Student Loan Forgiveness Act Introduced in Congress
Yesterday Representative Hansen Clarke (D-MI) released HR4170, the Student Loan Forgiveness Act. The bill aims to stimulate the economy and protect those struggling with their student loan payments.
Clark announced, “It’s time for Congress to stand for the rights of student loan borrowers. It’s time to forgive these student loan debts.”
The bill provides that if a student loan borrower makes payments equal to 10% of their discretionary income for a period of 10 yrs, the balance of their federal student loan debt will be forgiven.