H.R. 4170 (112th): Student Loan Forgiveness Act of 2012

Introduced:
Mar 08, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Hansen Clarke
Representative for Michigan's 13th congressional district
Party
Democrat
Text
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Last Updated
Mar 08, 2012
Length
18 pages
 
Status

This bill was introduced on March 8, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 08, 2012
Referred to Committee Mar 08, 2012
 
Full Title

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.

Summary

No summaries available.

Cosponsors
24 cosponsors (24D) (show)
Committees

House Armed Services

Military Personnel

House Education and the Workforce

Higher Education and Workforce Training

House Foreign Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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