The New Student Loan Forgiveness Act: How Soon Can You Ball Out?- I Mean, Give Back?

by Rochelle Burnley, Friend of Ebonie Staff

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We all love giving back, right? Right.

Giving back makes me feel like I am doing something worthwhile with my life. But if you’re anything like me then you’re like most millennials and you probably give back more through volunteer opportunities. It’s not that I, or we, don’t want to dig deep into our pockets, it’s that where I am in life I don’t feel equipped to make an extremely significant monetary donation. No doubt fundraisers are a tool to help you give, but even asking others can be a little daunting. So what do you do when you want to donate financially but are paying a hefty amount of loan money because you dared to further your education and make something out of yourself? Anyone?

Recently I received an email about studentdebtcrisis.org. The email explained that even though 1.18 million people signed The Student Loan Forgiveness Act to be passed last year, the bill died because Congress failed to act on it. Now the bill is being re-introduced to Congress, with the addition of The Graduate Success Act. It is now being called The Student Loan Fairness Act (H.R. 1330).

What will this bill do for me, Rochelle? Great question!

apply-for-scholarshipsThis bill will establish a “10-10” standard for the new repayment plan. According to the official bill site this means, “an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining federal student loan debt would be forgiven.” The bill not only tackles federal student loans, but private loans as well! Hello!

What this bill ultimately does is aid in getting the economy back on its feet. Considering student loan debt is second to mortgage debt in this country, it’s not a bad look. It will, from a philanthropic viewpoint, allow for those of us who want to be of greater financial assistance to our communities the opportunity to do so in a timelier manner. Will you be able to write a check with lots of zeros to your favorite charity as soon as the bill is signed? Probably not. But this bill will allow you to pay less monthly and it allows you to pay your loans off faster. Faster payoff means you and those you wish to give to are able to enjoy the fruits of your labor sooner than you thought. The bill offers so much more than I can fit here, but if you check it out you can see all of the perks.

The only thing slowing down the process of this bill is signatures. So in an effort to help the economy, pay your loans off faster, AND be able to financially support the causes that mean the most to you, click on the link and sign your name! Let’s act now and get rich sooner! Ball out!- I mean give back!

Support the Student Loan Fairness Act

“When is the right time? If not now, when? If not us, who?” – President Barack Obama

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