Student Loan forgiveness petition

As promised in my blog, I have an update on student loans. There is an online petition to reconstruct the current student loan repayment system. These changes entitled,”The Student Loan Fairness Act (H.R. 1330)” would create a new “10-10” standard for student loan repayment, in which an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining student loan debt would be forgiven. Further, this legislation would:

• ensure low interest rates;

• allow those eligible to convert their private loan debt into federal direct loans;

• reward graduates for entering public service professions;

• provide a lifeline for student borrowers who have fallen on difficult times;

• encourage delinquent and defaulted borrowers to re-enter repayment;

• replace the current, 10 year “Standard Repayment Plan” for the full amount of the loan balance with the “10-10” plan as the default repayment option for borrowers entering repayment.

Here is the link to sigh the petition: http://signon.org/sign/support-the-student-loan-6?mailing_id=11169

This is the link that delves further into the specifics of the bill along with a link to HR 1330: http://studentdebtcrisis.org/hr1330/facts_faqs/