Urges Financial Hardship Exemption for Student Loan Overhaul
RESOLVED, That the American Bar Association urges Congress to enact legislation that assists individuals who are experiencing financial hardship due to excessive levels of student loan debt but are not covered by the provisions of the student loan overhaul passed into law on March 30, 2010, by:
(1) Extending federal student-loan repayment terms and federal student-loan programs to individuals who borrowed from commercial lenders to fund their education in whole or in part;
(2) Establishing repayment terms for federal student loans that allow individuals to qualify for income-based repayment, consolidation, and other forms of loan repayment assistance;
(3) Creating loan forgiveness programs for public service lawyers similar to the Direct Loan Public Service Loan Forgiveness Program authorized by Congress for health care professionals in the Higher Education Opportunity Act (P.L. 110-315); and
(4) Raising or eliminating the income level associated with the federal income tax deduction for interest paid on qualifying student loans.
FURTHER RESOLVED, That the American Bar Association urges Commercial Lenders to assist individuals experiencing financial hardship due to excessive levels of student loan debt, by developing and implementing programs that:
(1) Extend federal student-loan repayment terms and federal student-loan programs (or comparable programs with comparable terms) to individuals who borrowed from commercial lenders to fund their education in whole or in part;
(2) Develop repayment terms for federal student loans that allow individuals to qualify for income-based repayment, consolidation, and other forms of loan repayment assistance;
(3) Provide loan forgiveness to public service lawyers similar to the Direct Loan Public Service Loan Forgiveness Program authorized by Congress for health care professionals in the Higher Education Opportunity Act (P.L. 110-315).
Tags: Young Lawyers Division
RESOLVED, That the American Bar Association urges Congress to enact legislation that assists individuals who are experiencing financial hardship due to excessive levels of student loan debt but are not covered by the provisions of the student loan overhaul passed into law on March 30, 2010, by:
(1) Extending federal student-loan repayment terms and federal student-loan programs to individuals who borrowed from commercial lenders to fund their education in whole or in part;
(2) Establishing repayment terms for federal student loans that allow individuals to qualify for income-based repayment, consolidation, and other forms of loan repayment assistance;
(3) Creating loan forgiveness programs for public service lawyers similar to the Direct Loan Public Service Loan Forgiveness Program authorized by Congress for health care professionals in the Higher Education Opportunity Act (P.L. 110-315); and
(4) Raising or eliminating the income level associated with the federal income tax deduction for interest paid on qualifying student loans.
FURTHER RESOLVED, That the American Bar Association urges Commercial Lenders to assist individuals experiencing financial hardship due to excessive levels of student loan debt, by developing and implementing programs that:
(1) Extend federal student-loan repayment terms and federal student-loan programs (or comparable programs with comparable terms) to individuals who borrowed from commercial lenders to fund their education in whole or in part;
(2) Develop repayment terms for federal student loans that allow individuals to qualify for income-based repayment, consolidation, and other forms of loan repayment assistance;
(3) Provide loan forgiveness to public service lawyers similar to the Direct Loan Public Service Loan Forgiveness Program authorized by Congress for health care professionals in the Higher Education Opportunity Act (P.L. 110-315).
