BANKS »» BANK FEES »» STUDENT LOANS »» Jul 03, 2023

It is estimated that for every dollar our government makes available for student loans such as Stafford loans and Pell grants, colleges and universities raise their tuitions sixty cents. These schools are not building new classrooms or hiring more professors, they raise tuitions just because they can. The worst offenders are private colleges with high tuition and admission rates, although some of these schools also increase their student financial aid programs. About 48 million Americans now collectively owe nearly $1.75 trillion in student loan debt, preventing many from buying homes or starting families. Student loans are not forgivable in bankruptcy proceedings unless a borrower can prove repayment would impose undue hardship on them and their dependents. Due to the economic challenges created by the pandemic, the Biden Administration has extended the student loan repayment pause several times, but loan payments will resume in 2023. Our Education Dept. will provide up to $20,000 in debt relief to Pell Grant recipients and up to $10,000 in debt relief to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. In addition, borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness program. However, for those unable to qualify for forgiveness, student loans will continue to be a substantial hardship. Proposed Legislation: Reintroduction of H.R.1918 - Student Loan Refinancing and Recalculation Act (117th Congress 2021-2022) Prospective Sponsor: Rep. John Garamendi (CA) I oppose reforming current student loan policy and wish to donate resources to the campaign committee of Speaker Kevin McCarthy (CA). I support: 1.) Establishing a program to refinance the outstanding principal, interest and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point. 2.) Eliminating origination fees on these loans. 3.) Allowing borrowers in medical or dental internship or residency programs to defer student loan payments until the completion of their programs. And wish to donate resources to the campaign committee of Rep. John Garamendi (CA) and/or to an advocate group currently working with this issue.

Winning Option »» No issues were voted

I support: 1.) Establishing a program to refinance the outstanding principal, interest and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point. 2.) Eliminating origination fees on these loans. 3.) Allowing borrowers in medical or dental internship or residency programs to defer student loan payments until the completion of their programs. And wish to donate resources to the campaign committee of Rep. John Garamendi (CA) and/or to an advocate group currently working with this issue.

Trustee Candidates

Representative If elected as a trustee, the campaign committee of Rep. John Garamendi (CA) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider either reintroducing H.R.1918 - Student Loan Refinancing and Recalculation Act, or a similar version thereof. National Association of Consumer Advocates If elected as a trustee, National Association of Consumer Advocates will be awarded the funds pledged to this issue along with a letter requesting these funds be used to reduce or forgive student loan debt. Mission: NACA is a nonprofit association of more than 1,500 private and public sector attorneys, legal services attorneys, law professors, and law students whose primary focus is the protection and representation of consumers. They have represented hundreds of thousands of consumers victimized by fraudulent, abusive, and predatory business practices. NACA’s members and their clients are actively engaged in promoting a fair and open marketplace that forcefully protects the rights of consumers, particularly those of modest means.

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