Earlier this year a new bill was introduced to Congress called the Student Loan Forgiveness Act of 2012.
The potential legislation has some massive changes for the student loan industry. Is this new student debt legislation a good idea or something that should be shelved by Congress?
What is the Student Loan Forgiveness Act?
The Act would make wide changes to the massive student debt load in the country.
In 2010 total student loan debt exceeded total credit card debt for the first time. The Act is also in response to a poor economy: the idea is that former students are too cash strapped from paying their loans to spend any money in the economy and relieving them of this debt would greatly improve the consumer economy.