Bill > HR0306

This Resolution urges the U.S. Congress to pass the Student Loan Fairness Act of 2013, a bill introduced by Congresswoman Karen Bass to address the growing student loan debt crisis which now exceeds $1 trillion and disproportionately affects African American and Latino students. The Act proposes several key provisions: a "10-10 standard" for loan repayment, meaning individuals would make payments for 10 years, with each payment being 10% of their discretionary income, after which any remaining debt would be forgiven; a permanent cap on federal student loan interest rates at 3.4%; the ability for eligible borrowers to convert private student loan debt into federal direct loans; a suspension of interest accrual while borrowers are unemployed; and incentives for graduates who enter public service. The resolution highlights that the burden of student loan debt is making fewer Americans believe that the cost of college is worthwhile.