Though the Student Loan Forgiveness Act has not yet been passed, it's already proven popular with constituents.
One million people committed to a SignOn.org petition supporting H.R. 4170, the Student Loan Forgiveness Act drafted by Democratic Rep. Hansen Clarke of Michigan.
[Find out if the Student Loan Forgiveness Act would help you.]
At the U.S. Capitol on Thursday, petition author Robert Applebaum presented six boxes' worth of signatures to Rep. Clarke, who immediately announced plans to take the tower of petitions to his fellow representatives.
"This is my proudest moment as a member of Congress," Clarke said, adding that "these petitions symbolize a national movement."
The current student loan interest rate debate, which likely will freeze the subsidized Stafford loan interest rate at 3.4 percent for one more year, doesn't signal a deep enough change, the congressman said. His bill, if passed, would keep all federal student loan interest rates at 3.4 percent indefinitely, and would tackle other post-graduate repayment issues, too.
Borrowers would not have to make monthly payments greater than 10 percent of their discretionary income, could have debt forgiven after five years of participation in the federal Public Service Loan Forgiveness program, and more.
[Learn more about the Student Loan Forgiveness Act.]
"We don't need to maintain the system," with only one more year of frozen interest, Clarke announced at the rally. "We need to change the system...so it starts working for us."
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