The Hill News

As Congress debates the extremely narrow issue of whether to extend the current 3.4% interest rate on Federal Student Loans, or to let that rate expire and, thus, double to its previous level of 6.8%, both sides of the aisle are missing an opportunity to do something unique, decisive and bold: adopt legislation that forgives excessive student loan debt after a reasonable repayment period.


Representative Hansen Clarke (D-Mich.) introduced an unprecedented piece of legislation in March - H.R. 4170, The Student Loan Forgiveness Act of 2012, in response to over 660,000 people who signed a petition I started in favor of student loan forgiveness. Yet, despite the public outcry, only one member initially stepped up to put his name and reputation on the line in order to draw attention to the ever-growing crisis of student loan debt.  Rep. Clarke has taken on the role of Champion for the educated poor â€" the 36 million Americans who are drowning under the weight o! f their student loan debts. A new petition I started in favor of H.R. 4170 currently has over 939,000 signatures.

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