Mysterious Disappearing Student Loan Legislation
May 28, 2009 8:47 AM Subscribe
According to this 2007 article in the Chicago Tribune, the College Cost and Reduction Act (H.R. 2669) is going to enable loan forgiveness after 120 payments for borrowers working in service jobs. The article also states that
"people who carry a high debt load but make a crummy salary will be able to reduce their monthly payments. Referred to as income-based repayment, this new program will cap your monthly bill to 15 percent of your adjusted gross income, minus 150 percent of the federal poverty level."
I've called the feds, and they've heard about loan forgiveness, but nobody knows anything about the changes to income-based repayment. Did part of the bill get thrown down The Memory Hole? Does anyone know anything about this? Did the program go away?
"people who carry a high debt load but make a crummy salary will be able to reduce their monthly payments. Referred to as income-based repayment, this new program will cap your monthly bill to 15 percent of your adjusted gross income, minus 150 percent of the federal poverty level."
I've called the feds, and they've heard about loan forgiveness, but nobody knows anything about the changes to income-based repayment. Did part of the bill get thrown down The Memory Hole? Does anyone know anything about this? Did the program go away?
This post was deleted for the following reason: oops, should have been in Ask MeFi -- mathowie
This is either a good AskMe question or a very bad post.
posted by Horace Rumpole at 8:50 AM on May 28, 2009 [2 favorites]
posted by Horace Rumpole at 8:50 AM on May 28, 2009 [2 favorites]
Yo dog, we heard you liked metafilter, so we setup a metafilter where you could ask questions on a metafilter! http://ask.metafilter.com
posted by cavalier at 8:56 AM on May 28, 2009 [1 favorite]
posted by cavalier at 8:56 AM on May 28, 2009 [1 favorite]
It's in Section 493c (page 10) of the final public law.
posted by MrMoonPie at 8:57 AM on May 28, 2009
posted by MrMoonPie at 8:57 AM on May 28, 2009
Section 272b of the act defines "crummy" as between "meh" and "shitty" on the salary scale.
posted by weapons-grade pandemonium at 8:59 AM on May 28, 2009
posted by weapons-grade pandemonium at 8:59 AM on May 28, 2009
This site looks helpful. FYI, the program doesn't go into effect until July 1st.
posted by Horace Rumpole at 8:59 AM on May 28, 2009
posted by Horace Rumpole at 8:59 AM on May 28, 2009
The program still exists, and you can find information about it here.
posted by nasreddin at 8:59 AM on May 28, 2009
posted by nasreddin at 8:59 AM on May 28, 2009
Sorry, this was supposed to be askme, don't know how I missed that. Flag sent.
posted by mecran01 at 9:09 AM on May 28, 2009
posted by mecran01 at 9:09 AM on May 28, 2009
Honestly, if you assume the questions were meant to be a [more inside], there's nothing wrong with this post.
posted by Pope Guilty at 9:09 AM on May 28, 2009
posted by Pope Guilty at 9:09 AM on May 28, 2009
I flagged this, someone was looking over my shoulder as I posted and it threw me off.
I still find it weird that not a single government financial aid employee knows anything about Income based reduction, which makes me think someone is working to kill it.
posted by mecran01 at 9:15 AM on May 28, 2009
I still find it weird that not a single government financial aid employee knows anything about Income based reduction, which makes me think someone is working to kill it.
posted by mecran01 at 9:15 AM on May 28, 2009
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posted by Happy Dave at 8:49 AM on May 28, 2009