To: Rep. Rashida Tlaib (MI-13) and The United States House of Representatives
Amend Loan Forgiveness Cap in Student Loan Forgiveness Act of 2012
I support the Student Loan Forgiveness Act of 2012 (H.R. 4170). Please consider amending this act by increasing the loan forgiveness cap of $45,520 for those entering public service professions to more accurately reflect the true cost of a combined undergraduate and graduate education required for these professions.
Why is this important?
The Student Loan Forgiveness Act of 2012 (H.R. 4170) effectively addresses many issues related to financial aid and college costs, including capping the interest rates on Federal Direct Loans at 3.4 percent, changing the term of repayment for those in the public service loan forgiveness program from 10 years to 5 years, and opening up eligibility for forgiveness for all student loan holders.
This act places a cap of $45,520 on the amount of student loans eligible for forgiveness, which reasonably addresses the cost of financing an undergraduate education. Students entering the public service professions will most likely need to earn a graduate degree to qualify for an entry-level position. One possible solution to address this concern would be to increase the loan forgiveness cap for those participating in the public service loan forgiveness program to include the cost of financing a graduate education.