New act tries to fix student loan debt

New+act+tries+to+fix+student+loan+debt

Mathias Berbel

The Student Loan Forgiveness Act can bring you back to no debt and low interest.

How much student loan debt do you have? Student loans debt exceeded credit card debt in America in 2010. This was the first time in the history of our country in which that happened. The Student Loan Forgiveness Act will help you stay out of debt. If you make $1,000 a month the Student Loan Forgiveness Act will take away 10 percent of that, which is $100. This $100 will be put into your student debt and if you are to pay this 10 percent for ten years, the rest of your student loan will be forgiven.

“The only way to get out of student debt is by paying it or by simply dying,” said Chaminade assistant director of Financial Aid Eli Jennings.

The Student Loan Forgiveness Act is a way to help students stay out of debt. It is an act in which 10 percent of your income will be taken out to assist you on being on time with your payments for your student loan. Being on time with your payments is the most important part of the deal due to the forgiveness. Student debt is a problem Americans face today, as it is expected to exceed $1 trillion this year. School is a very essential part of our society today a bachelor’s degree is a key component which will lead you to success in the future. Many private company’s do not accept your work application if you do not have a Bachelors degree.

“The Student Loan Forgiveness Application seems to relieve stress from your life after you graduate college, instead of having to figure out how to pay off debt,” said Valentina Basile, a student at the University of Hawaii.

Student debt has not stopped rising in our country because of how important school is today. Sometimes the unfortunate parts of life happen, like speeding tickets or accidents or job issues where paying your student loan is not always on the top of your priority list. This is a reason the Student Loan Forgiveness Act is so useful because it will help students control their debt by the month.

The education system in our country exploded when in the mid-‘60s the Russians sent out the first satellite to be put into earths orbit. This was not taken lightly by Americans because Americans don’t like to lose in anything. Being able to attend a university back in the ‘60s meant you were rich because there was no way you were going to college otherwise, getting a scholarship was only given to a few gifted students who really earned it. Becoming stronger than the Russians took a toll on our country and the idea of college put pressure for all students to attend or attempt to attend.

“The debt in our country today is inexcusable and the the Student Loan Forgiveness Act is the way to go if we are trying to begin our strides to student loan debt and American success,” said 2009 USC graduate Jimena Martinez.

In todays world anyone can go to college. It is not free of course due to the capacity and competition to go to certain schools. You will need to pay extra or do significantly better than other students to attend prestigious schools around the country. There are currently 14.4 million undergraduate students going to school, a large amount of those undergraduates are paying off school through loans. Will the Student Loan Forgiveness Act stop your debt and lower your interest rate?