this bill. You sir are making a blind argument. This bill does not create a world in which you do not have to pay, it means you pay at reasonable rates without being abused by the private financial system. A system that proves over and over again that is criminally abuses our capital at our expense. It is a system that uses our payments and investments of all kinds as gambling money and hikes the rates for their playtime fun, when they make mistakes. Here are some basic economics and just well, a reflection that some of us read the legislation; capping an interest rate at 3.5% is in no way a handout. Do the math if indeed you have a degree. Your argument has no substance.

  • Comm_reply
    toray99 01/01/2013 12:32pm

    No kidding , I agree with you. There is no shame with americans anymore. I remember when a handshake would seal a deal. Now the progressives have people reneging on contracts. They go to college for art and basket weaving, then expect to be making 70 grand a year. Not my , nor the rest of the paying publics problem. You eat it !

  • Comm_reply
    CitizenKate 02/11/2015 9:50pm

    Just because you didn’t get hired into your field doesn’t absolve you from paying off your loan. I guarantee you there is nothing in the contract that says repayment is contingent upon finding your dream job after graduation. You agreed to that. Try that rational with your mortgage lender, someday. “But the foundation got a crack in it so I shouldn’t have to pay the mortgage, now, right?” You’ll find yourself unceremoniously chucked out to the street. So much harder to go after the builder, isn’t it?

    I would bet 99% of everyone supporting this bill are just recent students just trying to get out of honoring their loan agreements. Let’s just raise a generation of self-serving wimps, freeloaders, and goldbricks who won’t be able to deal with a real crisis when the time comes, and cannot be relied on to make any meaningful contribution to the society that in turn might support them.

    What about deferrals? Or did you ever get around to reading in your loan contract about that?

  • Comm_reply
    darkshark67 03/24/2012 7:51am


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    easterly 04/17/2012 8:50am

    As a student with less than $2000 in student loan debt. I oppose this bill. Everyone makes their own personal decisions to accept a loan. You should fulfill your promise. It is not the job of the people to bail you out because you chose the wrong path.

    Duped? No you didn’t make the correct choices and now you want everyone else to pay for it.

  • Comm_reply
    nwilson7871 04/24/2012 2:34pm

    Andy, I understand your concern and I feel for you. However, there is not one person that held a gun to your head and made you go to college that cost 80K. Looking for a job? Join the military. They have student loan repayment plans where they will pay off your student loans in its entirety for a commitment of 5 or 6 years. I am a veteran that saw this coming…(student loans). I went into the Army, served for years and got my GI bill. I didn’t ask for a “handout” as other people here have said you are looking for. Granted it is technically “government money”, however it is also an employment contract. You have guaranteed work for 5 years, student loans wiped out and you can go directly to OCS (officer candidate school). DI know you have said you were over qualified for fast food and I agree, but our military is in need of REAL leaders. I was there and I have worked for some pretty dumb officers. Make a change and join the military, doesn’t matter what branch!

  • Comm_reply
    nwilson7871 04/24/2012 2:37pm

    Four Years*, typo. Not for years. LOL!

    I know*, typo. Not “DI know”.

    Sorry for all the typo’s, guess I need to double check what I send so I don’t look like a dummy!

  • trm63 03/14/2012 11:13am

    A loan by it’s nature implies that it will be paid back. The interest rates on Federal Sub and Unsub loans are currently at very low rates. Why should I pay for someone who did not have the common sense to realize that taking out loans at higher interest rates or for amounts that they would not be able to pay back based on the field of study they pursued is not something I or anyone else should have to pay for. If a person ran up a huge debt and blames the institution for misleading them, then sue the institution. Unfortunately I have seen too many cases where student loans were taken out by students using them for international trips or study that I could not afford when I went to school so why should I pay for their vacations? If they need a loan to do these things then they should have to pay them back, not the taxpayers.

  • Comm_reply
    AndyFiorello 03/17/2012 4:14pm
    Link Reply
    + 11

    This is no different than someone getting their loans forgiven under the Income Based Repayment plan, they are just shortening it from 25 years to 10.

    As well, federal loans are one thing, but many students don’t qualify for those loans at those low interest rates, I know I didn’t. The majority of my debt is private, I did not ask the government for money to go to school, I went to Sallie Mae, a publicly traded corporation. However because of the changes to bankruptcy law in 2005, my private student loans can’t be forgiven under Chapter 11, but because they aren’t issued by the government, Sallie Mae doesn’t have to cut me any breaks like income based repayment or forgiveness. This bill is currently my only hope to get out of this debt.

  • Comm_reply
    JoshRRogers 03/23/2012 6:18am

    Unless you’re talking about all of those “non-recourse loans” the federal government gave to wealthy individuals to spur investment. Billions in oil and farm subsidies, trillions in bank bailouts, billions spent killing terrorists, but we don’t have enough money to help out the actual people of this country.

  • Comm_reply
    tphill 03/26/2012 12:45am

    The problem with this bill is the premise that anyone deserves to have their debt forgiven. As trm63 said, the nature of a loan implies that it will have to be paid back. If you take out a loan, you are signing a contract that says you will give the holder of that loan a certain amount of money over a certain period of time. Regardless of whether or not you consider the terms fair, you signed it. It doesn’t matter if you won’t ever be able to pay it back, that’s your problem, not the government’s or the people’s. I realize that it’s not always your fault that you won’t be able to pay off debt you thought you could, things happen that no one could’ve planned for, but that’s part of life, it’s not the government’s responsibility to bail you out when that happens.

    So I won’t support any bill that helps someone “get out of this debt.” You signed it, the only way to get out is to pay it off as per the terms of your contract.

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