Members of Congress and Student Groups Highlight 1 Year Anniversary of Student Loan Debt Crossing $1 Trillion Mark, Urge Congress to Act
WASHINGTON, DC – U.S. Reps. Karen Bass (D-CA) and Joe Courtney (D-CT) on Thursday, April 25, at 2:00 p.m. will join student leaders and student advocacy groups, United States Students Association, U.S. PIRG, Campus Progress and Young Invincibles, to highlight legislative solutions to rein in student loan debt, which, one year ago, crossed $1 trillion dollars in the United States
Rep. Bass will discuss her legislation, H.R. 1330, which would allow debt forgiveness up to $45,000 after eligible borrowers have made 10 years of payments at 10 percent of their discretionary income. Additionally, the legislation calls for suspending interest rates while borrowers are unemployed and looking for work.
Rep. Courtney will discuss his legislation, H.R. 1595, The Student Loan Relief Act, which would prevent the interest rate on subsidized Stafford student loans for undergraduate students from doubling to 6.8 percent on July 1. Courtney’s legislation would lock in the lower rate for two years, so that Congress can work on a long-term solution to the crisis.