The Student Loan Debt For The United States

1554 WordsNov 8, 20157 Pages
It was first promulgated in 2010 that outstanding student loan in the United States exceeded that of outstanding credit card debt for the first time ever (Kristof, 2012). As of today, there is over $1.2 trillion in outstanding student loan debt, $1 trillion of which is in the form of federal student loans (Denhart, 2013). The Student Loan Forgiveness Act of 2012 was designed to ease some of that burden and mitigate some of the real damage incurred by a lifetime of insurmountable debt. The Student Loan Forgiveness Act of 2012 was introduced in the House of Representatives on March 8, 2012, by Hansen Clarke (D - MI) with well-known Presidential support for student loan debt relief, 24 Democratic co-sponsors, and zero Republican co-sponsors. The bill was introduced to increase purchasing power to strengthen the economic recovery from the Financial Crisis of 2008, restore fairness in financing higher education in the United States through student loan forgiveness, set caps on interest rates at 3.4% on Federal student loans, provide refinancing opportunities for private borrowers, and achieve other purposes (112 Bill Profile H.R. 4170 (2011-2012), 2012). The bill was referred to the House Committee on Education and the Workforce, the House Committee on Foreign Affairs, and the House Committee on Armed Services. Mr. Clarke (2012) addressed the House for one minute that day, in which he said “Mr. Speaker, today I have introduced H.R. 4170, a bill that will forgive student loan

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