J.R. of Albertson, NY writes:

I've heard talk of a Bill in Congress that would provide much needed relief to college students in the form of student loan forgiveness. Could you elaborate?

The College Whisperer replies:

Much more than just talk on the college loan forgiveness front. Indeed, the House of Representatives has before it key legislation -- know as the Student Loan Forgiveness Act of 2012 -- which would, in effect, erase college loan indebtedness for many students.

In part, the Act would provide that any student who has made loan payments of 10% of his or her discretionary income for 10 years will qualify for forgiveness of the remaining debt. Students who have already paid 10 percent of their discretionary income for 10 years will immediately qualify for debt forgiveness.

In addition, the forgiven debt would not be counted as taxable income and interest rates on all federal loans would be capped at 3.4 percent.

For more answers to frequently asked questions on the Student Loan Forgiveness Act of 2012, click HERE.

While not perfect, the Bill now before Congress would go a long way in helping to reduce the student loan debt burden, which presently stands at more than $1 trillion.

With a weak economy, jobs for newly minted college graduates hard to come by, and students graduating with more and more debt as tuition continues to rise, the Student Loan Forgiveness Act would offer welcome relief to students and parents alike.

An online Petition in support of the Act, already having garnered more than one million signatures, can be found by clicking HERE. Readers of this blog are urged to sign the Petition, to encourage friends, relatives and colleagues to do likewise, and to contact their Representatives in Congress asking them to pass the Student Loan Forgiveness Act of 2012.

The time has come to end the spiraling student loan debt. It is a burden that neither students nor this nation can long afford to bear.
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